WP Realty acquires Plaza at the Pointe
Bryn Mawr, Pa. — WP Realty has acquired Plaza at the Pointe, a 149,016-sq.-ft. center located near Pittsburgh in the Parkway West retail submarket.
Anchor tenants include Bed, Bath & Beyond, Old Navy, La-Z-Boy and Party City. An additional 21,556 sq. ft. anchor space is currently vacant.
Latitude 40, a recently redeveloped 60,000-sq.-ft. entertainment center, and a number of national retailers shadow-anchor Plaza at the Pointe from adjacent properties.
Baker Katz completes sale of Gold’s Gym in Corpus Christi
Houston — Baker Katz has announced the completion of the sale of a 47,395-sq.-ft. freestanding property leased to Gold’s Gym in Corpus Christi, Texas.
Baker Katz is a full-service retail brokerage and a member of real estate alliance X Team.
JLL Report: Retail going borderless
Atlanta — A just-released report by Jones Lang LaSalle Retail found that three trends — in retail investing, retail expansion and e-commerce — are making national borders increasingly irrelevant to the retail industry. According to Jones Lang LaSalle’s “Global Capital Flows,” retail investment captured 25% of the total global market share of real estate investment in first quarter 2013. Investors continue to press ahead in traditional mature markets such as the United States, Western Europe, Australia, Japan, Hong Kong and Singapore to emerging markets such as China, Brazil, Russia and Turkey, the report found.
With regard to expansion, markets welcoming globalized retailers include China, India, Brazil and Russia. South Africa has recently begun to grow in popularity with expansion-minded retailers. Challenges include adapting stores to other cultures and localities, said JLL, and globalizing retailers to watch include Tommy Bahama and Ralph Lauren as well as Uniqlo and Zara.
And, finally, the report analyzed e-commerce clicks around the world and suggested that online activity will continue to erode brick-and-mortar sales. JLL cited a recent Deloitte study that forecast brick-and-mortar retail sales would decline from 91% to 63%, as clicks make up ground on bricks. A recent PwC report, according to JLL, indicated that Chinese consumers shop online more than consumers in any other country. About 40% of retail logistics activity in China involves e-commerce. Observers note growing e-commerce trends in London and Australia, as more and more shoppers buy online and pick up at the store.