PetSmart inks 12 new real estate deals
Mount Laurel, N.J. Metro Commercial announced that it has represented PetSmart in securing 12 additional leases totaling over 280,000 sq. ft. of space. Six of the new PetSmarts include PetsHotel within the full-service pet stores.
The new sites are in Connecticut (3), Virginia (3), New Jersey (2), Pennsylvania (2) and Ontario, Canada (2).
Real estate online firm sees recovery in 2010
San Francisco LoopNet found, in response to its “LoopNet Pulse Poll,” that only one-third (33%) of respondents expect commercial real estate sales transaction activity to recover in 2009. Less than half (42%) do not expect the market to pick up until 2010, and a large number (26%) are not expecting recovery until 2011.
Forty-six percent of respondents see access to capital as the most significant obstacle to recovery. Economic uncertainty, which in turn significantly influences asset pricing, was the second most cited obstacle, at 29% of respondents. Close to a quarter (23%) of respondents explicitly cited differences in pricing expectations between buyers and sellers as the most important obstacle.
While the results were largely consistent across all three major participant segments, owners rate the importance of access to capital slightly higher, and differing price expectations slightly lower, than brokers or investors.
Two thirds (66%) of respondents expect that price declines of 10% or more from today’s prices will be required to restart the market, with 37% predicting 10% to 20% declines and 30% predicting declines north of 30%.
Marrying these results with patterns observed in the residential real estate industry, LoopNet said it believes demand-side activity from interested buyers may start to increase at least six months before transaction volumes start to reaccelerate.
Nordstrom Rack to open first Houston store
Seattle Nordstrom plans to open a 30,000-sq.-ft. Nordstrom Rack in Houston at The Centre at Post Oak, a shopping center owned by Weingarten Realty. Scheduled to open in spring 2010, this will be the retailer’s first Nordstrom Rack in Houston.
Nordstrom has already announced its plans to open a Rack store in the Shops of Southlake in Southlake, Texas, this August, to be followed by one in Gateway Center in Austin, Texas, in October.