Three new tenants are on their way to Winter Springs Town Center: Carrs Barbers’ Club, Century 21 Real Estate and Fuji Mountain Sushi. Carrs Barber Club, billed as an “old English style” barbershop “with classic grooming and a relaxed club atmosphere,” will open in December. Century 21 and Fuji Mountain Sushi will open in January.
Few would deny that real estate is a solid investment. It provides an attractive combination of stability, reliable cash flow, preservation of principal and capital appreciation. However, many investment property owners nearing retirement find themselves in a quandary. They are equity rich, but cash poor, with increases in the value of their property far outpacing income growth. They also are often tied down by the day-to-day issues of property management and, particularly in cities like San Francisco, California, shackled to the constraints of rent (and eviction) control. In fact, San Francisco is home to some of the lowest cash return on equity in the state’s real estate marketplace, which is somewhat counter-intuitive given California’s ever-booming property market.
Thor Equities L.L.C. has continued a busy year of acquisitions by adding the 640,117-square-foot Cheltenham Square Mall in Philadelphia to its portfolio. Thor has purchased the mall from Simon Property Group for an undisclosed price, according to reports in the Philadelphia Inquirer and Philadelphia Business Journal. A spokesperson for Simon referred calls to Thor, which could not be reached by deadline for comment about its plans for the mall.