Good morning, investors. In today’s commercial real estate news, states struggle to sell prisons, Miami Design District development is chugging along and some retailers are avoiding the shutters.
A ex-prison is an ex-prison no matter the view. States are finding it very difficult to relieve themselves of old jail yards. Buyers and investors want little to do with the baggage that comes along with such buildings.
High-end boutiques may be filling up Miami’s Design District, but machines are still tearing up the land for more construction. As it stands, the area is about 50% completed with the rest to roll our over the next years. The extensive article above dives deeper into the project.
Not all retailers were created equal. While Sears, Macy’s and JC Penny’s shutter a combined 340 stores, some brick-and-mortar businesses are still thriving. Target, Costco and dollar stores have all nimbly navigate the current stormy retail weather.