Retail
KPMG Centre, Valley View Posted for Foreclosure Auctions
By Camelia Bulea, Associate Editor The 34-story KPMG Center in downtown Dallas (pictured at right) and Valley View Center, a 1.6 million-square-foot retail property, have been posted for foreclosure auctions. According to the Dallas Business Journal, KPMG Center has $64 million in listed debt, even though it is appraised at $44 million, while Valley View […]
TIAA-CREF Takes Berlin Shopping Center for $447M
In a joint venture with German shopping center developer mfi Management, TIAA-CREF has snapped up Gropius Passagen, a 1 million-square-foot asset — the largest mall in Berlin — for approximately $446.5 million.
American Realty Advisors Picks Up More Than 900 KSF Across Five Assets
American Realty Advisors’ commercial real estate purchasing activity has just swelled by approximately 900,000 square feet — and then some — with the recent addition of five properties spanning the industrial, multi-family, office and retail sectors.
Best Buy to Shutter 50 Stores
Over the weekend, the giant electronics retailer Best Buy said that it will close about 50 stores out of its total of around 1,100. The announcement came not long after the sudden resignation of CEO Brian Dunn, for as-yet unclear but possibly scandalous reasons, though it seems unlikely that the two events are directly related.
Simon, BR Malls JV to Develop Outlet Malls in Brazil
Simon Property Group has teamed up with BR Malls Participacoes, Brazil’s largest retail real estate company, to develop and own outlet centers there. Simon also announced a JV with Calloway REIT to begin construction on Toronto Premium Outlets in Canada.
Extension of Chicago’s Lake Shore Drive Latest Step for 600-Acre Mixed-Use Development
The announcement that Chicago’s Lake Shore Drive will be extended two miles south also highlighted the progress of Chicago Lakeside Development, a 600-acre mixed-use redevelopment of a former U.S. Steel South Works site.
CIM Buys Chicago’s Block 37 from BoA
CIM Group, the Los Angeles-based real estate fund, has closed on Chicago’s troubled Block 37 development. The fund purchased the property from Bank of America for a reported $84 million.
Plano Retail Sites Trade; Trammell Crow Plans Furniture Store Redevelopment
By Camelia Bulea, Associate Editor Trammell Crow Co. reportedly has plans to redevelop the former Robb & Stucky Furniture retail site, at the southeast corner of the Dallas North Tollway and Legacy Drive, and transform it into two Class A office towers. The towers will together total between 400,000 and 500,000 square feet. The Dallas Morning […]
Equity One to Build 133 KSF Retail Center in the Bronx
The New York City Economic Development Corp. has awarded a project to develop a retail development in the Bronx to Equity One, which won the NYCEDC’s approval with a $54 million, 133,000-square-foot proposal.
CBRE Unit Acquires Historic Seattle Office Tower by Foreclosure
Smith Tower, an iconic 42-story office building in Seattle, and the adjacent Florence Building, a 6,000-square-foot retail-and-mixed-use building, have been acquired by CBRE Capital Partners following a foreclosure.