If you are just returning from your 4th of July vacation we got you covered. Catch up on all the big CRE news that happened this week with our roundup of CRE news articles. This week we found a new kind of retirement community, medical tenants coming to shopping centers, Walgreens closing less stores than expected, Chicago still a top technology market, and so much more. See the 10 CRE news articles below to get a better all around view of the industry:
1.High Rises for Retirees – New high-rise buildings are in the works for active seniors looking for retirement communities in the heart of the city. The buy-in fee is partially refundable to the couple’s heirs and can be partially deducted as a one-time medical expense, but the property itself belongs to the developer, Dallas-based Buckner Retirement Services. (The Wall Street Journal)
2. Economy Watch: Total Construction Spending Down, Though Spending on Apartments, Offices Up – U.S. construction spending during May 2016 came in at an annualized rate of $1,143.3 billion, or 0.8 percent below the bureau’s April estimate. (Multi-Housing News)
3. Honeywell buys into warehouse automation with $1.5b Intelligrated deal – So, now, everyone is looking for ways to modernize, streamline and cut costs from the fulfillment process, and that is tending to make hot properties of the companies behind the most interesting innovations in fulfillment. (RetailDIVE)
4. Experts Say Medical Tenants To Become Even More Prevalent At Shopping Centers – As struggles in the retail sector persist, landlords are looking even more heavily at medical centers. This new breed of retail tenant is here to stay as landlords seek to reposition centers which have suffered due to the impacts of e-commerce and retailer consolidation. (Bisnow)
5. Walgreens Expects to Shutter Only 500 Stores After Rite-Aid Deal Closes – Despite a regulatory environment in which the U.S. government has scuttled quite a few mega-mergers this year, Walgreens Boots Alliance is confident its planned purchase of Rite Aid will go through by the end of 2016. (Fortune)
6. Net Lease Cap Rates Headed Up – All major sectors remained unchanged or increased in the second quarter. Private buyers kept retail cap rates firm, but volatility in the capital markets pushed up rates for the office and industrial sectors. (Globest.com)
7. CBRE ranks Chicago as 13th strongest technology market in North America – Chicago remains a hub for technology firms, good news for the commercial real estate brokers who can close all those deals bringing tech start-ups to the city. (REJournals)
8. Philadelphia’s Next Wave of Development – Tucked among inner city neighborhoods, abandoned industrial buildings, and blighted land, a major hot pocket is set to emerge. The area—referred to as the Spring Arts District—is in Philadelphia’s Callowhill neighborhood, and its impending rebirth is a result of two key events: 1) a City rezoning change; and 2) a rail-to-trail conversion project of a strategically located abandoned rail line into an elevated urban park. (Colliers Knowledge Leader)
9. Zoning Change Encourages More-Varied Mixed Use in Denver – Not all that long ago, Denver wasn’t a place a condo developer would consider without some pause, despite the metro’s natural beauty. That’s because the 2007 enactment of the Homeowner Protection Act discouraged condominium construction in the state at the time. “It put the onus of construction problems on the developer or builder,” says David Steel, president and partner at Denver-based Western Development Group. (MultiFamily Executive)
10. Early Summer 2016 Commercial Real Estate Update – The result to the United States as of June 2016 has been three months of below 200,000 hiring (only 38,000 in May), below 1% GDP growth (0.8% annualized in latest first quarter estimates), and flat growth of corporate profits. Not surprisingly, some investors are worried. (SVN Blog)
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