10 Must Reads for the CRE Industry Today (February 17, 2015)

10 Must Reads for the CRE Industry Today (February 17, 2015)

 

  1. Self-Storage REIT National Storage Affiliates Files for $100M IPO “National Storage Affiliates (NSA), a Colorado-based real estate investment trust (REIT) specializing in self-storage, filed paperwork with the Securities and Exchange Commission on Feb. 13 to raise up to $100 million in an initial public offering, according to the source.” (Inside Self-Storage)
  2. Starwood CEO Frits van Paasschen Resigns “Starwood Hotels & Resorts Worldwide Inc. said Tuesday that Chief Executive Frits van Paasschen has resigned by ‘mutual agreement with the board.’ Chairman Bruce Duncan said in a statement, ‘The board believes now is the right time to take steps to accelerate Starwood’s growth, improve performance and sharpen our focus on operational excellence.’” (The Wall Street Journal)
  3. Downtown Dallas Rebound Brings Most Office Leasing since 1980s “Last year there was more office leasing in downtown Dallas than in any of the area’s suburban business districts. That’s the first time in more than 20 years that downtown has been the top office leasing market in North Texas.” (The Dallas Morning News)
  4. Starwood Sells Nearly 50% Stake in North America’s Biggest Hilton Garden Inn “Barry Sternlicht’s Starwood Capital Group sold its remaining 49.9 percent stake in Central Park South’s Hilton Garden Inn to Morad Ghadamian, a Lenox Hill-based investor and carpet importer, The Real Deal has learned. The deal was struck just over a year after the 401-key hotel opened its doors, and values the property at north of $150 million.” (The Real Deal)
  5. Famed Vegas Strip Hotel-Casino to Be Sold, Demolished “The rumor mill in Las Vegas was spinning like a roulette wheel on Monday with speculation that the venerable Riviera, the oldest hotel-casino on the Strip, would be bought by the Las Vegas Convention and Visitors Authority. The agency reportedly would demolish the hotel and use the site to expand the Las Vegas Convention Center all the way out to Las Vegas Boulevard.” (Commercial Property Executive)
  6. Facebook Said to Lease New Seattle Building “Facebook Inc. signed a lease for most of a new Seattle office building in a deal that would increase the amount of real estate it rents worldwide by about 9 percent, according to a person with knowledge of the matter.” (Bloomberg)
  7. A New Buying Binge for Carey Watermark? “Carey Watermark Inc. was more than a little acquisitive in 2014 and 2015 could bring more of the same. The lodging REIT recently announced its first purchase of the year, the 214-room Westin Minneapolis, which the company snapped up from HEI Hospitality for $66.4 million.” (Commercial Property Executive)
  8. CMBS: New Late-Pays Hit Post-Recession Low “New delinquencies of CMBS hit a post-recession monthly low in January, Fitch Ratings says. That being said, the ratings agency has also flagged a possible pitfall in the higher levels of credit enhancement for new CMBS as deal metrics decline.” (GlobeSt.)
  9. Why Sleepy’s is Dominating the Manhattan Retail Real Estate Game “There’s an unexpected chain that’s also becoming ubiquitous in New York City: mattress retailer Sleepy’s. The Long Island (N.Y.)-based company has more than 30 locations in pricey Manhattan alone. The store has more locations in the borough than Gap (13), Whole Foods (7), and Best Buy (6) combined. That’s no mean feat, considering that the average American replaces a mattress only once every 10 years.” (Bloomberg)
  10. Boston Church Taps Land to Ease Finances “In a first-of-its-kind deal for the church in Boston, the Cathedral of the Holy Cross in the South End has signed a 99-year lease with a developer on a parking lot the cathedral owns at Harrison and Malden streets. The developer is transforming the parcel into a sleek 160-unit rental apartment building with ground floor retail space.” (The Boston Globe)
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