LAS VEGAS — The roof isn’t about to cave in on the retail industry despite a rash of store closures and bankruptcies. Far from it, insists Hessam Nadji, president and CEO of Marcus & Millichap. Core retail sales, which exclude auto and gasoline sales, have risen 28 percent from the peak of 2008 on a nominal basis and 12 percent when adjusted for inflation, according to combined data from the Bureau of Labor Statistics, the U.S. Census Bureau and Marcus & Millichap. Unlike the..
Political Polarization, Global Uncertainty Top List of Issues Affecting Real Estate, Says Counselors of Real Estate
DENVER — Global uncertainty and political polarization are the issues that will have the most significant impact on the real estate industry in 2017 and 2018, according to The Counselors of Real Estate (CRE). The findings come from the organization’s Top Ten Issues Affecting Real Estate, which it released Wednesday during a keynote address by Scott Muldavin, 2017 chair of CRE, at the annual conference of the National Association of Real Estate Editors in Denver. CRE is a professional..
LAS VEGAS — In the midst of a particularly tumultuous period for the retail sector, evidenced by waves of store closures, what advice do seasoned shopping center executives have for aspiring young professionals seeking to make their mark in this business? The question arose Monday during a panel discussion moderated by Marcus & Millichap’s Bill Rose, national director of the brokerage firm’s retail group, at the Renaissance Las Vegas Hotel. The hour-long program, titled “Retail..
STAMFORD, CONN. — Waypoint Residential, a multifamily real estate investment firm, has officially launched its student housing affiliate, Waypoint Campus Housing LLC. The launch was marked by the new company’s acquisition of a four-property student housing portfolio for $102 million. The seller of the properties, which total 2,638 beds, was Chicago-based investment firm Blue Vista Capital Management. The properties in the portfolio include High View Place near the University of Texas..
CHICAGO — Meridian Capital Group has arranged $19.9 million in bridge financing for the acquisition of Ivy Park Homes, a multifamily community on Chicago’s South Side. The 80-acre property was 62 percent occupied and features a basketball court, jogging path, softball field and on-site parking. The three-year loan, provided by a national balance sheet lender, features full-term, interest-only payments and two one-year extension options. David Hayum, who works from Meridian’s New York City..
ST. LOUIS — Integrated Facility Services (IFS) has begun work on a $10 million HVAC, plumbing and fire protection renovation project at the Robert A. Young Federal Building, a 1 million-square-foot property in downtown St. Louis. The project is part of design-build contractor McCarthy Building Cos.’ $62 million seismic retrofit of the 20-story building’s mechanical systems. The building, which was built in 1933 and is currently owned and managed by the U.S. General Services..
CHICAGO — The Illinois Bone & Joint Institute (IBJI) has selected The Missner Group to undertake a renovation and expansion project for the company’s North Canal Street offices in Chicago. The 2,900-square-foot expansion will include interior improvements, a new physical therapy gym, reception area, paint and flooring. Heath Yarger is the project manager and Steve Bulger is the project superintendent for The Missner Group. Stephen Rankin Associates is providing the architectural..
OAK CREEK, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 24,424-square-foot industrial building located at 440 W. Bell Court in Oak Creek, approximately 12 miles south of Milwaukee. Final Frontier LLC purchased the building from Liberty Lane LLC. Samuel D. Dickman, Samuel M. Dickman Jr. and Cale Berg of The Dickman Co. were the brokers involved in this transaction.
RAYTOWN, MO. — Freddy’s Frozen Custard & Steakburgers has opened a new, 3,625-square-foot location at 10019 E. 350 Highway in Rayotwn, a southeastern suburb of Kansas City. The new restaurant will be part of Block & Co. Inc.’s Raytown 350 Development, which includes an IHOP and is located across from a Walmart Super Center.
MADISON, N.J. — PGIM Real Estate has completed a capital raise of $235 million for PruMex IV CKD, a closed-end real estate fund investing across various property sectors in Mexico. The capital raise included investments from Mexican institutional investors, as well as a co-investment from PGIM. More than half of the capital was raised from existing PGIM Real Estate clients, with the remaining capital coming from new investors. “The strong market fundamentals in Mexico, including a..