Daily NAPTA Update 5.8.2023

Posted by Diane Macri | May 08, 2023 | 0 Comments


JLL Posts $9M Quarterly Loss As Transaction Activity Shrivels
JLL saw its earnings turn negative to start the year as the Chicago-based global commercial real estate brokerage felt the impact of the banking crisis, rising interest rates and lower demand for commercial space.

Aldi Continues Robust U.S. Expansion, Adding 120 Stores This Year
Discount grocer Aldi is planning to open a net total of 120 new stores in the United States this year, bringing its footprint nationwide to about 2,400 stores. Last year, the company opened or remodeled 139 locations. That many stores puts Aldi among the largest grocery store chains in the country. 

It will be 'really tough' for trucking companies to stay in business if things don't pick up by Memorial Day, says an American trucking association
Business Insider
An American trucking association is the latest to sound the alarm over a "freight recession" gripping the US, saying it will be tough for trucking companies to stay afloat if the slump in freight rates does not subside soon.

Simon Plans To Invest $1.5B In Mixed-Use Projects On Its Mall Properties
Shopping mall giant Simon Property Group plans to redevelop a series of its properties from California to Florida with hotels and apartment buildings totaling around 2,000 units. On its first-quarter earnings call Tuesday, CEO David Simon projected the company would spend $1.5B on the redevelopments, with construction expected to take place over the next five years, CoStar first reported.


'Most-Hated Asset Class': Silicon Valley Office Pros On Piling Problems
Office owners in Silicon Valley are coping with a cascading set of challenges that began years ago with the pandemic and continue today, creating an environment in which they are faced with both cyclical and structural obstacles ranging from basic market fundamentals to the impact of cutting-edge technology.

Store closures are hitting Downtown San Francisco as office vacancies and fears of crime are on the rise. Here's the full list of retailers pulling out of the city's downtown neighborhood.
Business Insider
The shopping district around Union Square has lost several major retailers over the last few years as reports of crime and drug use in the area have caused safety concerns for both retailers and patrons. The area has lost 17 retailers since 2020, The San Francisco Standard reported last month.


As New-To-Market Tenants Drive Up Costs In Miami, The 'Sticker Shock' Is Real
The continued wave of corporate migrations washing ashore in Miami, partly driven by lower costs than traditional business hubs, is pushing those costs up at a rate that has shocked local operators. “Our clients that have come from New York and Chicago and Latin America, they get sticker shock,” Juliana Fernández, who founded an architecture firm called AEI Spaces that works with new-to-market firms from around the globe.


Change in soil values leads to heftier than normal tax bill for some landowners
Winchester Sun
The past few weeks have been busier than usual for Clark County Property Value Administrator Jada Brady and her staff. The office's increased workload can be attributed to an overlooked component of property valuation: soil value classification. A recent rise in soil values led to a heftier than expected property tax bill for many farmland owners in Clark County.


Top 20 highest property tax towns in NJ
New Jersey is infamous for having the highest property taxes in the nation, but the tax bills in some towns are downright eye popping. The average property tax bill in the Garden State hit a new record in 2022, according to figures from the New Jersey Treasury, coming in at $9,490. While a 2% property tax cap has been in place since 2011, both property values and property taxes have steadily increased.


Projected 42% Butler County property value hike is a ‘crisis', auditor says
Journal News
Butler County Auditor Nancy Nix is “sounding the alarm” that if legislators don't step in, an average 42% property value increase ordered by the state will mean increased taxes for many taxpayers.


Providence to pay $10M in power station lawsuit
The city of Providence will pay $10.7 million to the owners of the Manchester Street Power Station in a settlement of a lawsuit over the company's tax bills. Manchester Street LLC, one of the city's largest taxpayers, challenged both its real estate and tangible tax bills for 2020 and 2021, claiming the city vastly overestimated the value of the company's property.


Webb Co. Appraisal District on property tax increase, contesting rates
In early April, the Webb County Appraisal District mailed out appraisals on properties to homeowners. And it looks like many saw a sizable increase which will lead to higher property taxes. Bobby Peregoy, Webb County Appraisal District Chief Appraiser, said that looking at the overall total of all property in Webb County, values across all property types indicate a 15% increase as compared to last year.

Arts Council of the Brazos Valley fights tax evaluations to keep program alive
A hike in property taxes are hitting just about everyone in Brazos County, including one art program. Sheree Boegner, Executive Director at The Arts Council of Brazos Valley, says the Bryan Artist In Residence program is all about giving artists the room they need to grow. The program allows one chosen artist to live in a home in Downtown Bryan for free, for one year.

New economic incentive plan clears hurdle in Texas House
The Texas Tribune
The Texas House has passed a bill that would create new economic incentives to attract large companies to come to the state or expand current projects in Texas after lawmakers allowed a similar 20-year-old program to expire in December.

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