If Borders Can't Make It Here, They Can't Make It Anywhere
October 14, 2009
Borders Renews Lease At 830 North Michigan Ave. | www.chicagorealestatedaily.com
Borders flagship Chicago store has long been rumored to be in trouble and not likely to exercise its' renewal option. It now has renewed but only for one year.
The Jury Is Still Out On General Growth
October 8, 2009
General Growth's Cap RatesEstimates Are Getting Interesting | seekingalpha.com
As a result of a Goldman Sachs presentation in late September which featured a close comparison to Simon Properties implies cap rate of 7%, the author is stronglyugly suggesting that GGP is starting to look like a bargain.
A Blight On the Taubman REIT's Glamorous Image
September 30, 2009
Taubman May Turn Over Atlantic City Mall To Lender | blog.retailtrafficmag.com
Taubman Co. is generally considered to be among the "best and brightest" of Mall REITS. If they are acknowledging serious problems with some of their properties, what must this portend for other REITs that have been assembled with far less dominant locations and/or retailers?
September 24, 2009
Savvy Retailers Snatch Leases Out Of Other Chains Bankruptcies | www.printthis.clickability.com
This article presents a common industry practice as being newsworthy and in the process, gets it all wrong. The practice of retailers taking over other failed retailer's locations has been going on since time immemorial. I guess it was a slow news day.
September 19, 2009
Buyout Fund Contemplates a REIT Turn | online.wsj.com
Mr. Baker, CEO of NRDC, (the company who showed such bargain hunting skills when they paid top dollar for the now defunct Linen'n Things and the rapidly declining Lord & TTaylor) plans to start a new REIT. Does anyone think he can really do a better job of buying distressed shopping centers than the pros like The Weingarten Co. or DDR?
September 18, 2009
Blockbuster To Shutter 40% Of Stores | online.wsj.com
Only two days ago I reported that Blockbuster announced it was closing 1000 stores. It has now revised that number to 1500 or 40% of their total. What does this sudden increase say about their chances for survival?
Is Blockbuster Going the Way of Hollywood Video?
September 16, 2009
Blockbuster Closing Up to 960 Stores by End of 2010 | blog.retailtrafficmag.com
Blockbuster just announced an increase in store closing from 685, ( the number announced on September 15th, 2009 ) to 960. While this is not a fatal blow, it certainly is a leading indicator of some serious problems that the GLG reader should be aware of.
September 10, 2009
New frugality is the new normal, by necessity | www.wtop.com
Bob Kanter's careful analysis of this article did not mention the huge backlog of previously announced department store closings which will undoubtedly have a "domino" effect on the FFO of all major mall REITs.
August 25, 2009
Washed Out | online.barrons.com
Mr. Laing, the Barron's reporter who has previously been a major Eddie Lampert fan, (he estimated the "breakup value" of SHLD @ $300.00 per share in 10/22/07) has finally had the courage to provide a detailed account of why King Eddie has no clothes. Although he is correct in most respects, in the areas of real estate collateral values which is my area of expertise, he continues to be in denial.
Supervalu May Not Be Such A Super Value
July 9, 2009
Supervalu Says President,COO & EVP to Retire | www.nytimes.com
Until recently Supervalu has been a very good grocery wholesaler. All grocery wholesalers have been struggling to survive the onslaught from Wal Mart Superstores, Target Superstores, Costco, Sam's Club, etc. In a bold move several years ago Supervalu decided to transform itself into a retail grocery chain through a series of expensive acquisitions. It now appears that that strategy is unraveling.
February 6, 2012
Las Vegas real estate: A happy new year?
January 20, 2012
Commercial property sales plunge in New York City: Why should everyone care?
January 19, 2012
Are Macy's closures a leading indicator of mall REIT values?
January 18, 2012
Ireland's commercial property outlook
January 9, 2012