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Finance & Capital Management

  • Strip centers post lowest availability rate in years

    Available space in strip centers dipped to 11% in the second quarter, the lowest rate for these neighborhood venues since 2008. The reason: omnichannel growth and format experimentation, according to CBRE, which tracked availability across 62 U.S. markets.  

  • Brooklyn’s hot, but what about for retail?

    Cushman & Wakefield’s senior director for Brooklyn Joseph Cirone is incredibly bullish on the borough in which he lives and works.    “If you are a tenant in Manhattan with a lease expiring any time in the next 36 months, you need to come and kick the tires in Brooklyn,” Cirone told attendees at a presentation of the company’s mid-year commercial real estate outlook for Manhattan.   

  • eBay marks big milestone in second quarter

    eBay beat sales expectations in its second quarter, during which it also crossed an important threshold.

    The online marketplace reported that it crossed the one billion live listings mark in the quarter, reflecting its efforts to expand the breadth of selection offered to consumers and the progress it has made on enhancing its shopping platform.

    eBay reported net income of $435 million, or 38 cents a share, up from $83 million.

  • End of the road for former teen apparel giant?

    It appears that Aeropostale Inc., which declared Chapter 11 bankruptcy in May, will be selling its assets rather than reorganizing.       The teen retailer said in court papers that “reorganization on a standalone basis is not feasible.” Instead, it will look for a “stalking horse” to make the lead bid at an auction next month, Bloomberg reported.   

  • Bidding war ensues over foreclosed strip mall

    Glen Valley Center’s taxable value had fallen to $776,221 since 2013, and the foreclosed, 35,775-sq.-ft. strip center in Caledonia, Michigan, had been the property of Wells Fargo Bank since 2007. So why did the bank walk away with $2.3 million for the center after a bidding war erupted among six buyers?   “We have a huge lack of product for investors to put their money in," explained Mark Ansara to mlive.com, which recently ran a report on the sale consummated at the end of June.  

  • Bob’s Stores and EMS in new holding company

    Versa Capital Management has formed a new holding company, called Eastern Outfitters, which will continue the restructured operations of Eastern Mountain Sports (EMS) and Bob’s Stores.  

  • PREIT tidies up portfolio with sale of Washington Crown Center

    Adhering to its company motto of “Quality Shopping Malls in Compelling Markets,” PREIT reached an agreement to sell the Washington Crown Center in Washington, Pennsylvania. At the same time, it announced it had put the Beaver Valley Mall up for sale.   In a press release, PREIT noted it had embarked on a portfolio optimization program focusing not just on new properties, but on new types of tenants that could fuel growth.  

  • Supermarket giant announces exec retirement, promotions

    The Kroger Co. on Tuesday announced a series of management changes.    The retailer said Bill Breetz, president of its Houston division, will retire effective Aug. 26. Breetz began his Kroger career in 1972 as a bagger in Louisville, Kentucky., and went on to hold several leadership positions at the chain.      Marlene Stewart, who currently serves as president of the company's Dillons division, will succeed Breetz.    
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