Published January 28, 2010
malls , regis , Supercuts
Since the industry has faced a rash of store closures in the last year, landlords are looking for other types of tenants to fill spaces.
In Scranton, PA, the local paper talks focuses on the Mall at Steamtown, which is operated by Fameco Real Estate and apparently 17% vacant. Management is now focusing on non-traditional tenants to fill up that space.
Continue reading ‘Malls Survive With Alternative Uses’
Published November 3, 2009
Cohen & Steers , malls , Steve Forbes
In the below video, Steve Forbes interviews Marty Cohen, co-chairman and co-CEO of Cohen & Steers about commercial real estate. He’s not big on hotels, but surprisingly, he thinks malls will hold up through the recession. “These are mainstays of the community. Who doesn’t like going to the mall?” We have a feeling some of you might disagree.
Published September 17, 2009
General Growth , malls , multimedia , Simon
Simon Property Group CEO David Simon weighs in on possibly acquiring some of General Growth’s portfolio during a Bloomberg Television interview. “We’re a logical buyer,” he says. “There’s a lot we can do with those properties.”
Simon also says that the industry could see a recovery some time next year if job growth pics up. Click on the image below for the full interview.
Also, RIP Melvin Simon.
The graphic below is a funny mall-directory-like map that shows retail concepts that have either gone out of business or are on the brink with descriptions of their situation. We especially like this statement about Spencer Gifts: “Specializing in all things unnecessary, Spencer’s is what Brookstone would be if it was run by a stoned 20-year-old.”
Published June 1, 2009
General Growth , malls
Some of the entities that financed some of the General Growth Properties’ malls want those assets taken out of the REIT’s bankruptcy filing.
“The legal separation would give the lenders greater control over the fate of the malls and access to all the excess cash they generate,” according to Reuters.
Continue reading ‘GGP Bankruptcy Gets More Complicated’
This article about the health of Simon Property Group in the recession, reveals that the mall owner might consider acquiring some General Growth Properties assets when the latter’s bankruptcy proceedings mature.
Said CEO David Simon: “I don’t think we would be interested in the whole company. They have some assets that clearly would fit nicely with ours.”
Continue reading ‘Simon Interested in Some GGP Malls’
Published March 10, 2009
General Growth , malls
General Growth Properties is asking its lenders for until the end of the year to refinance debt, so it can avoid filing for bankruptcy.
The mall owner has $1.18 billion in past-due debt and $4.09 billion that can be accelerated by lenders. It is giving lenders until March 16 to respond.
Continue reading ‘General Growth Tries to Buy Time’