Retail Real Estate's 2009 in Review
Dec 29, 2009 9:05 AM
January
The year begins with the commercial real estate industry lobbying for expansion of the Term Asset-Backed Securities Loan Facility to cover commercial mortgages. This effort pays off when the Financial Stability Act is expanded in February.
Real Capital Analytics initiates a program to identify distressed and potentially troubled assets. Its first reading identifies $106 billion in potentially troubled assets.
Glimcher Realty Trust sells a property for less than the price of its mortgage. However, the deal does not spark a run of distressed sales that many predicted would materialize.
Wal-Mart takes the unusual step of shrinking one of its stores, a 220,000-square-foot location that it converts into a 93,000-square-foot concept.
South Coast Home Furnishings Centre sells for $35 million—a $63 million drop from what the same property fetched in 2007.
Many retailers throw in the towel after a rough holiday shopping season. Goody's and Circuit City opt to liquidate. Against All Odds, Shane Co. and Gottschalks file for bankruptcy.
In addition, New York & Co., Macy's, Supervalu, Cost Plus, Yankee Candle, Filene's Basement, Phillips-Van Heusen, Brown Shoe, Home Depot, Starbucks and Chico's all announce store closures.
Next Page: February
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