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Commercial Real Estate News for Thursday, June 29

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.

NorthPoint Quietly Completes One of the Largest Real Estate Deals in KC History 

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.


Warren Buffett is Entering Commercial Real Estate in New York

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.

It’s Not a Pretty Picture for Some Small Art Galleries

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.’

Store Closings Continue to Accelerate, New Report Finds

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 Prime Air Hub Projects Lands Key Approval for $175M 1st Phase 

Amazon’s planned $1.5 billion Prime Air Hub has received the approval for incentives to help get its development started.