10 Must Reads for the CRE Industry Today (December 29, 2014)

10 Must Reads for the CRE Industry Today (December 29, 2014)

 

  1. Will 2015 Be Better or Worse for Real Estate? “As a former broker, I have to agree — the investor well is indeed dry. In the past week alone I’ve received calls from three investor groups inquiring about off-market deals in the Seattle metro area. They complained that rising prices have impacted the number of available opportunities and so they’re looking for additional sources. (Sorry! No deals here.)” (Forbes)
  2. New York’s Top Cop Scores as Credit Suisse Faces $10 Billion Mortgage Fraud Suit “Credit Suisse Group AG (CSGN) was ordered to face a $10 billion lawsuit by New York’s attorney general accusing the Swiss bank of fraud in the sales of mortgage-backed securities before the 2008 financial crisis. A New York State Supreme Court justice rejected the bank’s request to dismiss the case, a move that gives leverage to Attorney General Eric Schneiderman to demand internal bank documents and force a settlement.” (Bloomberg)
  3. Port Authority to Explore Selling its Real Estate “Govs. Andrew Cuomo and Chris Christie have turned to a familiar idea in their pledge to reform the Port Authority of New York and New Jersey: selling its real estate.” (The Wall Street Journal)
  4. ARCP Board Outlines Priorities, Announces Lender Deal “ARCP also stated that it has obtained an additional consent and waiver from the lenders under its unsecured credit facility for an additional extension for reporting its third-quarter 2014 and full year 2014 financial statements. The company has agreed in return to not pay a dividend on its common stock until the financial statements have been delivered.” (Commercial Property Executive)
  5. Teens All Over America Got into Mall Food Court Brawls This WeekendPeople reports that not one, not two, but three separate malls in Sacramento, Chicago, and Nashville were the locations of massive fights this weekend, involving hundreds of teenagers overall. On Friday, an 18-year-old and a 17-year-old were arrested after a fight broke out in the food court of Arden Fair Mall, in Sacramento. One witness stated after the fight was contained, she saw about a dozen people in handcuffs.” (Jezebel)
  6. Look Ahead: Who Will Win Outlet Mall Wars in 2015? “Fifteen years after a popular outlet mall in Stroud was destroyed by a tornado, three developers have announced plans for similar malls locally. The latest concept comes from Mark Silvestri, chief operating officer of Simon Premium Outlets. On Dec. 5, he formally revealed plans for an 80-store mall north of Tulsa Hills Shopping Center, near U.S. 75 and West 61st Street.” (Tulsa World)
  7. PhillyDeals: Commercial Real Estate Prices are Booming “Prices are up. See, for example, Radnor Court, the brick-and-glass, 121,000-square-foot complex where Airgas has its headquarters on Radnor-Chester Road, near the Radnor SEPTA station. A Goldman Sachs investment fund paid Dan DiLella's Equus Partners more than $43 million, or $360 per square foot, for the site last week, according to people familiar with the deal.” (Philly.com)
  8. Metro Detroit to See for Aisles and Aisles with Grocery Store Openings in Year Ahead “Plans for at least six new grocery stores were announced during the year, including a second Detroit site for both Whole Foods and Meijer.” (Crain’s Detroit Business)
  9. Big Ideas on Track in New Rochelle “As New Rochelle pushes forward with the redevelopment of a large swath of land around its train station, city officials are promising that taxpayers won’t have to foot the bill.” (The Wall Street Journal)
  10. Mr. Brainwash is a Real Estate Mogul “The wealthy have for a long time viewed art and real estate in a similar manner; investment vehicles to accumulate, show off, and increase fortunes. While there are many successful real estate moguls who buy and sell art, you do not often see the reverse, wealthy artists who invest in real estate. Nor are there many real estate millionaires who become very successful artists. Yet, the Observer can exclusively reveal that the high-profile street artist Thierry Guetta—who goes by Mr. Brainwash, or MBW—is a very active purchaser of Los Angeles real estate.” (Commercial Observer)
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