10 Must Reads for the CRE Industry Today (December 10, 2014)

10 Must Reads for the CRE Industry Today (December 10, 2014)

 

  1. Hudson Pacific Properties to Buy $3.5B Blackstone Office Portfolio “In a stock-and-cash transaction valued at $3.5 billion, Hudson Pacific Properties Inc., of Los Angeles, has agreed to acquire Equity Office Properties’ approximately 8.2 million-square-foot San Francisco Peninsula and Silicon Valley office portfolio from Blackstone Real Estate Partners V and VI, Hudson announced Monday.” (Commercial Property Executive)
  2. What Real Estate Trends to Expect in 2015 “Experts say that 2015 will be marked by a return to normalcy and balance for real estate markets across the country. Stan Humphries, chief economist for Zillow.com, predicts that home value growth will slow to around 3 percent per year instead of the 6 percent seen recently, and that will make real estate less attractive to many investors.” (U.S. News & World Report)
  3. Carlyle Trips Chasing Blackstone in Diversification Push “The Washington-based firm’s investors are also frustrated with Carlyle’s international real estate efforts. One European property fund started before the financial crisis has lost 80 percent in value after ill-timed deals in the U.K and Italy, and another is barely breaking even. Carlyle’s real estate operation, started in 1997, manages about $13 billion, a fraction of the $80 billion currently overseen by Blackstone Group LP.” (Bloomberg)
  4. Housing Gets More Affordable: Why Aren’t Millennials Buying? “’It's very difficult to come up with a down payment when so much of your monthly paycheck—especially on an entry-level salary—is going to your landlord instead of into your savings,’ noted Stan Humphries, chief economist at Zillow.” (CNBC)
  5. Schwab, Fidelity Lift Suspension on RCAP “Schwab and National Financial Services, Fidelity’s clearing arm, have lifted their suspension on sales of products distributed by RCS Capital (NYSE: RCAP). Late Monday, RCAP said 70 firms have resumed selling their products. That is up from 50 firms who reinstated in late November.” (wealthmanagement.com)
  6. Hot Source of Property Financing: Visa Seekers “The giant trucks pumping concrete in Hudson Yards, New York’s biggest real-estate project in a generation, are being financed by an unlikely source: about 1,200 Chinese families in search of U.S. visas. Developer Related Cos. says it has raised roughly $600 million from the families to build the foundation for three skyscrapers at the West Side project, a 17-million-square-foot colossus of office, retail and residential space set to open over the next decade.” (The Wall Street Journal)
  7. Lender Sends Mixed Signals about RadioShack’s Bankruptcy “Salus Capital — which joined Cerberus Capital Management — now claims RadioShack is in default. The money-losing retailer on Monday made a public presentation explaining why it was not. Its contention is it did not borrow money in October from an affiliate, which it is prevented from doing.” (New York Post)
  8. Record Shop Resurrection: Mega Music Store Planned for Wicker Park “Shuga Records  plans to open in early January at 1272 N. Milwaukee Ave. The shop will stock 30,000 records, plus an inventory of 100,000 for its online store. “There will be close to 10,000 records for $1 and under—where you really have to dig and go through it,” says owner Adam Rosen, who started with a store in Minneapolis before moving his business to Chicago in 2012.” (Crain’s Chicago Business)
  9. Winn Departs Cushman for Olshan Properties “The former head of retail brokerage has been hired by Olshan Properties, where he’ll serve as COO, beginning next month. Winn made the move in order to diversify from retail and to more closely manage both members of a team and investors, he tells GlobeSt.com.” (GlobeSt)
  10. Abercrombie Buyout No Longer Off Limits After CEO Exit: Real M&A “At least one buyout firm considered a deal before walking away over concerns about his leadership, a person familiar with the matter said in 2012. For buyers wanting to take another look, the stock is just as cheap now.” (Bloomberg)  
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