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

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

 

  1. Blackstone Said in $1.3 Billion Sale of Boston Offices “Blackstone Group LP agreed to sell two office buildings in Boston for about $1.3 billion to a unit of JPMorgan Chase & Co. and Oxford Properties Group, according to two people with knowledge of the contract. The buildings, at 500 Boylston St. and 222 Berkeley St., occupy the same block in Boston’s Back Bay district and share a garage.” (Bloomberg)
  2. Why Renting in America is More Expensive Than it’s Ever Been “Folks on the West Coast have it especially bad. Strong demand for rental units has given landlords leeway to jack up apartment prices and they’ve certainly done so. Americans are now spending more on rent than they ever have before. U.S. renters can now expect to spend 30.2% of their income each month on rent payments.” (Fortune)
  3. The Fabulous Real Estate Portfolio f Jeff Bezos “Amazon CEO and self-made billionaire Jeff Bezos has built an e-commerce empire that reigns supreme in the virtual world. With an estimated net worth of $47.8 billion, he ranks as the world’s 15th wealthiest person and his real estate holdings prove just how deep his pockets are.” (Forbes)
  4. The NFL is Moving to LA, and It Won’t Be Cheap “The NFL is going to put a team in Los Angeles, but it just wants to do so in as dramatic a fashion as possible. This week, team owners met in Chicago to hear the St. Louis Rams’, San Diego Chargers’ and Oakland Raiders’ proposals for new stadiums in Los Angeles. It was a closed-door session, but we give credit to Sam Farmer at the Los Angeles Times for basically putting an ear to the door and figuring out what was going on.” (MarketWatch)
  5. DSW Expanding Store Base “DSW continues its march across America. The footwear and accessories retailer is opening 22 stores this fill, including six locations in new markets. ‘Expanding our store base allows us to grow our footprint in areas we already call home, while also bringing DSW stores and the DSW brand to areas where our customers have been anticipating our arrival,’ said Carrie McDermott, executive VP and COO.” (Chain Store Age)
  6. Capital One Boosts Brookfield in the Capital “Capital One isn’t shy about doling out hefty loans for the right borrower and the right property. As a case in point, the financial services firm’s commercial real estate group recently closed a $110 million loan for Brookfield Asset Management’s Brookfield Real Estate Opportunity Fund I, which used the proceeds to refinance 64 New York Ave. NE, a 355,000-square-foot office building in Washington, D.C.” (Commercial Property Executive)
  7. Former Port Authority Chief Chris Ward Takes on the Waterfront “For Chris Ward, the former chairman of the Port Authority of New York and New Jersey, it's been a summer of new beginnings. This past spring, he left his job as executive vice president for major projects at the New York office of Spanish construction firm Dragados to become senior vice president and chief executive for metro New York at engineering giant Aecom. Mr. Ward, 61, also recently accepted the chairmanship of the Metropolitan Waterfront Alliance.” (Crain’s New York Business)
  8. Rehab Sought for SBA’s Commercial Real Estate Lending Program “The Small Business Administration's latest lending statistics confirm what was widely suspected: its two lending programs are headed in opposite directions and some changes may be needed. The agency's flagship 7(a) lending program is firing on all cylinders and then some.” (National Mortgage News)
  9. $800 Million Mixed-Use Transformation of Miami Suburb Underway “The Related Group is set to transform the Miami suburb of Doral with the massive 600,000 sq. ft. CityPlace Doral. The $800 million mixed-use development components include 240,000 sq. ft. commercial space, 1,000 luxury residential units and Boutique Boulevard -- more than 40 shopping, entertainment and dining venues. Once complete, the project will offer the area’s only walkable luxury shopping plaza.” (Chain Store Age)
  10. Boston Industrial Market Enjoying Strong Gains in 2015 “According to a new report by Transwestern, the Greater Boston industrial market posted strong gains during second-quarter 2015, with 410,000 square feet of positive net absorption. ‘While not quite as strong as in some of our prior reporting periods, the industrial market maintained its positive momentum, reaching a fourth straight quarter of positive absorption,’ said Northeast Research Director Chase Bourdelaise.” (World Property Journal)
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