@Dejan_Kovacevic This is really much ado about nothing. Simon Property Group owns the mall and they also own … JCPenney’s. If they wanted to keep Penney’s open they would. It’s not really the best fit for that mall. They probably see an opportunity to bring in a more dynamic tenant.
Pittsburgh's rent and home prices rank among the nation's highest, defying expectations for a rust belt market facing higher construction costs. https://t.co/J01wuBc7lR
U.S. Steel Tower in Pittsburgh
$160M of securitized debt, $40M in unsecuritized subordinate debt and $45M in mezzanine debt, is set to mature in June.
Servicer commentary points to a growing concern about the borrower’s ability to refinance in the current lending environment.
The leases for the tower’s two main tenants, the University of Pittsburgh Medical Center and namesake U.S. Steel, are set to expire within the next two years.
In 2018 Jamestown Properties acquired a 40% stake in the property. The deal valued the building at about $340M. 601W Cos. paid $250M for the structure in 2011.
2.3M SF Built 1971
-TheRealDeal
#commercialrealestate
@MarkHertling@BulwarkOnline I appreciate your insights. Thoughtful as usual. Is there a third alternative where the Kurds are only asked (or desire) to move on Iranian Kurdistan, with no intention of making a move on Tehran? Is it conceivable that Azerbaijan could simultaneously make a move on Tabriz?
Most schools stopped teaching kids to memorize multiplication tables.
They called it “old fashioned.” 🙄
It’s actually one of the most damaging things they did to math education. Without automatic recall, kids hit a wall in fractions, algebra, and everything after.
At Alpha School, we’re fixing it - and kids are loving it. 🚀👾
On Mondays during the school year, teenagers commit suicide at almost double the rate they do during summer vacation. This pattern has been documented repeatedly. Back to school season is literally back to suicide season.
I see this as a public health catastrophe as significant as drunk driving was in the 1970s. Mothers Against Drunk Driving managed to change the entire culture around drinking and driving. They made it socially unacceptable. We need the same kind of movement for what school is doing to kids. The body count demands it.
It makes no sense that CRE Brokers have to complete 14 hours of continuing education about REALTORS, single family homes, etc, but barely anything about CRE
Trader Joe’s held prices flat on a basket of 12 grocery staples ($82.45 → $82.03) while Whole Foods raised them 14% ($100.23 → $114.47) and Safeway raised them 1%. Same items, same year.
That price gap is a direct readout of business model. Trader Joe’s runs 80% private label, buys direct from manufacturers, stocks 4,000 SKUs instead of 40,000, and pays no slotting fees. Every middleman they’ve cut is a price increase they can absorb without touching the register. National brand retailers run the opposite playbook: 80% branded products, distributor markups, and slotting fees that get baked into shelf price. When commodity costs rise, they pass them through. Trader Joe’s eats them.
The math on this compounds fast. If you’re a family shopping weekly, the gap between Trader Joe’s and a mid-tier grocer like Safeway is roughly $37 per trip, or $1,924 per year. Against a premium grocer, that gap crosses $4,000. On the same twelve items.
And the direction of the arrows tells the real story. The chains competing on price held or compressed. The stores competing on curation and neighborhood identity raised prices at 2x to 4x the rate of food inflation. Premium positioning is becoming a pass-through mechanism for commodity shocks.
This is the private label trade playing out in real time. Costco saw it years ago with Kirkland. Aldi built an entire European grocery empire on it. Trader Joe’s runs the same model at neighborhood scale: control the supply chain, own the brand, absorb the volatility. The retailers still dependent on national brand distribution don’t have that lever. When eggs spike or coffee jumps 20%, they have one move: raise the price.
The grocery industry is bifurcating along this exact line. Private label operators are gaining pricing power by not raising prices. And every inflation cycle widens the gap between the two models.
@BucsDugout I’m not sold on this rotation. Obviously Skenes is a stud. On a good team Keller is probably a number four starter. Chandler, Barco and Ashcroft don’t have a track record. Wish we had kept Oviedo.