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RREEF Outsources Retail Property Management

October 21, 2009

Tweet Completing its program of getting out of the property management business, RREEF Real Estate has outsourced about 11 million square feet of retail at 58 centers across the US, the company announced Wednesday. Jones Lang LaSalle, United Commercial Realty, Mid-America Asset Management Inc., Crosland and KeyPoint Partners will take over direct property management of […]

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US Retail Vacancies Zoom to 17 Year High

October 8, 2009

Tweet The retail vacancy rate (neighborhood and community centers) in the US is up 190 basis points over last year, reaching a 17-year high of 10.3%. At regional and super-regional malls, vacancies are up 200 basis points YoY to 8.6%. “Until we see stabilization and recovery take root in both consumer spending and business spending […]

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Davidovitz: Don’t Be Fooled

September 18, 2009

Tweet Retail specialist Howard Davidovitz appeared on Bloomberg to argue retail numbers with Bank of Tokyo-Mitsubishi economist Chris Rupkey. We previously talked about a clip involving Howard Davidovitz earlier this year where he forecasted some 220,000 store closing in the US this year. Now I don’t know where the numbers of store closing stand today, […]

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Neiman Marcus’s Walnut Creek Approvals Repealed

September 17, 2009

Tweet The Business Journal is reporting that the Walnut Creek city council has repealed (for now) its approval of the Neiman Marcus store slated for development by Macerich at Broadway Plaza. We previously wrote about Neiman Marcus’ Walnut Creek plans last year (here and here). Considering that the news was that NM had signed a […]

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REIS vs. JLL – Who Will Be Right?

August 28, 2009

Tweet From a CoStar article, JLL: Jones Lang LaSalle Retail last week issued a “perspective on recovery” for the retail sector in which JLL Retail President and CEO Greg Maloney predicted that the recession will bottom out during the last quarter of this year, to be followed by the beginning of revitalization for the retail […]

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August 2009 RREEF Property Cycle Monitor

August 24, 2009

Tweet RREEF has put out its August update of its Property Cycle Monitor. Full file embedded below, but key takeaways: Slower production and spending in the greater economy is negatively affecting the commercial real estate market. The institutional property market continues to correct and values are falling as fundamentals continue to deteriorate. Fundamentals are projected to worsen […]

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Retail Woes Push Vacancy Rates Up

August 23, 2009

Tweet Vacancy rates across every product type have been on the rise, and retail is no exception. The Mercury News has two quick articles out today, one discussing the increasing vacancy rates on the Peninsula, and the other focused on Bryant Street retail in Palo Alto. Not much to say except the retail market expierenced […]

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Retail Comp in Burlingame

August 12, 2009

Tweet Another retail deal has closed locally, and that is 1348 Burlingame Avenue in Burlingame. The 6,000 SF retail site located on 7,200 SF parcel in Burlingame is leased 2/3 to Verizon Wireless and a Pea in the Pod. The property was listed for $6.5M and closed at $5.9M, representing a 7.5% cap rate for […]

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7.2% Cap Rate on Union Square Retail

August 7, 2009

Tweet The Business Times is reporting on a sale to occur in San Francisco’s Union Square area. The sale of the 11,000 SF mixed-use 239 Grant Avenue took place at $8.5M ($773 psf), representing a 7.2% capitalization rate. The buyer was Peter Tso, the seller Frances Chen. Sales have been few and far between, but […]

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Bank of America Moving to Cut Branch Network

July 28, 2009

Tweet Bank of America has slowly been letting out details about it’s intention to cut costs and reduce redundancy by closing branches. The closings could amount up to 10% of branches, of which it has some 6100. It’s unclear which branches would be cut at this junction, but Bank of America owns a large number […]

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