Stein Mart goes down, medical office buildings may not, home prices up everywhere, some industrial REIT picks, and a Hollywood star buys a big piece of her past.
In Today’s News
Stein Mart Going Under, Shutting Most of Its 300 Stores
The 112-year-old retailer blamed changing consumer habits and the pandemic and says lack of liquidity has forced it into bankruptcy.
Why it matters: Stein Mart stores are strip mall staples across the South (with a presence and Texas and California, too.) Seeing this stalwart go belly up is a stark reminder of the challenges facing commercial property owners. The retail casualties keep piling up.
Medical Office Building Sales Halved But Outlook Called “Strong”
National Real Estate Investor says that investment sales volumes in the medical office buildings (MOB) sector have dipped and cap rates have flattened in recent months, but the sector seems to be bouncing back.
Why it matters: While the retail rout is on, there are CRE segments that are also battered but may be able to rebound more quickly. This piece lays out while the MOB segment may be one of those.
NAR: Metro Home Prices Grow in 96% of Metro Areas in Second Quarter
The National Association of Realtors reported today that nearly all of the nation’s metro areas saw home prices rise in the second quarter of 2020.
Why it matters: Low supply, high demand, and really low interest rates are having the same effect everywhere, creating a seller’s market if you have anything to sell. It also makes it tougher for investors to find good bargains.
Today on Millionacres
3 Industrial REITs to Buy in August
Global Self Storage, Industrial Logistics Property Trust, and STAG Industrial are three issues to consider in a segment of REITs that has held up quite well during the pandemic.
Why it matters: Industrial REITs have become a sort of favorite child in the REIT world right now, and a look at the solid foundation of these three very different operations shows why each could be a favorite for a long-term growth portfolio.
Will Viola Davis’ Plantation Home Purchase Spark a Trend?
The award-winning actress celebrated her 55th birthday by showing off the South Carolina plantation house where she grew up, and now owns.
Why it matters: Davis eloquently describes how buying the picturesque place is about “owning her story” as much as the property. And Millionacres’ Maurie Backman eloquently describes in this piece the ups and downs of buying for that reason.