Warehouses are getting a new lease on life, and why Detroit pharmacies could shake up real estate
Oct 30, 2015
Here are the news stories you might have missed this week:
The New York Times: With workers living in Brooklyn, offices may follow
Soon, more Brooklyn residents may be skipping the 1-2-3 line to get to work, and walking instead. More than 16 million square feet of office space is being constructed in this popular NYC borough, as landlords are finally catching up to the population boom. Developers are repurposing old storage units and warehouses into office space, but there are risks involved – mass transit stops don’t serve some neighborhoods while others don’t have classic neighborhood amenities like pharmacies and bank branches. Still, many businesses are following their employees and opening up offices in Brooklyn – and huge investments are proving it. Jump to NYTimes.com for more on this Brooklyn trend.
National Real Estate Investor: “Maker” movement bringing life back to warehouse districts
An abandoned warehouse is a quintessential image of a struggling city, but many U.S. cities are seeing old warehouse space converted for a variety of new uses. Long gone are large-scale manufacturers – warehouses are being carved up for small manufacturing purposes, as well as breweries, businesses, and art studios. The traditional uses for these warehouses – ship building, auto part manufacturing, and more – have been replaced by an equally important “maker” movement, just on a smaller scale. Visit NREIOnline.com for the whole story about how city warehouses are being repurposed.
Dallas Business Journal: $34M development reshaping Rowlett’s urban core to get underway
Texas real estate continues to be hot: 20 miles northeast of Dallas is Rowlett, the site of a new $34 million development. Known as the Village of Rowlett, this development just broke ground this week, and once completed it will add retail, multifamily, and likely office space to the Dallas suburb. Village of Rowlett is just one of a few multi-segment developments around Dallas, as projects in Uptown Dallas, Plano (Legacy Town Center), and Addison (Addison Circle) continue to be strong drivers in the larger Dallas market. Head to BizJournals.com to read about this development.
Crain’s Detroit Business: Metro Detroit real estate companies could feel impact of Walgreens-Rite Aid consolidation, sources say
The ink is barely dry on Walgreens’ bid to buy Rite Aid, but Detroit is already wondering what the deal’s affects will be for local pharmacy owners. The stores overlap in Michigan and while many are corporate owned, local real estate investors also own some of these properties. Should some stores close and consolidate with others, these Rite Aid or Walgreens owners could be giving landlords anxiety – the stores could be shuttering if there’s only a few months left on the lease. The whole story can be found at CrainsDetroit.com.