Month: March 2021

Blackstone Is Latest Private Equity Firm To Hand A UK Mall Back To Lenders

Blackstone has ceded control of a major UK shopping centre that it bought for £190M to lenders.  The investment giant has handed the keys of the 830K SF St Enoch Centre in Glasgow back to lenders Morgan Stanley and M&G Real Estate, React News reported. The lenders are working on new plans with asset manager …

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As H-E-B Sets Its Sights On DFW, South Dallas Sends Out Siren Song For Grocery Anchor

As a native of South Dallas, RedBird Mall co-developer and Russell Glen CEO Terrence Maiden is saddened people in many parts of the South Dallas region continue to live in communities without viable grocery store options nearby.  Maiden, who grew up in Oak Cliff, said the South Dallas community went from grocery store-accessible in the 1970s to …

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Trade Association Relocating To Downtown D.C. With 60K SF Lease

A newly renovated Downtown D.C. office building has landed a tenant moving from Southwest D.C., a rare example of a relocation deal closing in what has become a historically weak office market.  The Biotechnology Innovation Organization signed a 60K SF lease at 1201 New York Ave. NW, a 13-story office building owned by Pembroke Real Estate, according to …

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Turnover Rents Are Great (But Not For You), Aviva Tells Shopping Centre Landlords

Aviva Investors is a great fan of turnover retail leases. But its enthusiasm doesn’t extend to encouraging all of its retail landlord-partners to use them. Aviva, which has invested in three of McArthurGlen’s UK outlet villages and owns roughly 55% of the new West Midlands outlet, said the base-rent-plus-turnover model was perfect for outlet retail. But …

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How Covid Is Changing The Way Architects Design Apartments, Offices

With the pandemic now more than a year old, architects say it has become clear that the coronavirus will create long-term trends in the way people use buildings, and it is increasingly shaping the way they design new projects.  Architects are pulling design elements from hospitals into other commercial property types to create healthier buildings, and they are catering to …

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Biotech Firm Cancels Rockville HQ Plans, Is Immediately Replaced

A London biotech company has backed out of plans to establish a U.S. headquarters in Rockville, Maryland, but with the life sciences market still red hot, the developer has already landed another tenant to fill the new building.  Autolus Therapeutics announced Monday its full-building, 85K SF lease with Alexandria Real Estate Equities at the 9950 Medical Center Drive development has …

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JBG Smith Starts Construction On 800-Unit Apartment Towers Near HQ2

JBG Smith has broken ground on the next development in the growing National Landing neighborhood around Amazon HQ2. The developer announced Friday it began construction on 1900 Crystal Drive, a pair of high-rise apartment towers totaling 808 units and 40K SF of ground-floor retail.  The project reaches 300 feet in height, with the 471-unit southern tower spanning 27 …

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Home Furniture Retailer Plans More Stores, Warehouses After Thriving In 2020

Retailers that managed to thrive during an otherwise brutal year for the sector are doubling down on that success with real estate investments. RH, formerly Restoration Hardware, announced that it had outperformed analyst projections in both earnings and sales in its fourth-quarter filing, CNBC reports. The luxury home furnishings company reported net income of $130M in 2020, far outpacing …

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New York Set To Legalize Cannabis, Paving The Way For A Possible Retail Boost

New York just got closer to legalizing the sale and use of recreational cannabis, carving out a path for a new type of tenant to take up space in the city’s empty retail stores.  Gov. Andrew Cuomo came to an agreement with the state legislature yesterday to make the substance legal for recreational use for …

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D.C. Reveals More Development RFPs, Skyland Retail Leases And A WeWork Partnership

Mayor Muriel Bowser’s administration is moving forward with a host of new initiatives to build more housing, bring new food options to underserved neighborhoods and help people return to work. D.C. officials revealed several new efforts on these fronts Wednesday at the District’s annual March Madness event, where it also unveiled plans to relocate another D.C. agency to a new East-of-the-River …

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