Retail Real Estate's 2009 in Review
Dec 29, 2009 9:05 AM
September
Our September cover story makes the argument that owners and tenants need to have a shared vision of success if retail real estate is to thrive in the years ahead. The acrimony that has marked much of the year—with owners and managers banging heads over concessions—needs to end and both sides need work together to make centers successful in a changed consumer climate.
Industry legend Melvin Simon passes away.
Taubman Centers Inc. announces the write down of the book values of 282,000-square-foot The Pier Shops at Caesars in Atlantic City, N.J., and the 820,000-square-foot Regency Square in Richmond, Va. Furthermore, the company says that NOI generated from The Pier Shops at Caesars is insufficient to cover the debt service on the asset's $135 million non-recourse mortgage and given the dim long term prospects on the property, Taubman's board of directors decides that the firm should “discontinue its financial support of the center” and begins discussions to turn the property over to its lender, Centerline Capital.
The IRS hands down new guidelines for the tax treatment of modifying loans in conduits. If all goes well, the relaxed rules will get servicers to work with borrowers on potentially distressed situations and might stave off a significant number of mortgage defaults.
Nearly three quarters of the way through the year the investment sales market remains extremely quiet.
Tiffany sues Westfield over the pending addition of an H&M store to Westfield’s Century City shopping center in Los Angeles.
Samsonite, Pacific Sunwear and Blockbuster announce store closures.
Howard Davidovitz makes a memorable appearance on Bloomberg in response to some economists getting excited over monthly Commerce Department retail sales figures.
Regional department store chain Boscov’s emerges from bankruptcy.
Next Page: October
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