Connect with us

Roundup

Real Estate Roundup 11.16.20

Jeff Bezos (Credit: Getty Images)

Real Estate Roundup:

Foreclosures 

  • The Beverly Hills Saks Fifth Avenue department store at 9600 Wilshire Boulevard is set to be sold at foreclosure. Wilmington Trust filed a lawsuit earlier this year against the property owners — a JV of Hudson’s Bay, which is Saks Fifth’s parent company, and Simon Property Group — for missed mortgage payments. The building includes 156,267 square feet of rentable space, near the famed Rodeo Drive shopping district, which is home to premier luxury brands that pay some of the highest retail rents in the country. Eastdil Secured is soliciting offers for the asset. (CO)

Acquisitions 

  • Realterm Logistics has acquired a 50,500-square-foot warehouse at 235 Gardner Avenue in East Williamsburg from Manya Operating Corporation for $28 million. The five-story industrial property will be used as a last-mile delivery facility, has 23 truck bay doors and is fully leased. (TRD)

E-commerce & Retail

Amazon announced that it was expanding an in-garage delivery program for Prime subscribers to some 4,000 U.S. cities, up from 50 previously. The retail giant said it would also start delivering groceries from Whole Foods Market or Amazon Fresh inside customers’ garages. 

  • Worth Noting: The feature is open to Prime members who have a myQ garage door opener, which drivers can access. In addition to the existing delivery features, Amazon is adding in-garage grocery deliveries in a handful of cities, including Chicago, Dallas, Los Angeles, San Francisco and Seattle. (Bloomberg+TechCrunch)

Tech 

  • WeWork’s revenue declined but its cash burn slowed in Q3. Quarterly revenue slid 8% from the second quarter to $811 million, while the company posted negative free cash flow of $517 million, less than $671 million of cash burn a quarter ago. (Reuters)
  • Cloud-based Tech Supports Socially Distanced Work Models: KayoCloud’s virtual commercial real estate brokerage is the latest example. The application automates much of the sales process, and offers brokers its AI lead gen outputs that predicts future listings before they “hit the market.” (Trepp)

Luxury market 

  • A London penthouse at Lodha UK’s No.1 Grosvenor Square sold for $181 million. An unnamed buyer bought the top-floor apartment as well two others on the story below, with plans to form a 15,600-square-foot home. (CNN)

Continue Reading
To Top