Retail
Economy Watch: U.S. Consumers Hit the Mall
According to the Department of Commerce, U.S. retail sales grew 0.5 percent in October, and the Producer Price Index actually dropped 0.3 percent at the same time. Bond yields rose once again for Spain and Italy.
General Growth, Kimco JV to Redevelop Maryland Mall for $70M
Owings Mills Mall, a 25-year-old, 1 million-square-foot regional mall in northwest Baltimore County, will be undergoing redevelopment through a new joint venture of General Growth Properties and Kimco Realty.
New Team to “Maximize Value” of 400 KSF Westgate City Retail Center in Phoenix
Teetsel has brought in three firms to help revitalize the 400,000-square-foot mixed-use Westgate City Center near Phoenix: Vestar will be the new property manager, and both CBRE and The Corritore Co. will be leasing brokers.
780 KSF of Bronx Retail, Courtesy of Prestige Properties
In one of New York City’s larger projects this year, Prestige Properties has announced the development of a 780,000-square-foot retail center in the Bronx, to be anchored by a new Macy’s store.
Holiday Retail Outlook Modestly Optimistic: Cushman & Wakefield
Two Cushman & Wakefield economists share their outlook for the holiday retail season, and, despite the best efforts of real estate strategy, it’s going to come down to one thing: consumer confidence.
Vornado Makes Sales to “Focus on Core”
Vornado has entered into a $228 million deal to sell the 1.2 million-square-foot 350 West Mart Center office building in Chicago and signed a separate agreement to fork over ownership of four mixed-use retail assets in Manhattan for $78 million.
H&R REIT Picks up Two Gotham in Metro NYC for $415.5M
Canada-based H&R REIT has just made another marquee pickup, adding the newly constructed Two Gotham Center in Long Island City, N.Y., to its oversight for $415.5 million.
Sperry Van Ness Makes Entrée into NYC Market
SVN is opening a New York City office, to be called Sperry Van Ness | RealSite Group, and will be headed by managing director Anthony Casalena.
Vestar Development Makes $79M Investment in Vegas Retail
Vestar Development Co. has laid the groundwork to get in on the Vegas retail game with a deal to acquire The District at Green Valley Ranch in Henderson, Nev., for $79 million.
NYC Mayor Reveals Luxury Plans for Hudson Yards Development
Luxury goods manufacturer Coach Inc. has become the catalyst for the first building at Hudson Yards, the 26-acre mixed-use project that will serve as the jumping-off point for the reinvention of the entire 300-acre neighborhood on the West Side of Manhattan.