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Shoppers at select General Growth Properties, Inc. (NYSE: GGP) malls across the country are testing a new app feature that uses heat maps enabled by GPS data to view parking availability closest to their food and retail destinations.
“Parking is the very first and very last engagement we have with our shoppers. We see great potential in our ability to develop innovative digital tools that create quality shopping experiences,” said Sandeep Mathrani, CEO of GGP.
In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, said optimism among U.S. real estate investors seems to have increased in the wake of the Brexit vote in the United Kingdom.
New York REIT, Inc. (NYSE: NYRT) and private real estate firm The JBG Companies announced Aug. 2 that they have agreed to terminate their previously announced merger due to a lack of shareholder support for the deal.
Instead, New York REIT will adopt a plan of selling individual assets, the company said.
“Investors were clear in their preference for a liquidation to generate near-term cash,” said Matt Kelly, managing partner of JBG.
REIT gains were in line with the broader market in July, but on a year-to-date basis, REITs have far outpaced the S&P 500 Index as investors continue to search for yield, analysts said.
The FTSE/NAREIT All REIT Index had a total return of 3.9 percent in July, while the S&P 500 Index gained 3.7 percent. For the year through the end of July, the total return of the FTSE/NAREIT All REIT Index was 18.1 percent, while the S&P 500 Index posted a total return of 7.7 percent. The yield on the 10-year Treasury note dropped 0.8 percent in the first seven months of 2016.
As MCR Development LLC broadens its focus in the lodging market, it’s adding landmarks like a former TWA flight terminal at JFK International Airport to its portfolio to go along with the seminary in Manhattan’s Chelsea neighborhood that the company converted to The High Line Hotel in 2013.
