Even with new businesses signing leases, retail rents in Manhattan continued to fall in the first quarter, reports Cushman & Wakefield.
“Just because you’re not seeing bankruptcy filings doesn’t mean there isn’t distress,” says Mark Kronfeld, a managing director with BlackRock.
The retailer was late to embrace online shopping. But it’s now making a bold wager on robotics.
The merged shopping center REIT will have a market cap of $12 billion.
Revenue at the company’s fashion and leather goods unit jumped by 52 percent in the first quarter compared to a year earlier.
The company confirmed it was in discussions to sell seven properties to Brookfield for $479 million.
Retail, lodging/resort and apartment REITs posted the biggest gains in the first quarter.
Roughly one in every 11 stores will close in the next year, according to an analysis by UBS.