10 Must Reads for the CRE Industry Today (January 13, 2015)

10 Must Reads for the CRE Industry Today (January 13, 2015)

 

  1. BlackRock Launches U.S. Real Estate ETF “BlackRock  Inc., the world’s largest asset manager, announced Tuesday the launch of a new exchange-traded fund designed to mimic investment in physical U.S. real estate and help feed the growing appetite for property.” (The Wall Street Journal)
  2. S&P Said Near $1Billion Mortgage Ratings Settlement with U.S. “Standard & Poor’s is close to a settlement of about $1 billion with the U.S. for allegedly misleading investors about its ratings of mortgage-backed securities before the subprime crisis, a person familiar with the matter said.” (Bloomberg)
  3. Continued Retailers Closures Could Hurt U.S. CMBS; Further Bifurcate Malls “While the closures of retail stores announced last week and today are unlikely to have an impact on CMBS in the short run, if these trends continue, increasing delinquencies and losses are likely, Fitch Ratings said this morning.” (CoStar News)
  4. Deutsche Bank’s $2.5B Portfolio Bought by TPG Real Estate “For the purpose of the acquisition, a new REIT, under the name TPG Real Estate Finance Trust (TRT), has been formed which will include 11 origination and risk-management professionals from Deutsche Bank’s Special Situations Group.” (Zacks)
  5. Hot Market for Building Sites Draws Crowd “Inspired by the growing number of properties fetching upward of $1,000 per square foot in recent months, a growing number of landowners are putting their own holdings on the block. Four big development sites have hit the market, where they will likely bring record sums together totaling more than $1.1 billion.” (Crain’s New York Business)
  6. German Company Invests in Austin “German investors’ interest in the U.S. commercial real estate market continues unabated, and Munich-based GLL Real Estate Partners GmbH’s acquisition of Prominent Pointed I & II in Austin is among the latest evidence. The real estate fund management group purchased the 256,000-square-foot, Class A office complex from DivcoWest in a transaction valued at approximately $76 million.” (Commercial Property News)
  7. Durst Files $25M Suit against Amazon over Botches Sixth Ave. Deal “Amazon lied to one of New York’s biggest commercial developers about taking space at one of a Midtown office towers, causing it to lose millions of dollars, a new lawsuit claims.” (New York Daily News)
  8. Zoes Kitchen CEO Sees Menu Additions in 2015, Potential for 1,600 U.S. Locations “In addition to opening new outlets in existing markets, Miles says he hopes Zoes will be able to open a couple of locations in Kansas City in 2015. Right now, Zoes has more than 125 locations in 15 states and believes it has the potential to open 1,600 outlets across the country.” (The Street)
  9. Brennan Teams Up with Goldman Sachs on $170 Million Warehouse Deal “The venture of Brennan and New York-based Goldman Sachs took over the 4.7-million-square-foot portfolio through its Dec. 3 acquisition of Australian real estate investment trust Mirvac Industrial Trust, according to public filings from Mirvac and property records.” (Crain’s Chicago Business)
  10. NYPD’s Feud with Mayor Could Harm CRE “That’s the sentiment of several industry leaders who spoke to GlobeSt.com about this issue, noting that the most important driver of growth in both residents and visitors to a city is safety.” (GlobeSt.)
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