Retail sales offer a steady surprise, barrel-bottom NYC retail rents attract eateries, senior health center deal offers some CRE potential, a return to salons, and a discerning look at RPT Realty.
In Today's News
Gain in U.S. Retail Sales Underscores Solid, Steady Consumer
U.S. retail sales rose unexpectedly in June, reflecting fairly broad gains across spending categories and wrapping up a solid quarter for household demand, Bloomberg reports today [subscription required].
The Millionacres takeaway: The American consumer has long driven the American economy, and steady as it goes is good news after the turbulence of the height of the pandemic.
NYC Retail Rents Hit Record Lows, Restaurants Move in
A plethora of empty space already outfitted with kitchen appliances and a chance to take advantage of historically low rents is driving restaurateurs to sign fresh leases across New York City, CNBC reports.
The Millionacres takeaway: If they can make it there, they can make it anywhere. Commercial real estate owners and managers across the country may find eateries the best bet for filling empty spaces.
Related Cos., CareMax Partner on New Senior Health Centers in Underserved Areas
Related Cos., one of the largest owners of affordable housing in the U.S., is acquiring as much as a 9% stake in healthcare provider CareMax as part of its plan to develop scores of senior health centers in underserved urban communities throughout the U.S., The Wall Street Journal reports [subscription required].
The Millionacres takeaway: Miami-based CareMax plans to use the cash to add about 75 centers in the next three years in New York, California, Texas, Ohio, and other states. They're going to need some CRE space, right?
Today on Millionacres
Salon Boom Is Good News for Retail Investors
Now that salons are open at full capacity, commercial real estate investors and retailers should be feeling good that customers are once again clamoring for appointments, our Barbara Zito writes.
The Millionacres takeaway: Sales are still recovering, but spa and salon professionals have proven they're essential workers to the customers who love and appreciate them -- and that makes them good tenants, too.
Is RPT Realty in Trouble?
It wouldn't be a stretch to suggest that pandemic-hit 2020 was a tough year for retail landlords like RPT Realty (NYSE: RPT). As 2021 has gotten underway, however, this real estate investment trust (REIT) has repositioned itself for growth. Does that mean its troubles are over? It's not clear just yet.
The Millionacres takeaway: Our Reuben Gregg Brewer focuses his discerning eye on this retail REIT's grocery store-heavy portfolio and pronounces the operation a definite maybe. "Trust but verify," he advises.