Welcome back! In today’s exciting news – we’ll take a look at Warren Buffett’s move into the commercial real estate world, the future of your beloved art galleries, in addition to the largest real estate deal in Kansas City and much more.
The global investment group, Ares Management LP, has acquired a large stake in 10 fully leased Class A industrial buildings for a total of 6 million square feet.
The biggest name in residential real estate has made a move into the world of commercial real estate. Adding a commercial leasing branch to his HomeService New York Property office under the umbrella of Brekshire Hathaway HomeServices New England Properties/ Westchester Properties.
Many are fearful of the future of art galleries, comparing them to the fall of video rental stores. Jimi Dams, owner of Envoy even went as far as saying that the ‘art industry has developed into an uninteresting, boring entity.’
Up 97% from the previous year, 5,321 retail stores have closed their doors. More specifically department and specialty stores like RadioShack and Payless are finding it difficult to stay afloat amidst popular e-commerce sites like Amazon.
Amazon’s planned $1.5 billion Prime Air Hub has received the approval for incentives to help get its development started.