Belk to Juban Crossing in Livingston Parish, La.
Charlotte, N.C. — A 75,000-sq.-ft. Belk will anchor the Juban Crossing lifestyle center in Livingston Parish, La., in the fall of 2014. Construction of the $7 million store will begin in February.
The 75,000-sq.-ft. building will feature a clean, contemporary exterior design reflecting Belk’s modern southern style brand and colors. The store’s exterior entrance will have a bold look with a sleek canopy clad in blue metal. A large monolithic black granite slab will provide a backdrop for Belk’s colorful multi-petal logo sign. The vestibule and entrance will be accented with natural stone. In addition, custom landscaping and seating areas will complement the entrance.
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CBRE: Retail real estate shows strongest growth
Los Angeles — Retail real estate showed the strongest growth in capital values and rents of all property types globally in the third quarter of 2013, according to CBRE Group, Inc.
“Commercial real estate capital values generally rose faster than leasing fundamentals across all property types in Q3 2013, reflecting several capital markets trends that have been prevalent for some time,” said Dr. Raymond Torto, Global Chairman, CBRE Research. “First, returns in commercial real estate have been very strong relative to other major asset classes, attracting institutional capital sources to the sector. Second, the number of assets available for sale remained relatively limited. Finally, commercial real estate fundamentals are expected to improve and catch up with capital markets demand as regional economies continue to recover. This optimism is buttressed by the lack of new construction resulting in a tight leasing availability, especially in mature commercial real estate markets.”
The CBRE Global Retail Capital Value Index showed the strongest growth among property types, rising 2% during the quarter, and by 8% year-over-year. During third quarter 2013, the Global Industrial Capital Value Index rose 1.4%, and the Global Office Capital Value Index rose 1.1%.
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Texas retail center valuations boom
Houston — Exceptional job growth, population gains and improved retail fundamentals have significantly elevated the sales prices for shopping centers in Texas over the last year, according to Deal Sikes & Associates, a Houston-based real estate valuation and counseling firm.
Some retail properties have increased in value more than 20 percent in 2013, compared to last year, added Matthew Deal, principal at Deal Sikes & Associates.
“The residential market has improved significantly in recent years and that has increased the demand for shopping center space to serve the growing population,” Deal said. “Construction of new retail space has been very modest over the last three or four years. This imbalance in supply and demand has been pushing up the values of existing retail-oriented real estate.”
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