REAL ESTATE

Makeover complete at L.A. area center
A formerly troubled center in an affluent community south of Los Angeles has capped off an 18-month, $17 million renovation. Just two years ago, The Vestar-owned Peninsula Center in Rolling Hills Estates was plagued by several vacancies and an image not in keeping with standards in the community, which has a median household income of $144,000. Today Orchard Supply Hardware and Ulta Beauty occupy the made-over center, along with new dining options Chipotle and The Habit Burger Grill.
PREIT issues State of Repositioning report
There was a time, not long ago, when mall owners crowed about their Sears, Macy’s and J.C. Penneys. Now, one has issued a chronicle of its systematic decommissioning of department store anchors. That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.

Retail real estate’s wunderkind buys another center

Four more and he’ll match his age. Twenty-four-year old Joel J. Gorjian, a VP at Great Neck, New York-based Namdar Realty Group, has made his 20th retail center purchase in the past 12 months, this time a mall in suburban Chicago.
Quarterly reports paint a vibrant picture for physical retail

Current media reporting on the state of physical retail is mostly doom and gloom. But analysts at real estate research company CoStar listened in on the latest wave of Q1 earnings calls and discovered a generally bullish attitude for brick-and-mortar retail among developers. “I just think the [negative] narrative is a way ahead of itself," a CoStar report quoted Simon Properties CEO David Simon as saying.
Beauty retailer gains tighter control of leases

Controlling physical assets — and adhering to compliance requirements — can become daunting as chains grow. To streamline the process, Sephora is adding lease management software from Accurent. Specifically, the software will enable the beauty giant to manage leases for more than 400 locations in the United States, Canada and Puerto Rico.
Brixmor credits redevelopment for strong quarter

Same property net operating income during the first quarter was up 3.2% at Brixmor Property Group thanks to aggressive redevelopment efforts, said the company’s CEO. "While the overall retail environment brought an increase in announced retail bankruptcies and store closings, our portfolio continued to benefit from healthy tenant demand, resulting in 1.9 million sq. ft. of new and renewal leases executed in the first quarter at blended comparable rent spreads of 16.4%," said James Taylor in a statement.
Crayola Experience heading to Texas

The Lone Star state is set to get a big dose of Crayola color. The iconic brand will open a Crayola Experience at The Shops at Willow Bend, Plano, Texas, in spring 2018. This is the fourth location for the attraction, which also has locations in Orlando, Fla., Bloomington, Minn. (at Mall of America), and its hometown of Easton, Pa.
Macy’s selling Chicago flagship — but not all of it

Macy’s has put part of its iconic State Street store in Chicago’s Loop district on the selling block. The top half of the building, floors eight through 14, is on the market, the Chicago Tribune reported. Altogether, the space for sale takes in some 650,000 sq. ft., the report said Macy's plans to continue owning the lower floors, which include retail space.
Inland’s Goodwin gets lifetime service award

Daniel Goodwin, chairman and CEO of Inland Real Estate Group, was presented with the first Lifetime Achievement Award ever bestowed by Illinois Realtors, a century-old trade association with 44,000 members. “Dan Goodwin is an example of that rare person who excels not only as a businessman, but also as a compassionate leader who is interested in helping others realize the dream of property ownership,” said Doug Carpenter, president of Illinois Realtors.
NAFTA, TPP, and Trump

In his 1987 book "The Art of the Deal," then developer Donald Trump wrote about the value of starting a negotiation with a dramatic and even unrealistic proposal. That makes one ponder how much of President Trump’s strong language is just bluster and how much might be indicative of a true departure from policy orthodoxy.