10 Must Reads for the CRE Industry Today (February 27, 2015)

10 Must Reads for the CRE Industry Today (February 27, 2015)

 

  1. NYC’s MetLife Tower Said in a $1.4 Billion Refinancing Deal “Bank of America Corp. and Wells Fargo & Co. are providing new debt against Manhattan’s MetLife Building in a deal that values the tower at almost $3 billion, according to people familiar with the transaction. The $1.4 billion financing will pay down a mortgage taken on by Tishman Speyer when the real estate company bought the building from MetLife Inc. for $1.72 billion in 2005.” (Bloomberg)
  2. Pols Want to Boot Developer Behind $1.5 Billion Project “Manhattan Borough President Gale Brewer and City Councilwoman Margaret Chin are in talks with several developers with the aim of proposing alternatives to Howard Hughes Corp.’s planned revamp of the South Street Seaport, the lawmakers told Crain’s Thursday. The existing plan includes a controversial 494-foot spire.” (Crain’s New York Business)
  3. Cerberus Joins the Wall Street Landlord Club “The investment firm, with about $25 billion under management, is acquiring Five Ten Capital, a rental business with more than 1,500 houses in states including Florida, Illinois and Texas, said two people with knowledge of the deal. New York-based Cerberus also is hiring Five Ten’s founder, Rob Bloemker, to oversee the rental business and play a role in broader mortgage investments.” (Bloomberg)
  4. Barnes & Noble to Split Itself in Two Public Firms “Barnes & Noble (BKS) said on Thursday it plans to split its education unit, which includes its college business, from its retail and Nook businesses. The separation, once complete, would result in two separate, publicly-traded companies. The company said it plans to complete the split by August.” (Fox Business)
  5. Sears Targets REIT Formation in May or June “Sears said it would split off up to 300 of its best stores into a separate company by June, accelerating the dismantling of the struggling retailer by hedge-fund manager Eddie Lampert. The move comes after Sears posted a $159 million loss over the holidays as sales plunged.” (Dow Jones Newswires/The Denver Post Business)
  6. Kimco Realty CEO David Henry to Retire Jan. 1; Conor Flynn Named Successor “Kimco Realty Corp. said Wednesday that David Henry will retire on January 1, 2016 as Vice Chairman of the company's Board of Directors and Chief Executive Officer. Conor Flynn, currently the company's President and Chief Operating Officer, has been appointed to succeed Henry as Chief Executive Officer, effective on that date.” (Nasdaq)
  7. Glimcher, O’Connor Forge $1.6B JV “WP Glimcher, the shopping center REIT formed from the merger of Glimcher Realty Trust and Washington Prime Group, has entered into a $1.625-billion joint venture with an affiliate of O’Connor Capital Partners. O’Connor Mall Partners and WP Glimcher will share ownership of five geographically diverse shopping centers that total approximately 3.3 million square feet.” (GlobeSt.)
  8. Why McDonald’s Won’t Ever Get Rid of its Real Estate “Every so often, an investor pushes McDonald’s Corp. to get rid of its real estate, and every time McDonald’s turns those efforts back. That speculation has come up again fairly recently, amid speculation that an activist might target the Oak Brook, Ill., company and push for changes.” (Nation’s Restaurant News)
  9. ARCP Trades Apollo Corporate HQ “Epic Apollo, L.L.C., coordinated by Crown Properties, Inc., has acquired the Apollo Corporate Headquarters campus, a 599,664-square-foot, Class A three-building, single-tenant office campus in Phoenix, from American Realty Capital Properties, Inc., for $183 million.” (Commercial Property Executive)
  10. DOB Overwhelmed by Construction Demand “The Department of Buildings‘ review of new building plans has slowed to a crawl because the city agency is getting buried under an avalanche of permit applications.” (Commercial Observer)
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