10 Must Reads for the CRE Industry Today (December 2, 2014)

10 Must Reads for the CRE Industry Today (December 2, 2014)

 

  1. GIC to Buy Blackstone’s IndCor Properties for $8.1 Billion “The purchase is expected to close in the first quarter, Blackstone said in a statement today. The agreement ends the prospect of an initial public offering for IndCor, which had been planning a share sale valuing the company at about $8 billion, people with knowledge of the matter said in August.” (Bloomberg)
  2. Investor Group Reaches $1.55 Billion Deal to Refinance Plaza Hotel Debt “A founding member of the Fugees, a New York sports agent, a Saudi prince and an Indian company trying to spring its chairman from jail are all part of the saga to control New York’s storied Plaza Hotel.” (The Wall Street Journal)
  3. AustralianSuper Bets on U.S. Properties with Principal Financial “Principal Financial Group Inc. (PFG) will seek office properties valued at $200 million (A$235 million) or more for the fund to invest in, according to a statement yesterday from the Des Moines, Iowa-based life insurer and asset manager. The company will focus on markets including New York, Washington, Boston, Los Angeles and San Francisco.” (Bloomberg)
  4. Amazon Real Estate Chief Dreams of Turning Company’s Parking Garages into Fulfillment Centers “It might seem like a crazy idea to someone stuck in the ‘Mercer Mess,’ the notorious tangle of traffic just north of Amazon’s Seattle headquarters. But Amazon’s real estate director, John Schoettler, raised the possibility while speaking at a recent Urban Land Institute event in Seattle — pointing to the lack of parking requirements at the planned 600,000-square-foot office tower where Amazon has signed a lease in London.” (GeekWise)
  5. U.S. Trucking Shortage Elevates Importance of Property Supply Chain Infrastructure “According to a new report by CBRE, the U.S. industrial real estate market expansion has been driven, in part, by the ongoing evolution of supply chains, as businesses seek to distribute goods across the country ever more quickly and efficiently. However, a nationwide shortage of truck drivers poses a risk to existing distribution chain strategies and elevates the importance of real estate in supply chain structures.” (World Property Journal)
  6. J.P. Morgan Inks Deal at 450 West 33rd Street “J.P. Morgan Chase & Co., which had notably forgone its plans to move to the Related Companies’ Hudson Yards, has signed a lease at 450 West 33rd Street. First reported by The Wall Street Journal, the financial institution has signed a 10-year lease for roughly 123,000 square feet on the ninth floor of the building owned by Brookfield Property Partners.” (Commercial Observer)
  7. Best Year Since 2008 for Construction Industry “Contracts for commercial and residential construction projects in the Chicago area totaled $8.6 billion over the first 10 months of the year, up 16.3 percent from a year earlier, according to Dodge Data & Analytics, a data provider formerly known as McGraw-Hill Construction.” (Crain’s Chicago Business)
  8. The Real Estate Issues to Watch For in 2015 “After the frenzied sales of 2013, New York City’s real estate market didn’t miss a beat in 2014 — though its pace showed signs of stabilizing, even as prices reached new heights.” (The Real Deal)
  9. Potential Real Estate Mutual Funds to Add to Your Portfolio “Below we will share with you 4 potential real estate mutual funds. Each has earned a Zacks #2 Rank (Buy) as we expect these mutual funds to outperform their peers in the future. To view the Zacks Rank and past performance of all real estate funds, investors can click here to see the complete list of funds.” (SeekingAlpha)
  10. Apollo Leading the Pack in PetSmart Bid, Sources Say “Leon Black appears to be in the catbird seat with PetSmart. Black’s Apollo Global Management is seen as the most aggressive suitor, and likely winner, of the nearly concluded auction for the pet food seller, a source close to the situation said Monday.” (New York Post)
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