10 Must Reads for the CRE Industry Today (December 3, 2014)

10 Must Reads for the CRE Industry Today (December 3, 2014)

 

  1. Shopping Relics: Why Black Friday and Cyber Monday Don’t Really Matter “If the weekend surrounding Black Friday is really the important economic indicator it’s made out to be, there may be trouble coming. Total spending over the weekend dropped 11 percent from a year earlier, according to the National Retail Federation. Fewer people shopped than did last year; the decline encompassed both physical stores and websites; and those who did make purchases during the long weekend spent less money.” (Bloomberg Businessweek)
  2. Meridian Capital Orchestrates $737M in Financing for NYC M-F Portfolio Purchase “A major Manhattan multi-family transaction has taken place with the assistance of Meridian Capital Group. The commercial real estate finance firm arranged $737 million in financing on behalf of Brookfield Property Partners and Urban American for the acquisition of The Putnam Portfolio, a 3,962-unit apartment collection.” (Commercial Property Executive)
  3. Loews Hotels Targets London, Paris After Naming Kinsell CEO “Loews Corp.’s hotels unit is weighing a push into Europe after hiring InterContinental (IHG) Hotels Group Plc’s Kirk Kinsell as chief executive officer. ‘We’re a fairly small player that wants to get bigger,’ Loews Hotels & Resorts Chairman Jonathan Tisch said today in a phone interview. ‘Kirk has vast international experience. We will be open to his ideas about how we might expand.’” (Bloomberg)
  4. Spirit Realty Capital Closes $510 Million of Net-Lease Mortgage Notes “Spirit Realty Capital, Inc. announced this week that certain subsidiaries have issued $510 million aggregate principal amount of net-lease mortgage notes under its Spirit Master Funding securitization structure in a transaction exempt from registration under the Securities Act and sold to Qualified Institutional Buyers under Rule 144A.” (World Property Journal)
  5. Regent Properties gets $300M; looks to spend on DFW real estate “Los Angeles, California-based real estate investor Regent Properties has closed on more than $300 million in equity commitments to acquire office property throughout the western United States, including Dallas-Fort Worth.” (Dallas Business Journal)
  6. Singapore Firms Buying New York to Tokyo as Curbs Bite “Singapore developers struggling to sell apartments in their home market are buying property overseas, turning the island-state into the largest foreign investor from the region this year.” (Bloomberg)
  7. Port Authority Puts Hudson Yards Parcels Back on Market “The Port Authority of New York & New Jersey is soliciting new bids for a pair of parcels on the Far West Side after an eye-popping deal to purchase the land and development rights fell through earlier this fall. The current bus parking lot at 431 West 33rd Street and two small strips of land straddling Dyer Avenue at 448 West 34th Street total 37,695 square feet, counting the space over the roadway that connects to Lincoln Tunnel.” (Commercial Observer)
  8. 4 Specialty Retailers Expected to See Huge Holiday Online Sales “While many of us have come to the conclusion that it is much easier to shop online than fight crowds at packed malls, for some of the top retailers who count on the holiday season to make the year’s numbers, online sales have become gigantic. A new research report from the e-commerce team at UBS highlights companies that will do a huge portion of the total fourth-quarter business via the Internet.” (24/7 Wall St.)
  9. Related Close to Revealing Big Hudson Yards News “Related Cos. is about to ink a 90,000-square-foot lease at 10 Hudson Yards—the building anchored by Coach, L'Oreal and SAP—with ‘very healthy rent levels.’” (GlobeSt.com)
  10. Memphis’ Traditional Apartment Storyline Isn’t Playing Out “The Memphis apartment sector has traditionally been a subpar performer on the whole, while offering a couple attractive, outperforming spots. But one of the key historically strong submarkets is in the midst of a surprisingly drawn-out slump.” (Property Management Insider)
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