In the News—Week of September 26, 2022
Deal of the Week
Harri5, a manufactured housing and commercial brokerage firm, facilitated the sale of The Sands RV & Golf Resort in Desert Hot Springs, California. The seller was Sun Communities, headquartered in Southfield, Michigan. The transaction was handled by Bryan Selna, Senior Commercial Escrow Officer, from Thomas Title’s Scottsdale office.
National
Ralph Lauren wants to reduce middleman and add 250 retail locations
Ralph Lauren is continuing to press on with its direct-to-consumer model (i.e. cut out the middle man). The maker of Polo brand clothing is planning 250 more retail stores, The Real Deal reports. Ralph Lauren made the plan public during an event for investors. Chief executive Patrice Louvet said the company gets 63% of its revenue from its direct-to-consumer business and has dropped about two-thirds of its department stores in the United States. The company was vague on specifics but did disclose that it was adding stores in 30 markets, 14 in North America.
Energy & Efficiency
Comcast promises to make internet greener, double energy efficiency
Comcast says it will cut the electricity per consumed terabyte of data in half by 2030, the cable TV, streaming and Internet service provider announced on its company website. “We’re on the path to a greener internet,” says Charlie Herrin, president of the technology and product experience at Comcast Cable. “Achieving our carbon neutral goal will require our business to work harder and smarter, and that goes for the network itself.” Comcast has set a goal to be carbon neutral by 2035 for direct and indirect emissions it owns and controls.
Texas
Houston housing market slows, but apartment rents remain high
Home sales in the Houston area have slowed, but there has been no rollback of rents for apartments, the Houston Chronicle reports. Figures from CoStar show the average rent for an apartment in the market is almost $1,300 a month, an increase of 12% since 2019. And the increase has been even greater in older buildings, rising 14% in that time to an average of $1,100. “It’s a struggle finding a reliable, safe apartment that’s not just like throwing your wallet out the window,” Diaz Arroyo, a flight attendant, tells the newspaper.
Texas
Large office towers in Dallas’ medical district put up for sale
The 12-story Mockingbird Towers in Dallas’ medical district near Love Field have been put on the market, The Dallas Morning News reports. The two office towers were built in the 1970s. The nearly 450,000-square-foot high-rises are 91% leased and have received about $11 million in upgrades since 2015. The buildings are owned by Albany Road Real Estate Partners, a Boston company. Newmark Group is marketing the property for sale.
Arizona
Dairy farmer sells land in Mesa to make room for industrial hub
The Arizona Dairy Co., which has been operating in the Mesa area for nearly 50 years, sold off its last property in the area earlier this month, the East Valley Tribune reports. Shopoff Realty Investments bought the 270 acres for $80 million and is planning a 4.1 million-square-foot manufacturing campus for lease. The parcel is an island of county land within city limits and Shopoff will ask Mesa to annex it. Arizona Dairy owner and general manager Justin Stewart said the dairy is moving to Gila Bend. “There’s extreme emotion” about leaving, Stewart tells the newspaper.
Mexico
President promises that Mayan Train construction will be completed on time
The news media and experts say none of the Mayan Train’s five sections are even half done, but President López Obrador promises the project will be completed by the end of next year, Mexico Business News reports. “Even with several obstacles, we are going to fulfill the commitment to inaugurate the most anticipated project, the Mayan Train, in December 2023,” López Obrador said at his Fourth Government Conference. The project has been slowed by legal opposition from indigenous groups and environmentalists.
