Shopping Centers Today May 2016
Global development is booming again as landlords strive to meet retailers' apetite for growth.— SCT May 2016
The Common Area
Simon and Invesco Real Estate are to pay $1.1 billion for The Shops at Crystals, a 324,000-square-foot luxury shopping center at the CityCenter mixed-use complex on the Strip in Las Vegas.
Edward Glazer shares his late dad Malcolm's passion for retail and sports. He is co-chairman of the Tampa Bay Buccaneers and serves as a director of the family-controlled, publicly traded company that owns the Manchester United soccer club. Meanwhile, his firm U.S. Property Trust continues to invest in high-quality shopping centers.
Online lingerie retailer Adore Me, known for selling high-end wares for low prices, has developed a passion for physical retail.— SCT May 2016
The Bottom Line
Cap rates for the single-tenant net-lease retail sector hit a historic low rate of 6.18 percent in the first quarter, according to Boulder Group’s quarterly survey.— SCT May 2016
An auto repair shop and Toyota dealership have helped fix Decron Properties' power center in El Monte, Calif.
On the Ground
Sin City regular Barry Manilow once observed, “There’s just no quiet in Vegas.” This would seem to apply to the Las Vegas retail development scene too, given that entertainment and other nongambling construction projects grab headlines even as the industry busies itself with RECon 2016.