Developers Diversified Realty has sold a portfolio of 63 assets in a $603 million deal. The buyer is an unnamed institutional investor.
The original release can be found here.
Industry news, views and occasional strange stuff.
Developers Diversified Realty has sold a portfolio of 63 assets in a $603 million deal. The buyer is an unnamed institutional investor.
The original release can be found here.
Time becomes the latest media outlet to report on the mall curfew trend.
Many mall officials would agree. As more kids flock to shopping centers, walkways get blocked, older customers jostled and strollers overturned amid the horseplay. Even teens blame their peers. “People just hang out there and do dumb stuff, and we have to pay for it,” says Jordan Keinert, 17, of Mayfair’s new policy. Interim measures such as issuing trespass warnings and beefing up police presence are often not enough to rein in throngs of trash-talking teens. “They’d still be all over the place no matter how many you threw out,” says Bob Harrington, head of corporate security for Pyramid Management Group, which oversees 20 malls in New York and Massachusetts. And since too many cops chasing too many kids does not a pleasant shopping setting make, Pyramid now forces unchaperoned minors to leave its six biggest malls by 4 p.m. on Fridays and Saturdays.
It’s not a decision any mall owner makes lightly. Teens may shell out a lot less per visit compared with older customers, but nobody wants to alienate tomorrow’s big spenders. David Renninger, a client-relationship executive at Jones Lang LaSalle, the largest third-party manager of shopping centers in the U.S., stresses that teens remain sought-after customers even in places with curfews. “We just want them to be supervised by a parent,” he says. But while escort policies may restore a mall’s family-friendly image–Renninger says some tenants at Genesee Valley Center in Flint, Mich., have reported double-digit sales growth since a 5 p.m. curfew began June 8–they can have a domino effect. Indeed, after Pyramid restricted teen access at one property, Harrington fielded calls from security directors at nearby malls who were only half joking when they said, “Thanks a lot for doing that. They’re all over here now.”
Retail Traffic reported on the issue in March.
Previously, blog posts on the subject can be found here, here and here.
Reuters reports on GE Real Estate’s interest in Mexican and Brazilian real estate.
“We see Brazil as maybe the next Mexico,” Joseph Parsons, president of North American equity at GE Real Estate said at the Reuters Real Estate Summit in New York. “The country is stabilizing; the government is proactive and business-oriented; it has enormous natural resources; it has a growing middle class; it has a lot of positive dynamics.”
Parsons said GE is starting to recruit its Brazilian real estate team, but declined to provide details on the company’s investment goals in that country.
Brazil’s economy has been on a strong growth path of late, with a government-linked think tank forecasting 4.3 percent gross domestic product growth this year and foreign investment on the rise.
In Mexico, where GE Real Estate has operated for 10 years, the company plans to invest about $400 million in industrial space over the next three months, Parsons said.
An AP report details Oprah Winfrey’s store plans.
The store will be located kitty-cornered from Harpo Studios, where Winfrey’s talk show is taped, a spokeswoman for Harpo Productions Inc. said Wednesday.
Construction already is under way on the one-story, 4,500-square-foot store, the spokeswoman said.
No potential opening date or details on what the store is expected to sell were released.
But Winfrey’s Web site does have a boutique where viewers can buy merchandise such as a beach tote with “O” logo trim for $26, a $10 coffee mug with “The Oprah Winfrey Show” written on the side, or a $24 basket made in South Africa.