Detroit — Two years after the city opted to allow recreational marijuana, Detroit's City Council approved a new, more-inclusive ordinance in an effort to award licenses for recreational-use dispensaries in Michigan's largest city. The development follows...
Seeking Reliable Real Estate Businesses, Investors Give Laundromats A Spin
Coin laundries have long been one of the few recession-proof businesses. After all, we all need to do laundry. There's debate as to whether the recession-proof nature applies even during a pandemic. But it's not deterring some from opening new laundromats, at a time...
Bed Bath & Beyond Sells Cost Plus World Market
Bed Bath & Beyond Inc. BBBY, -1.14% announced Monday that it has entered into a definitive agreement to sell Cost Plus World Market for an undisclosed amount to Los Angeles-based private-equity firm Kingswood Capital Management. The deal includes 243...
‘This Too Shall Pass’: 43 Real Estate Execs On The Biggest Lessons Of 2020
The last 280 days of the coronavirus pandemic have been unprecedented, unimaginable and tragic in countless ways. From an economic perspective, where we work, where we eat, where we shop — where we do anything — is still mostly in flux. It’s anyone’s guess what will...
Public Storage Expands With $528M Portfolio Acquisition
Public Storage has acquired 24 properties with 2.3 million square feet of space from Beyond Self Storage in the first phase of a 36-property portfolio transaction totaling 3.6 million square feet and valued at $528 million. The first phase includes existing properties...
Apartment Investors Mull Opportunities in Distressed Malls
Apartment dealmakers may find an opportunity to build new apartments around the shells of under-performing or empty regional malls. Hundreds of troubled shopping malls may be seized by lenders over the next year, experts say. “In the current market with the pandemic,...
NYC Poised for 2021 COVID Comeback with Major Real Estate Developments
Amid rising COVID cases and looming lockdowns, my fellow New Yorkers should take heart — because we will have a greater city to look forward to once this pandemic’s over. Although the flight from the Big Apple, increasing crime, and possible MTA cuts are dominating...
Historic Brooklyn Hotel Reopens as Luxury Senior Community
The first new luxury retirement community in New York City in 20 years has opened its doors. The Watermark at Brooklyn Heights is a joint venture of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer. A lending consortium that included...
Mixed Retail-Industrial Uses Present a New Opportunity for Investors
In commercial real estate, the impact of the coronavirus pandemic and related shutdowns has led to profound and seismic shifts. To some extent, those shifts reflect an acceleration of trends that were already underway. One of the most noteworthy of those is the...
Uncertainty Shades a Once-Soaring Multifamily Construction Market
The developer TPA Residential recently selected McShane Construction to build Woodward Crossing, a Class-A, 265-unit apartment complex on 7.8 acres in Buford, Ga. The apartments would be inside two buildings, four and five stories, designed by the architecture firm...
Netflix Landlord in Bushwick Snaps Up Property Across Street
The investors who brought a Netflix soundstage to Brooklyn just picked up another property nearby — a sign that they could be eyeing an expansion for the popular production and streaming company. Joseph and Glenn Lostritto’s Steel Equities recently bought the large...
Amazon Signs Large Warehouse Lease in Red Hook
Amazon has closed on a warehouse lease at Thor Equities’ industrial development in Red Hook, Commercial Observer has learned. The e-commerce giant signed a 20-year lease for 311,796 square feet at 280 Richards Street, an industrial development on the Brooklyn...
Big Box Bust: What Does the Future Hold for NYC’s Empty Department Stores?
As COVID-19 accelerates the decline of department stores and traditional apparel brands, some New York City landlords and brokers are facing the question of what to do with the cavernous, mostly windowless blocks of space that were once major shopping hubs. That...
Self-Storage Sector Holds Up Amid the Pandemic
A confluence of factors conspired to drive down rents at self-storage properties earlier in the year, but now with new demand generated by the broader disruptions caused by the COVID-19 pandemic, the sector’s fortunes have stabilized. Though the majority of properties...
E-commerce Fuels Industrial’s Unstoppable Engine
Prologis, the world’s largest owner of commercial warehouses, estimates that e-commerce customers require 1.2 million square feet of distribution space to support each $1 billion in sales. That figure helps explain why leasing activity rebounded quickly after a...
Ikea Is Trying to Follow in the Footsteps of Sears Roebuck in Building its Own Mixed-Use Centers. What Are its Chances of Success?
Swedish retail giant Ikea, known for its inexpensive, modern, hard-to-assemble furniture, traditionally doesn’t target urban cores. Instead, it typically builds its warehouse-style stores, averaging 320,000 sq ft., in suburban areas. Now, the Ingka Centres shopping...
Traffic Is Returning Faster to Outlet Centers Than Malls; What Does that Mean for the Sector’s Future?
When states around the country essentially locked down to help curb the spread of COVID-19, outlet centers, like regional malls, were forced to temporarily shutter, which took its toll on the sector. “Outlets are one of the property types most impacted by COVID, with...
Apartment Communities Optimize Services, Amenities for Life Under a Pandemic
Common areas remain silent at many apartment buildings—emptied out to avoid spreading the coronavirus. But residents still need services and amenities, especially as they spend more time on site than normal. That’s forcing innovation and adaptation on the part of...
Sachse Construction, Broder & Sachse Moving from Downtown Detroit to Midtown
A prominent construction firm and development company are moving from downtown Detroit to the city's Midtown neighborhood. Detroit-based construction contractor Sachse Construction as well as Detroit-based developer Broder & Sachse Real Estate Services Inc. are...
Manhattan’s Newest Skyscraper Is Opening Up to a Dead Midtown
SL Green Realty Corp. is opening its new $3.1 billion office skyscraper Monday, in a neighborhood that’s among Manhattan’s busiest -- but is now still unusually quiet. The first tenants at One Vanderbilt, across from Grand Central Terminal, will start moving in by...
Ghost Kitchens Grow As Eat-In Restaurants Close Their Doors
As restaurants across the United States close their doors in the wake of the coronavirus (COVID-19) pandemic, new delivery-only endeavors have an opportunity to gain market share. One segment of the restaurant industry that is thriving are ghost kitchens. These...
Wait! Don’t miss out on the latest insights
Sign up for Saschse Construction’s
e-newsletter below!
LET’S STAY CONNECTED
Follow Sachse Construction on social media and our hashtag, #BuiltBySachse, for the latest updates from our projects and team members.