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.
- As consumers seek both brand recognition and affordability, Simon Property Group (NYSE: SPG) invests in luxury outlet shopping.
- The UK?s first affordable-housing REIT prepares for its debut, as analysts debate the viability of this specialized trust.
- Big-box retailers like Best Buy (NYSE: BBY) are being treated as ?showrooms? rather than vendors, professionals argue. Though they draw in crowds to browse, many shoppers prefer to make their final purchases online.
- New York office owner SL Green Realty Corp. takes control of an office portfolio on the West Coast. As a result of a prerecession deal, it now controls nearly sixty office properties in Southern California.
- A private investor sells the Art & Design office building, on Manhattan?s Third Ave., to Real Estate Inverlad Development, LLC for $31.5 million. The new owners plan to convert the historic building into?surprise, surprise?luxury condominiums.
#CRE #REIT
Source: http://llenrock.com/blog/commercial-real-estate-week-in-review-168/
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