10 Must Reads for the CRE Industry Today (December 17, 2014)

10 Must Reads for the CRE Industry Today (December 17, 2014)

 

  1. Senate Fails to Extend Terrorism Risk Insurance Act “The Terrorism Risk Insurance Act is currently set to expire on December 31, after the Senate was unable to pass an extension Tuesday night. The act provides a backstop for property insurers in case of a terrorist attack and is widely supported by the real estate industry.” (The Real Deal)
  2. Manulife, Allianz to Invest Up to $1B in U.S. CRE “Manulife Asset Management Private Markets, an arm of Manulife, of Toronto, has entered into an arrangement with Allianz, a leading Germany-based insurance and asset management company, to co-invest up to $1 billion in U.S. real estate, the parties announced Friday. The partnership reportedly ‘will seek to invest in … high-quality office properties in U.S. gateway cities.’” (Commercial Property Executive)
  3. Why Commercial Real Estate is Ripe for Disruption in 2015 “Though one of the oldest industries in the United States, commercial real estate has lagged behind other industries in terms of innovation, particularly when it comes to adopting and advancing technology  In fact, it has been argued that the commercial real estate market is in the same place that the financial services industry was 20 years ago.   Thus, there’s a huge opportunity for tech innovators to enter the market to transform everything from how a transaction is done to the manner and method that critical information is accessed.” (Forbes)
  4. Global Capital Will Continue to Flow into Real Estate in 2015 “According to LaSalle Investment Management's new 2015 Investment Strategy Annual (ISA) report, money will continue to flow into real estate from across the capital markets worldwide, but investors should be increasingly concerned about getting caught late in the cycle and should anticipate the next cyclical downturn in a few years. ISA report states that different regions of the world will be growing at different speeds in 2015, investors need to prepare their portfolios for world where interest rates begin to rise more quickly in some parts than others.” (World Property Journal)
  5. VNO Sees Retail Spinoff Trading by January “Vornado Realty Trust said in an SEC filing Monday that it expects its shopping center spinoff to begin trading on the New York Stock by next month, subject to its registration statement being declared effective. To be known as Urban Edge Properties, the REIT would separate VNO’s shopping center business from its core office and street retail properties.” (GlobeSt)
  6. Apple REIT Opposes Bid to Acquire Company Stock “Apple Hospitality REIT Inc., the Richmond-based real estate investment trust that owns nearly 200 hotel properties across the country, including the Richmond Marriott, said Tuesday that a group of entities affiliated with MacKenzie Capital Management LP wants to buy less than 0.3 percent of the company’s stock.” (Richmond Times-Dispatch)
  7. Latest High-Dollar Downtown Office Sale: $370 Million “Prudential Real Estate Investors agreed to pay more than $370 million for an East Loop office building, the latest deal in a memorable year for high-dollar sales downtown. The unit of the New Jersey-based financial services giant has a deal to buy the almost 1.3 million square feet of office and retail space at 55 E. Monroe St. for more than $290 a square foot, according to people familiar with the deal. “ (Crain’s Chicago Business)
  8. Sears CEO Lampert Explains Why He Closed 200 Stores “Sears CEO Eddie Lampert, also its top shareholder with a 48.5% stake in the company, has been arguing that the company is in the process of funding Sears’ transformation of itself into a membership-based, e-commerce-centric retailer anchored on its Shop Your Way program and far less reliant on brick-and-mortar stores.” (Fortune)
  9. Top Cushman Exec Exits in Wake of Massey Knakal Deal “A day after Cushman & Wakefield announced the $100 million purchase of Massey Knakal Realty Services, James Underhill, the chief executive of North American operations at Cushman, exited the firm. A representative for Cushman said Underhill left to ‘pursue other career opportunities,’ Crain’s reported. Underhill is now president of Underhill Properties, according to his LinkedIn profile cited by Crain’s.” (The Real Deal)
  10. New Life for an Old Industrial Property—in Atlanta “No one would argue that New York and Atlanta are very different markets. With low vacancy rates and high rent, New York has one of the strongest commercial-real-estate markets in the country. Atlanta, with high vacancies and lackluster rent growth, is one of the weakest among major cities. Yet Jamestown Properties is testing its luck down South by applying a formula that it has successfully honed in New York, Boston, San Francisco and elsewhere.” (The Wall Street Journal)

 

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