The city is again rising (at least home prices are), mall REIT seen close to Chapter 11, Disney to close 60 stores, smart windows go SPAC, and commercial real estate going to pot.
In Today's News
Redfin: Urban Price Growth Surpasses Suburban and Rural
For the first time since the pandemic arrived, the four-week growth in home prices inside city limits in urban areas has outpaced that of the suburbs and rural areas, the online real estate service said today.
The Millionacres takeaway: What goes 'round comes 'round, after all. Whether this is a reversal of the "head for the hills" mantra that's dominated the story of residential real estate for months remains to be seen, of course.
Mall REIT Washington Prime Said to Be Nearing Bankruptcy
U.S. shopping mall owner Washington Prime Group (NYSE: WPG) is preparing to potentially file for Chapter 11 bankruptcy protection as the operator of about 100 malls across the country nears default on its debt, CNBC reported today.
The Millionacres takeaway: Today's news follows the troubled real estate investment trust (REIT) missing a $23 million interest payment last month and is another marker in the long trail of bad news badgering owners and investors in the nation's shopping malls.
Disney Is Closing 60 Stores in the U.S. and Canada
The entertainment and theme park giant plans to close about 35% of its locations in the United States and Canada, CNN reported today.
The Millionacres takeaway: Et tu, Mickey? The shuttering of small stores that have been mall mainstays for years has been a constant during the pandemic recession, but it's still particularly poignant to see Disney (NYSE: DIS) take a powder like this.
Today on Millionacres
Smart-Glass Company View to Go Public Via SPAC
View and its smart-window technology is going public through a special purpose acquisition company (SPAC). Operators of real estate of multiple kinds already are using these windows to optimize natural light to control heat and glare, with each window having its own relationship with the Internet of Things (IoT).
The Millionacres takeaway: Our Jeff Piltch explains that while the broader SPAC trend may be the poster child of the speculative mania we're seeing in the market today, technology solutions that deliver energy efficiency and ROI impact to landlords will certainly be here tomorrow and beyond.
3 Ways Legal Marijuana Might Impact CRE Markets
The surge in legalized marijuana for both recreational and medicinal use keeps creating possibilities for the commercial real estate (CRE) market and its investors.
The Millionacres takeaway: New tenants for retail and warehouse space are both in the offing, but there also are banking and zoning hurdles that can stand in the way of an easy path forward.