CRE outperforms institutional-grade assets and Hispanics save dying malls
Aug 16, 2013
Here are the news stories you may have missed this week:
CoStar: Midyear surge: CoStar Repeat Sale Index shows strong growth in CRE pricing
According to the midyear CoStar Commercial Repeat Sale Indices (CCRSI) released this week, commercial real estate pricing increased in Q2 2013 across each of the four major property types. Average-quality commercial properties performed stronger than institutional-grade assets, and commercial real estate investment activity expanded beyond core properties and prime markets into secondary markets. To learn more about the results, and to gain an in-depth look at the data across all property types, visit CoStar.com.
Real Estate Weekly: NYC commercial properties overvalued
A recent survey by Marks Paneth & Shron found that 54% of New York real estate executives consider office buildings and other commercial properties in the Big Apple to be overvalued compared to similar properties in other national cities. The majority of respondents believe that foreign investments continue to inflate commercial property values in Manhattan. For more about the survey results, visit Real Estate Weekly.
The Wall Street Journal: Mall owners woo Hispanic shoppers
With Hispanics totaling more than half of the country’s population growth over the last decade, regional mall owners have started marketing to the demographic by transforming floundering retail spaces and dead malls into more traditional Hispanic retail markets. Additions include mariachi music, live entertainment, Hispanic food, and children’s attractions to encourage family shopping. At least one Latino-themed mall has boosted occupancy and sales, but long-term growth remains to be seen. Hear more about these malls at WSJ.com.
GlobeSt.com: Blackstone, DDR JV on $332M deal
A joint venture between Blackstone Real Estate Partners VII LP and DDR led to the acquisition of a $332 million portfolio of seven retail properties. The portfolio encompasses 2.4 million square feet across Pennsylvania, California, Ohio, Virginia, Washington, and Oregon. According to DDR, the acquisition positions it to acquire prime assets in the future and offers a nice addition to its operating platform. Read more about this transaction at GlobeSt.com.