Month: July 2021

The Retail Sector Has Emerged From The Pandemic Altered But Ready For Reinvention

While the coronavirus pandemic reshaped the retail landscape — perhaps permanently — retail leasing specialists in the CORFAC International network of independent commercial real estate brokers still see plenty of opportunity as new trends emerge in markets across the country.  E-commerce was gaining shares in the retail landscape prior to the pandemic, but in 2020, …

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Wegmans To Open First Manhattan Store In Former Astor Place Kmart

Wegmans is coming to Manhattan.  The beloved supermarket chain signed a 30-year, 82K SF lease at Vornado Realty Trust’s 770 Broadway in Greenwich Village, where budget department store Kmart has long operated a space. “This is something we’ve been dreaming about and working toward for a long time,” Wegmans Food Markets President and CEO Colleen Wegman said in …

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Pushing Empty Store Space As Office Latest Ploy To Weather The Retail Storm

Free-falling rents and record availability in New York City’s retail market is forcing landlords and brokers to think laterally in order to fill their spaces. Flexible lease terms and hefty incentives are all tools they are employing, but some are trying to reimagine and market space for office users, even amid the slew of challenges in …

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Brookfield Creates ‘Blueprint’ For Mall Overhaul With Transformation Of Former Tysons Macy’s

Shopping mall owners across the D.C. region and the country have sought to adapt to the changing retail market by transforming old department store boxes, and the latest example in Tysons has quickly succeeded in backfilling the space.  Brookfield Properties told Bisnow it renovated the 260K SF former Macy’s space at Tysons Galleria and has already fully leased …

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Brookfield Creates ‘Blueprint’ For Mall Overhaul With Transformation Of Former Tysons Macy’s

Shopping mall owners across the D.C. region and the country have sought to adapt to the changing retail market by transforming old department store boxes, and the latest example in Tysons has quickly succeeded in backfilling the space.  Brookfield Properties told Bisnow it renovated the 260K SF former Macy’s space at Tysons Galleria and has already fully leased …

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CIM Group Acquires First New Apartment Building At The Walter Reed Redevelopment

The first new apartment building at D.C.’s 66-acre Parks at Walter Reed development has sold ahead of its delivery.  CIM Group announced Wednesday it acquired The Vale, a 301-unit apartment building at the development that is in the final stages of construction and plans to launch leasing soon.  The investor didn’t disclose the price, and the deed hasn’t yet posted in …

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KKR’s £8B Off-Centre Real Estate Play Now Takes In Manchester

Avoid the markets with the highest entrance fees, keep your eyes on the strong tier two cities with powerful dynamics: This post-pandemic recovery strategy has led KKR & Co. to add a 200K SF Manchester office development to its $8B-plus tally of real estate commitments so far in 2021. The move into Manchester, a city heavily fancied by international money but …

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Tesla Pulling Out Of High-End Malls, Adding Delivery Centers In Cheaper Spots

Another tough blow has been dealt to shopping mall landlords, and this time, Class-A malls will be feeling the pain. Tesla will be vacating many of its showrooms within luxury malls as it focuses its sales teams on remote working, Electrek reports. The electric car maker founded by Elon Musk will instead look to lease space …

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Affordable Senior Housing Pitched In Friendship Heights Using Newly Allowed Density Boost

The D.C. government aimed to spur more housing development in Friendship Heights as part of the Comprehensive Plan update Mayor Muriel Bowser signed into law this month, and one project is already taking advantage of the changes.  The Lisner-Louise-Dickson-Hurt Home, a senior living community at 5425 Western Ave. NW, is in talks with a development partner to add a …

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Perseus TDC Starts Construction On 158-Unit Apartment Building Near Logan Circle

A multifamily development planned for the parking lot next to 16th Street’s historic Masonic temple is moving forward.  Perseus TDC announced Tuesday it broke ground on a 158-unit development at the intersection of 15th and S streets NW. A spokesperson said it began construction activity on July 19, and it expects to deliver the project in spring 2023. …

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