10 Must Reads for the CRE Industry Today (December 9, 2014) Photo: Justin Sullivan/Getty Images News

10 Must Reads for the CRE Industry Today (December 9, 2014)

 

  1. Why Canada Is Headed for a Retail Bloodbath “There are signs of an extraordinary upheaval happening in big box retailing and Sears Canada could be the canary in the mineshaft for a potential future bloodbath. The new CEO of Sears (its fourth CEO in three years), possibly paraphrasing a quote from Monty Python's Holy Grail, assured the Financial Post ‘We're not going anywhere’ in a recent interview.” (Huffington Post)
  2. Foreign Investors Scoop Up High-Profile U.S. Towers “When it comes to buying trophy U.S. properties, foreign investors are at the front of the line. As the Journal reported Monday, Bank of China Ltd. has agreed to buy the 28-story 7 Bryant Park,  the under-construction Manhattan office tower set to be New York’s newest skyscraper when completed next year.” (The Wall Street Journal)
  3. American Dream Touts High Profile Tenants “Triple Five, the developer of the American Dream project here says in promotional material that it has landed Saks Fifth Avenue, Lord & Taylor and a host of other high profile tenants. The Triple Five 67-page brochure states that Saks Fifth Avenue plans to open a 140,000-square-foot store at American Dream and that Lord & Taylor will open a 110,000-square-foot store at the project. The department stores are to be built adjacent to a hotel, according to project drawings.” (GlobeSt.com)
  4. CBRE Acquires Real Estate Consulting Firm IVI International “Commercial real estate services and investment firm CBRE has acquired IVI International, a construction, property condition and environmental consulting company, according to a press release issued by CBRE.” (Commercial Observer)
  5. McGraw Hill Falls After SEC Said to Seek S&P Ban on CMBS Deals “McGraw Hill Financial Inc. (MHFI) declined as the U.S. Securities & Exchange Commission was said to be seeking a suspension of its Standard & Poor’s unit from grading commercial-mortgage bonds. McGraw Hill is still in talks over a possible settlement with the SEC, which has been investigating whether the firm bent rating criteria to win business in 2011, according to a person with knowledge of the matter, who asked not to be named because the talks aren’t public.” (Bloomberg)
  6. Abercrombie CEO Mike Jeffries to Retire “Abercrombie & Fitch Co. said Chief Executive Mike Jeffries is retiring as chief executive effectively immediately, a move that comes amid disappointing sales and shareholder pressure at the teen retailer.” (The Wall Street Journal)
  7. Supreme Court Hears Cases on Internet Shopping and Railroads “In a pair of Supreme Court arguments on Monday, about Internet shopping and railroads, the justices seemed unusually concerned that their answers to the technical issues before them could have vast ripple effects. The case on Internet shopping concerned Colorado’s novel attempt to collect sales taxes on out-of-state purchases in response to the Supreme Court’s 1992 decision in Quill Corp. v. North Dakota. That decision said states may not collect taxes from companies without some local physical presence.” (The New York Times)
  8. Donald Trump’s Hair the ‘Mane’ Event at Keynote Speech “At the end of his keynote speech at the International Council of Shopping Centers event at the Javits Center Monday, Donald Trump — who revealed his real estate career started with store leasing for his father — dared the audience to ask him ‘crazy questions.’” (The New York Post)
  9. NYC World Trade Shops to Open in 2015 With Eataly, Kors “Leasing of stores at the World Trade Center site in lower Manhattan is almost complete, with a tenant list that includes Breitling, Michael Kors and an outpost of Mario Batali’s Eataly, landlord Westfield Corp. said. The 350,000-square-foot (33,000-square-meter) retail complex, to be known as Westfield World Trade Center, probably will open in the second half of 2015, Sydney-based Westfield said today in a statement.” (Bloomberg)
  10. Apollo, Cerberus, TPG To Liquidate Spanish Banks’ Real Estate “A trio of private-equity firms has won the contract to sell off the real-estate assets of Spain’s so-called ‘bad bank,’ Sareb. Apollo Global Management, Cerberus Capital Management and TPG Capital Management will sell more €41 billion in properties and loans over the next seven years. The assets were transferred to Sareb by Spain’s bailout-out banks during the financial crisis.” (FinAlternatives.com)
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