Posts Tagged ‘Best Buy’
Once again, today’s ranking is based upon data published by Colliers in its 2013 National Retail Outlook (click here for the PDF). Drawn from a selection of the United States’ largest retail markets, here are the Top 10 Retail Markets for New Supply:
10. Philadelphia, PA (341,178)
9. Seattle/Puget Sound, WA (359,259)
8. Westchester County, NY (382,794)
7. Oakland/East Bay, CA (413,797)
6. Milwaukee, WI (413,803)
5. Denver, CO (414,564)
4. Orlando, FL (416,855) Read the rest of this entry »
Noun, informal. A decent, upright, mature and responsible person.
Noun, slang. An awkward, clumsy, or unlucky person whose endeavors tend to fail; a loser.
Mensches of the Week:
Josh Friedman, Jason Greenstein, Daniel Levine
Newmark Grubb Knight Frank
Today, we have not one but three different mensches. Still, altogether they have fewer last names than their company.
Josh Friedman, Jason Greenstein, and Daniel Levine were recently included in CoStar Group’s weekly People of Note feature, which describes noteworthy promotions in real estate firms throughout the country.
All three professionals have ascended to the level of Senior Managing Director in NGKF’s New York headquarters. Each has worked with the company for over a decade, long before “Grubb” joined its name. They are all licensed real estate salespeople and members of REBNY (Real Estate Board of New York).
The company, founded in 1929, is a large and well-respected part of the real estate services industry, and these three promotions suggest the firm has much more change ahead. Newmark Grubb Knight Frank, as it was recently renamed (clearly missing its calling as a law firm), was acquired in 2011 by BGC Partners (NASDAQ: BGCP), a multinational brokerage company specializing in various things, most of them far beyond my comprehension. Read the rest of this entry »
Week in Review for September 22 – 28:
- As publicly traded multifamily REITs reach record values, Lehman Brothers Holdings prepares to offer its Archstone apartment firm in an IPO. Analysts predict the offering may raise between $3 billion and $4 billion, which would make it the largest REIT IPO to date. However, Bloomberg reports apartment REITs have seen a decline in value since August.
- The Hershey Co. officially opens its new $300 million, 340, 000 SF chocolate factory near its original facility in Hershey, PA. This facility’s development, CoStar Group reports, was one of the largest Pennsylvania construction projects in two decades.
- In nearby York, PA, the Lightstone Groups sells the 742,000 SF West Manchester Mall to M&R Investors for $17.5 million (under $24/SF). Around a third of the mall’s leasable space is vacant, and the new owners plan to redevelop the property.
- Portfolio manager Matthew Werner discusses REIT investment and diversification strategies with Forbes.
Week in Review for April 7 – 13:
- Washington, D.C.-based alternatives manager Carlyle Group prepares for an IPO, which Reuters predicts could fetch as much as $800 million. The initial public offering would bring 10% of its management company to the public.
- The first quarter of 2012 saw a decline in U.S. CRE demand. However, analysts point out, diminishing inventory has softened the impact of this decline.
- After years of growth, big-box stores are losing their appeal for many retailers. This is a consequence of increasing online shopping, which has forced the closures of Circuit City and, more recently, Sears, Kmart, and Best Buy locations. Even retail giants like Target (TGT) and Wal-Mart (WMT) are moving toward smaller-scale retail stores.
- In Washington, D.C., upgrades to Union Station are expected to benefit the area’s nearby commercial tenants.
A few hundred square feet isn’t what it used to be. These days, it’s worth more.
As CoStar Group’s Mark Heschmeyer reported last Wednesday, online retail’s ever-growing presence in the national economy isn’t simply replacing the demand for retail space with an equal demand for warehouse or distribution center space. That would seem logical, since e-commerce isn’t diminishing the demand for any particular commodities, but simply moving them to a new place and selling them in a more streamlined fashion.
However, warehouse space is quite different from a storefront property, and not simply because of the cost disparity (per square foot, leasable warehouse space may cost as little as half that of other properties, according to the research department of Grubb & Ellis).