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Gramercy Capital Takes Control of Cupertino Square

June 26, 2009

Tweet It seemed like only a matter of time, but Cupertino Square has finally gone back to the lender. Not much to say except that I hope the new owners will make better decisions that the previous ones who in my opinion had a difficult job in the first place but made some short-sighted leasing […]

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Sign Of The Times At Santana Row

June 23, 2009

Tweet For the past several years, the whole process of marketing, leasing, and selling commercial real estate deviated from historical norms. As things heated up, the concept of “pocket listings” spread from large institutional assets to even the most mundane asset which today sits on the market for extended periods of time. Another thing which […]

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Got Tenant Risk? Madison Marquette Tracks Retail Tenants

June 23, 2009

Tweet Madison Marquette has been putting out some “research reports” lately. Previously they had a distress index, and now they’ve come out with a spreadsheet tracking the riskiness of major retail tenants. I’d say the research is somewhat cursory as those retailers rated as high risk have already shown to be high risk and the […]

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Done Shopping: RREEF On Retail Real Estate Investing

June 10, 2009

Tweet RREEF has put out a research piece titled “Done Shopping-Structural Shifts in the US Retail Sector and Their Implications for Real Estate Investment”. I’ve embedded the report below, but the key conclusions are: Consumer spending, once it resumes full growth around 2011, will expand at only half the rate of recent years without the prop of rapidly […]

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High End Sales Dropping Fast; Tiffany Q1 Sales Off 31%; Profit Off 62%

May 29, 2009

Tweet Tiffany & Co. reported earnings, and while they are still managing to turn a profit, sales in the US have dropped precipitously. Same store sales in the US are off some 31% from the same quarter a year ago. It’s New York store is experiencing a sales decline of 42%.  Profits at the high end […]

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Starbucks Seeking Rent Reductions

May 29, 2009

Tweet Starbucks is reportedly sending out letters to some of its landlords seeking a 20-25% reduction in rent. At the height of the market, Starbucks-anchored buildings were some of the hottest investments for small investors. Investors were acquiring Starbucks anchored strip centers and freestanding Starbucks’, at less than 5% cap rates in some instances, anticipating […]

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Deutsche Bank Q1 CRE Outlook

May 10, 2009

Tweet I was going through old documents and came across Deutsche Bank’s Q1 commercial real estate outlook. It’s about two months old now, but it has some good info so I figured better to post it late than never. The file, which is embedded below, contains some very good data on CMBS, loan maturities, and […]

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Detached From Reality

April 23, 2009

Tweet I got an email today about a retail center just listed on the market for sale in San Mateo – Gateway Crossing on 3rd Street. It’s a 13,060 square foot multi-tenant retail strip center on about a 27,000 SF parcel. Tenants include a Starbucks, 7-Eleven, Quizno’s, a donut shop, and a Pizza Hut. The […]

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General Growth Finally Files for Chapter 11 Bankruptcy

April 16, 2009

Tweet After many months of working to get forbearance and sell off some assets, General Growth Properties (GGP: 23.91 -0.25%) has finally declared Chapter 11 bankruptcy. This is a huge bankruptcy, but one of the biggest risks for stakeholders is seeing how the reorganization is handled because so much of the debt was sliced and […]

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An Interesting Strategy To Reduce Rent

April 15, 2009

Tweet I just got the April issue of Retail Traffic, and came across an article about a retailer who undertook a unique way of getting their rent reduced: About 700 shopping center owners and managers across the United States recently received form letters from a major big-box retail tenant. “Since times are tough, we’ve decided […]

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