As German grocery chain Lidl makes inroads into the U.S., rival Aldi (already in the U.S.) has been working to keep abreast of competition. Aldi said this week it will spend $3.4 billion to open 2,500 new stores by 2022, and seems to be focusing sharply on Texas. It has opened a second division and distribution center in North Texas, and will look to add five to 10 stores in that area annually, according to Division Vice President for the Denton region Scott Huska. (Via Dallas News)
Global asset management firm Brookfield is banking big on fashion. The company has spent $440M for a controlling stake in 1.8-million-sq.-ft. California Market Center (CMBC). CMC is located in Los Angeles’ Fashion District and houses creative offices and design showrooms. Through its private equity arm, Brookfield will reposition the asset with a modernized lobby and add experiential retail establishments along bordering Ninth Street and Main Avenue. Brookfield is already Los Angeles’ biggest landlord. (Via Commercial Property Executive)
There’s been a spike in LLC buyer activity for Trump-branded properties. Approximately 70% of buyers of Trump real estate in the past year are LLCs, up from 4% two years ago. Trump companies own around 430 properties valued at $250M, and since Election Day, 28 properties have sold for an aggregate $33M. (Via USA Today)
More News to Note:
Macy’s Will Tread Analytically in Assessing Any Real Estate Sell-Off
Amazon Will Invest $178M into Oregon Distribution Site
In Chicago, Higher Suburban Apartment Rents Drive Vacancy Uptick
