July | August | 2016 Commercial Investment Real Estate
N A T I O N A L
"Affordable housing has become a commodity that is traded
through brokers. And there are a lot of bidders."
— Scott Kline, vice president for the National Housing Trust
Apartment Rent
Growth Forecast,
YE 2016
1. San Francisco
10.5
%
27. Richmond, Va. 1.4%
28. Philadelphia 1.3%
29. Washington, D.C. 1.2%
30. Baltimore 1.0%
Source: Yardi Matrix Monthly, April 2016
E A S T
M I D W E S T
Lowest Office Vacancy
Rates, 1Q16
1. Columbus, Ohio 14.0%
2. Milwaukee 14.7%
3. Kansas City, Mo. 14.8%
Midwest Total 16.0%
Source: CBRE
WEST
Las Vegas's Big Deal
CityCenter Holdings, a joint venture between MGM Resorts
International and Infinity World Development Corp., has sold
Crystals mall on the Las Vegas Strip to Invesco Real Estate and
Simon Property Group for $1.1 billion, one of the largest retail
transactions this year, according to press reports. Located at
the entryway of CityCenter in the heart of the Las Vegas Strip,
the retail asset boasts more than 324,000 sf of luxury shopping
space. CityCenter, which includes two hotel resorts, a casino,
and condos, opened in 2009 and struggled to gain footing
during the recession, but has been coming back strong. The
mall itself earned $69.1 million in net revenue in 2015, up from
$66.5 million in 2014, according to MGM Resorts. Its operating
income was $18.3 million in 2015, compared to $16.4 million
in 2014. With the purchase, Simon increases its Las Vegas
holdings to four properties, already owning the Forum Shops at
Caesars Palace, the Las Vegas North Premium Outlets, and the
Las Vegas South Premium Outlets.
REGIO NAL
O UTLO O K