10 Must Reads for the CRE Industry Today (December 22, 2104)

10 Must Reads for the CRE Industry Today (December 22, 2104)

 

  1. Caesars Merging with Affiliate to Finance Debt Restructuring “The parent company will merge with Caesars Acquisition Co. in an all-stock transaction, Caesars said in a statement today. The deal will give the combined company $1.7 billion of cash that would be used to fund a plan it drafted with creditors to put its biggest unit into bankruptcy proceedings by mid-January.” (Bloomberg)
  2. Feud Heats Up Over Hotel Group’s Priciest Properties “Get ready for the rumpus at Columbus. Jason Kalisman, grandson of real estate giant Alfred Taubman and the interim chief executive of the chic Morgans Hotel Group, is expected to lock horns again soon with billionaire investor Ron Burkle over the sale of two of the group’s priciest properties.” (New York Post)
  3. Post-Dispute, Forest City Back to Work on Prefab Tower “Forest City Ratner re-hired some of the workers who were laid off over the summer to finish construction on what is supposed to become the world’s tallest modular tower. But the completion date for the building has been pushed back. The modular tower in Brooklyn’s Pacific Park will be the first residential project to rise at the site by the Barclays Center, according to NY1.” (The Real Deal)
  4. Portman: Multifamily Will Slow in 2015 “Overall, Portman concludes, 2014 was a strong year for the commercial real estate industry. What does that mean for 2015? Moving into the new year, Portman’s team is focused on development in primary urban locations within what he calls tier 1.5 and 2.0 cities. With that focus in mind, he made some strategic predictions.” (GlobeSt)
  5. LinkedIn Buys Mountain View Industrial Park as Apple Eyes Sunnyvale Sublease “Solidifying its commitment to hometown expansion, LinkedIn Corp. has bought the 6.4-acre Lester Industrial Park in Mountain View where the business-networking giant could build a large office campus in the years ahead. LinkedIn closed on the land — located across from the Computer History Museum at the intersection of Shoreline Boulevard and Highway 101 — last week, according to multiple industry sources.” (Silicon Valley Business Journal)
  6. Divestitures Clear “Key Hurdle” in Albertsons-Safeway Deal “Albertsons and Safeway said Friday they will divest 168 stores across eight states as a step toward obtaining Federal Trade Commission clearance for their merger, which they said is scheduled to close in January. Of the total, 111 of the divested stores, or 66%, are Albertsons locations and 57, or 34%, are Safeway locations, including stores with the Safeway, Vons and Tom Thumb banners.” (Supermarket News)
  7. D.C. Area Office Portfolio Transferred to Special Servicing “A securitized loan on a portfolio of Washington metropolitan area office buildings totaling $203 million was moved to special serving this week for reasons labeled “other,” Mortgage Observer has learned. The portfolio, known as Lafayette Property Trust, makes up 7 percent of the CMBS deal JPMCC 2007-LDPX, which has a current balance of $2.9 billion, down from an original balance of $5.4 billion, according to data obtained by Trepp and provided to MO.” (Commercial Observer)
  8. APF Pays Pru $188M for Full Control of Midtown Property “APF paid $188 million for the 80 percent stake in the 372,000-square-foot building, according to the Wall Street Journal. The pair of investors bought the 22-story Midtown building in 2011 for $161 million. Since 2011, the value of the building has risen to $235 million, according to the newspaper. That works out to a 46 percent increase.” (The Real Deal)
  9. RCAP Calls Allegations Against Schorsch “ Unfounded” “Lisa McAlister, American Realty Capital Properties’ former chief accounting officer, filed a $50 million lawsuit in accusing former ARCP Chairman Nicholas Schorsch of ordering her to manipulate quarterly financial results. But in a statement released Thursday night, RCS Capital CEO Michael Weil said the allegations against Schorsch are ‘unfounded’ and that the ordeal should have no ‘material impact on the long-term strength of our business model or our operating results.’” (Wealthmanagent.com)
  10. Story to Watch in 2015: Woodward Avenue’s Next Act “This is part of a series of stories looking back at 2014 and looking forward to the year ahead.   Look for next year to bring more announcements and investment in downtown Detroit and connected transportation between the Gilbert- and Ilitch-focused areas of revamped development.” (Crain’s Detroit Business)
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