10 Must Reads for the CRE Industry Today (February 3, 2015)

10 Must Reads for the CRE Industry Today (February 3, 2015)

 

  1. RadioShack in Talks to Sell Half its Stores to Sprint, Shutter the Rest “RadioShack Corp. is preparing to shut down the almost-century-old retail chain in a bankruptcy deal that would sell about half its store leases to Sprint Corp. and close the rest, according to people with knowledge of the discussions.” (Bloomberg)
  2. Staples, Office Depot in Advanced Talks to Merge “Staples Inc. and Office Depot Inc. are in advanced talks to combine, according to people familiar with the matter, in what would be a major step toward consolidating the retail market for pens, paper and other office supplies.” (The Wall Street Journal)
  3. AvalonBay Pays $300 Million for Site for Manhattan Tower “The real estate investment trust paid $300 million for the property at 1865 Broadway, on the northwest corner of 61st Street, according to a statement Monday. The American Bible Society, which is moving to Philadelphia, will continue to occupy its office space at the site through the third quarter.” (Bloomberg)
  4. Suburban Office Building Sales Jump 20 Percent in 2014 “Suburban office sales rose almost 20 percent from about $865 million in 2013, the third straight year of rising sales but still only about half the 2007 peak of $2.09 billion, according to Chicago-based Jones Lang LaSalle. Thirty properties sold for an average of $124 per square foot, totals that also were post-crash highs.” (Crain’s Chicago Business)
  5. Apple Turning Closed Arizona Facility into Data Center “Apple said Monday it will invest $2 billion over 10 years to open a data center in the Phoenix suburb of Mesa that will be the company's fifth in the U.S. and serve as a control facility for the other four.” (The Associated Press)
  6. American Realty Capital Buying 123 William Street for $253M “Real estate investment trust American Realty Capital is in the process of acquiring 123 William Street in the Financial District for $253 million, according to a press release issued by the company today.”
  7. Target Taking its Small Express Stores to More Markets “The company is looking to reach new, affluent customers who are moving to city centers and are loath to go shop at a big-box Target store in the suburbs even if they are partial to the brand.” (Fortune)
  8. Be a Contrarian: Use Short Interest to Identify Upside in REITs “have already written about the myth that interest rates negatively impact REITs in the long-term. In the short-term, the negative impact on REITs caused by interest rates is merely a self-fulfilling prophecy.” (SeekingAlpha)
  9. The Reincarnation of Bell Labs “Zucker wasn’t interested in turning the Bell Labs site into a museum. But he did feel he could turn a profit and still protect the building’s history. He planned to turn the structure into a town center, open 24-7, filled with restaurants, shops, and offices that would function as an ‘urban oasis in the middle of the suburbs, as well as a monument to American ingenuity,’ Zucker says.” (Fortune)
  10. Chertrit Gets $129M Loan for Hotel Carter Acquisition “Joseph Chetrit secured a $129 million loan related to the $192 million acquisition of the Hotel Carter in Times Square, according to property records filed with the city today. The property at 250 West 43rd Street has been dubbed ‘America’s dirtiest hotel’ and reportedly needs about $125 million in repairs.” (The Real Deal)
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