10 Must Reads for the CRE Industry Today (April 15, 2015)

10 Must Reads for the CRE Industry Today (April 15, 2015)

 

  1. Dick’s Sporting Goods to Open 135 to 150 Stores in the Next Three Years “As part of a wide-ranging fiscal update, Dick’s Sporting Goods Inc. is updating its fiscal 2017 sales target to $8.7 billion to $9 billion. The retailer also expects to open 135-150 namesake stores during the next three years, up from the 603 stores it operated at the end of 2014, focusing on new and underserved markets. In addition to its core brand, Dick’s is expanding its Field & Stream format, with nine stores in 2015 and approximately five to eight locations in both 2016 and 2017.” (Chain Store Age)
  2. Gaming and Leisure Properties Raises Bid for Pinnacle’s Real Estate “Gaming and Leisure Properties Inc.  raised its bid for Pinnacle Entertainment Inc. ’s real estate in an effort to coax the regional casino company into striking a deal. Gaming and Leisure, itself a casino real-estate owner, late last week made an offer that values all of Pinnacle at just over $40 a share, or about $2.4 billion, according to people familiar with the matter.” (The Wall Street Journal)
  3. $20.8B Worth of Properties Sold in New York City—a Quarterly Record “Property sales across the city hit a record in the first three months of the year. Some $20.8 billion worth of properties sold in the first quarter. Powering the surge was demand for properties with 10-digit price tags, according to a report Tuesday from Cushman & Wakefield.” (Crain’s New York Business)
  4. Aldi is a Growing Menace to America’s Grocery Retailers “ALDI is hard at work redefining the rules of shopper engagement and, in the process, eating away at the market share of many of America’s most venerable food retailers—and food manufacturers. Through a relentless pursuit of perfecting its own store brands portfolio and unique shopping experience, ALDI has become more than a nuisance, it is a major force that is on the verge of changing the grocery retailing landscape” (Forbes)
  5. Why DTZ Turned to Roberta Liss to Fuel its Growth Post-Cassidy Turley “Liss, whose last day as executive vice president of leasing and marketing for BECO is Tuesday, was named to the new post at DTZ late last month. She comes into her new role with an impressive résumé, having worked at CBRE, Trammell Crow Co. and the former Charles E. Smith Co.” (Washington Business Journal)
  6. Jet Blue Wants to Turn Former TWA Terminal into Hotel “The low-cost airline and its partner, New York-based hotel developer MCR Development LLC, are in advanced negotiations with the Port Authority of New York and New Jersey for the rights to turn the iconic Trans World Airlines terminal at Kennedy Airport into a modern hotel, according to people familiar with the matter.” (The Wall Street Journal)
  7. Construction to Begin on 1 Manhattan West “Brookfield Property Partners will begin construction on its 2.1-million-square-foot office tower, 1 Manhattan West, after signing a megadeal with an anchor tenant, the developer announced today. Law firm Skadden, Arps, Slate, Meagher & Flom has signed a 20-year lease for 550,000 square feet in the building.” (Commercial Observer)
  8. Winners Emerge When Commercial Property Values Fall “When Pearson's Appraisal Services finished its revaluation of all Mecklenburg County property in March, the biggest winner was arguably TIAA-CREF's Charlotte campus, near W.T. Harris Boulevard. Mecklenburg had previously said the 92 acres and six buildings were valued at just under $168 million.” (WBTV.com)
  9. Chinese Investment Giant Fosun Scores First Major Tenant at 28 Liberty St. “Ironshore, a U.S. insurer that Fosun bought a 20% interest in last August, is taking just under 100,000 square feet at the 60-story, 2.2 million-square-foot building now known as 28 Liberty St. The asking rent was at least $80 per square foot, according to sources.” (Crain’s New York Business)
  10. J.C. Penney Turnaround Still Unlikely “For the retailer to return to its 2012 revenue level of $17.26 billion — we’ll not even consider the $19.86 billion total in 2008 — it would have to post annual revenue growth of around 7% for five more years. And that is total revenue, not just same-store sales.” (24/7wallst.com)
TAGS: Office Retail
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