10 Must Reads for the CRE Industry Today (April 14, 2015)

10 Must Reads for the CRE Industry Today (April 14, 2015)

 

  1. Vornado Signs Tech Firm in Revamp of Penn Plaza “Yodle is headed north after signing a lease in a Vornado Realty Trust building in Midtown South, as the landlord tries to reinvigorate the area.” (Commercial Observer)
  2. Chinese Auto-Parts Maker May Be Top Buyer of U.S. Real Estate “Wanxiang Group Corp., China’s biggest auto-parts maker, said it may have become the largest Chinese corporate investor in U.S. real estate, betting an economic recovery will generate good returns.” (Bloomberg)
  3. Union Station in Washington Has a Grand Development Plan “This city’s venerable Union Station, which opened with much fanfare in 1908, was never about the federal union but about the union of two railroads whose separate terminals had formerly occupied valuable space blocks apart, even encroaching on the National Mall.” (New York Times)
  4. Ivanhoé Cambridge Announces First Direct Investment in AustraliaIvanhoé Cambridge, the real estate arm of Canada's second-largest pension fund, said on Monday it has partnered with Blackstone Property Partners Asia to buy a 25 percent stake in a Sydney office building, marking its first direct-investment in Australia.” (Reuters)
  5. 3 Impressive Real Estate Mutual Funds to Enhance Your Return “Even though real estate has been through tough times recently, securities from this sector should continue to be an integral part of portfolios with a long term horizon. Over the years, mutual funds from this category have continued to perform favorably.” (Zacks)
  6. Developers See Opportunity at Site of Seven-Alarm Fire in WilliamsburgWhen a seven-alarm fire ripped through a records-storage warehouse on the Williamsburg waterfront in late January, most New Yorkers saw a conflagration that spewed charred medical reports, court transcripts and other decades-old scraps of paper onto city streets and sidewalks.” (Crain’s New York Business)
  7. Atlantic Avenue Retail Condo Sells for Over $1,000 PSF “Barrett Design and Development’s new retail condominium at 440 Atlantic Avenue steps from the Barclays Center, has been sold for $3.25 million, or $1,142 per square foot, according to real estate firm CPEX.” (Commercial Observer)
  8. CBRE Facilitates Sale of Multi-Family Portfolio in Central Florida “Acting on behalf of an unidentified seller, CBRE Capital Markets has orchestrated the largest apartment trade in Central Florida year to date with the disposition of the Central Florida Portfolio, a group of four multi-family assets encompassing 1,075 units in Orlando and Tampa. The Milestone Group L.L.C. and Milestone Apartments Real Estate Investment Trust snapped up the properties.” (Commercial Property Executive)
  9. MGM Resorts Urges Rejection of REIT Supporters at AGMMGM Resorts International, 51-percent owner of Macau casino operator MGM China Holdings Ltd, says a proposal to split the group’s business into two by converting its property holdings into a real estate investment trust (REIT) is ‘seriously flawed’.” (GGR Asia)
  10. Freddie Mac to Buy Biggest Property on West Coast “Freddie Mac Multifamily has agreed to buy, from HFF, an $878 million loan for the West Coast’s largest apartment community, the historic 4,245-unit Park La Brea in Los Angeles.” (Commercial Property Executive)
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