SUPERVALU and Instacart have teamed up to expand grocery delivery services to all of the retailer's stores, the company said Monday. SUPERVALU has also expanded its click-and-collect service to more stores, with plans to grow it further in the future.
European REIT Unibail-Rodamco has agreed to acquire Westfield Corp. for $15.8 billion in a cash and stock transaction that illustrates the ongoing tension between online and physical retail. The Australian company's properties are in London and New York -- including the retail space in the World Trade Center -- and close to 70% of its annual revenue is derived from its US holdings.
Special servicing inventory has not increased as expected in anticipation of large numbers of maturing commercial mortgage-backed securities that could not be refinanced, according to S&P Global Ratings. Instead, special servicers' volumes have dropped to their lowest levels in almost 10 years as the lending markets -- including mortgage REITs -- stepped up to provide takeout financing.
The growth of multifamily assets has often been viewed as primarily focused in cities' urban cores. However, the growth is spread across most metro areas, including suburban markets.
Demand for student housing is expected to be strong for the next five years, driven by demographics and stable college enrollment figures. Much of the available product on the market does meet market demand; American Campus Communities found that 23% of enrolled students live in purpose-built housing, and only 11% of that housing stock is located within walking distance of campus.
Discretionary retail spending is trending as much as 4% lower in Australia in the lead-up to Christmas, a Citigroup report states, and foot traffic is down by 1% as well. Key factors contributing to the industry's decline include significant discounting from retailers trying to compete with Amazon, as well as weak household income growth.
Commercial property owner Westfield has agreed to a $15.7 billion takeover from Unibail-Rodamco, a European shopping center company. Westfield, known for its high-end, high-spending-area properties, has recently been moving into residential and entertainment properties to hedge against increasing retail property pressures.
Construction will begin early next year on a 130,000-square-foot retail center called 16000 Pines Market in Pembroke Pines, Fla. The first phase, which is about 75% preleased, will include PetSmart, 24 Hour Fitness and a gourmet natural grocer, and it should open in 2019.
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