10 Must Reads for the CRE Industry Today (April 1, 2015)

10 Must Reads for the CRE Industry Today (April 1, 2015)

 

  1. Sears to Set Up REIT to Raise $2.5 Billion From Shareholders “Sears Holdings Corp plans to raise more than $2.5 billion from shareholders by offering rights to buy shares in a real estate investment trust that will hold some of its stores. Sears shares rose 9.4 percent to $45.21 in early trading on Wednesday.” (The New York Times)
  2. Simon Property Withdraws $16.8 Billion Offer for Macerich “Simon Property Group Inc. withdrew a $16.8 billion proposal to acquire Macerich Co. after the smaller mall owner rejected the sweetened takeover offer as too low. Macerich said in a statement late Tuesday that the $95.50-a-share offer doesn’t reflect the full value of the company. Simon said separately that it pulled its bid after Macerich’s board refused to engage in talks.” (Bloomberg)
  3. San Francisco Boom Pins Office Landlords to Tech Bets “San Francisco real estate developers are planning to add more than 8 million square feet (743,000 square meters) of office space in the next four years, the equivalent of 16 Transamerica Pyramids, and are betting on strong demand from technology tenants to fill it. While companies such as Salesforce and Uber Technologies Inc. have already reached deals for some of those towers, the pace of construction may make landlords vulnerable as they increasingly depend on an industry known for its booms and busts.” (Bloomberg)
  4. Reading International Prepares to Unlock Manhattan Real Estate Value “RDI is an attractive long-term buy that will benefit from the development of its Manhattan Cinema 123 and Union Square properties. Manhattan real estate has experienced a tremendous increase in value in recent years and RDI is now positioned and preparing to monetize its real estate's appreciation in value. Management has announced its intensions to pursue full development of these properties in the recently released 2014 10K statement.” (Seeking Alpha)
  5. Brookfield Looks to ‘Harvest Capital’ by Selling Up to $2 Billion in Properties “Sensing a bottom in some core U.S. office property cap rates, Brookfield Asset Management Inc. and its affiliate Brookfield Property Partners LP, are in the late stages of selling nearly $2 billion in office assets, including controlling interest in seven office buildings in the Washington, DC, market; and one in Boston and potentially some in New York. These deals follow last month’s sale of two office properties in Seattle.” (CoStar Group)
  6. Tower Brook to Acquire Women’s Apparel Retailer J.Jill “Private equity firm TowerBrook Capital Partners LP said it would acquire women's apparel and accessories retailer J. Jill, adding to its portfolio of retail firms, which includes denim company True Religion Apparel Inc. Financial details of the deal were not disclosed. A person familiar with the matter said the transaction was valued at about $400 million.” (Reuters)
  7. Apartment Boom Bodes Well for Real Estate Investors “Demand for rental units just keeps growing, and the growth of crowd funding could open up opportunities for small investors to get into the fray. However, apartments aren't the only housing desired by renters. Single family homes will always be the preferred housing for many, especially households with children.” (Huffington Post)
  8. Ivanhoe Cambridge JV Grabs Minority Interest in ‘Windy City’ Property “A joint venture between Ivanhoé Cambridge, of Montreal; Callahan Capital Properties, of Chicago; and affiliates of Beacon Capital Partners has acquired, for about $55 million, a 40 percent interest in the Class A office building at 515 N. State St. in Chicago, the buyers announced on Monday. The seller was not disclosed.” (Commercial Property Executive)
  9. Office Has Become an Owner’s Market “The office sector is looking more like a landlord’s market, especially as tenant demand has reached an all-time high, CBRE Research said Monday. With annual tenant demand reaching 52.7 million square feet in 2014, the balance of power has shifted decisively to owners in CBRE’s quarterly “Occupiers vs. Owners Market Meter.” Of the 27 markets in the Market Meter, just eight are considered occupier-favorable.” (GlobeSt.)
  10. Greystone and Sentosa Team Up for Long Island Nursing Development “National multifamily and healthcare lender Greystone has partnered with New York-based healthcare management company Sentosa Care to develop a 280-bed skilled nursing facility in Nassau County, Long Island, Mortgage Observer has learned. The two companies signed a deal in which Greystone will serve as development manager and financier for the 178,854-square-foot, five-story property.” (Commercial Observer)
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