The week surrounding Christmas has historically been a quiet period for the real estate industry, as everyone concentrates on friends and family and tries to forget about business for a few days. Nevertheless, there was some hard news this past week, including a decisive vote by the New York City Council on a proposed retail redevelopment in the Bronx, a major retail property sale in Scotland and another mall default, this time in Orange County, Calif.
- Bloomberg reports that Scotland's second largest mall traded hands for $479 million.
- Commercial brokerage firm CB Richard Ellis opened an office in Long Island City, the first outer borough office for any national brokerage firm, according to the New York Daily News.
- A vote by New York City Council spelled doom for the redevelopment of the Kingsbridge Armory in the Bronx into a retail center, reports The New York Times. The decision came after Mayor Bloomberg vetoed the Council's previous vote to scrap the redevelopment over wage disputes between the developer, The Related Companies, and local officials.
- The Shops at Anaheim Garden Walk became the latest retail property to default on a loan and face foreclosure in California's Orange County, according to The Orange County Register.
- The Wall Street Journal posted a story indicating Excel Trust Inc. is planning a $300 million IPO.
- National Public Radio posted a podcast from the New York ICSC conference that took place Dec. 7 and 8.
- Mall of America revealed it expects a healthy increase in sales this holiday season, according to CNBC.
- The Street.com ran a feature on the Crystals at City Center, a new high concept mall in Las Vegas.