10 Must Reads for the CRE Industry Today (February 6, 2015)

10 Must Reads for the CRE Industry Today (February 6, 2015)

 

  1. Brookdale Senior Living Targeted by Sandell to Revamp Board “Brookdale, based in Brentwood, Tennessee, could have an intrinsic value of about $49 a share by spinning off a chunk of its properties to shareholders as a real estate investment trust, or REIT, according to a Feb. 6 letter from Sandell to the company obtained by Bloomberg News.” (Bloomberg)
  2. Norges Bank to Buy Stake in 11 Times Square “Norges Bank Investment Management, a division of the central bank of Norway, is in contract to acquire a minority stake at 11 Times Square for an undisclosed price, The Real Deal has learned. A partnership between developer Steven Pozycki ‘s SJP Properties and a fund managed by Prudential Real Estate Investors was shopping a 49 percent interest in the 40-story, 1.1 million-square-foot office trophy tower in November.” (The Real Deal)
  3. Princeton Holdings, Bluestone JV Acquire National Office Portfolio “Manhattan real estate investment firms Princeton Holdings and the Bluestone Group have closed on the first phase of a large national office portfolio acquisition with the purchase of four buildings – one each in Washington, D.C., Houston, San Diego and Sacramento, Calif. – for approximately $250 million.” (Commercial Property Executive)
  4. O’Connor, Westfield Form $925M JV for 3 Malls “Westfield Corp. in Australia has formed a $925 million joint venture with New York City-based O'Connor Capital Partners for three regional shopping centers in the US. The three retail centers are the Westfield Wheaton, in Maryland, the Westfield Palm Desert in California and the Westfield Trumbull in Connecticut.” (GlobeSt.)
  5. Sprint to Add 500 Stores, Eyeing RadioShack ‘Real Estate’—CEO “Sprint Corp aims to expand its retail footprint with 500 stores this year and is considering troubled electronics retail chain Radioshack's prime real estate, Chief Executive Marcelo Claure told Reuters on Friday.” (Reuters)
  6. Illinois Tops in Green-Building Ranking “Illinois led the nation in building space certified as environmentally friendly for the second straight year, according to a report. The U.S. Green Building Council's report yesterday named the top 10 states for buildings certified as ‘LEED,’ which stands for Leadership in Energy & Environmental Design.” (Crain’s Chicago Business)
  7. Denver is Best Commercial Real Estate Market in the U.S., Says Coldwell Banker “The 2014 Coldwell Banker Commercial Market Comparison Report examined more than 80 markets for factors such as percent change in vacancy and rental rates for the office, retail and apartment sectors from the third quarter of 2013 through the third quarter of 2014.” (Denver Business Journal)
  8. SL Green’s Proposed 1 Vanderbilt “Unconstitutional:” Law Prof. “A liberal constitutional scholar from Harvard called SL Green Realty’s proposed 1.6 million-square-foot tower by Grand Central ‘unconstitutional’ during a City Planning Commission Hearing on Wednesday. Laurence Tribe argued that SL Green, one of the city’s largest landlords, failed to buy the unused development rights from investor and Grand Central’s owner Andrew Penson.” (The Real Deal)
  9. L.A.’s Broadway Poised for a Major Revival “After decades of neglect, the Broadway corridor is on the verge of a major revival. Amid the return of new stores and restaurants, the owners of the landmark former May Co. department store have unveiled plans for an ambitious makeover that could lift the surrounding blocks the way Staples Center did for its neighborhood more than a decade ago.” (Los Angeles Times)
  10. Housing Supply Struggles as Investors Return to Phoenix “The fall in sales masked the fact that supply in Phoenix was getting ever tighter. That tight supply kept prices from falling. Now, investors may be returning to the market again, which could overwhelm the current supply and push prices significantly higher again, according to Orr.” (CNBC)
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