10 Must Reads for the CRE Industry Today (January 14, 2015)

10 Must Reads for the CRE Industry Today (January 14, 2015)

 

  1. Obama Signs Bill to Renew Terrorism Insurance Program “President Obama has signed into law a renewal of a federal program credited with reviving the market for insurance against terrorist attacks after its collapse in the aftermath of 9/11.” (CBS News)
  2. REITs May be Running Too Hot “The drop in interest rates this month has been a boon to real estate investment trusts (REITs), but after an already banner 2014, some are questioning just how high these stocks can fly.” (CNBC)
  3. Forest City Board of Directors Approves Plan to Pursue Conversion to REIT Status “The Cleveland-based developer with a national reach announced late Tuesday, Jan. 13, that its board of directors has approved a plan for the company to pursue conversion to real estate investment trust status. Forest City said it expects to elect REIT status for the taxable year beginning Jan. 1, 2016.” (Crain’s Cleveland Business)
  4. HCA is Ready for M&A, Especially Big Hospital System Deals “Hospital operator HCA Holdings is on the hunt for more hospitals, especially large ones, often not-for-profits, company CFO Bill Rutherford told The Deal's healthcare reporter Laura Cooper on the sidelines of the JPMorgan Healthcare Conference in San Francisco. Besides hospital systems, the Nashville, Tenn.-based company is on the lookout for ambulatory care facilities and physicians practices, the executive said.” (The Street)
  5. Port Authority Should Sell Brooklyn Marine Terminals, Group Says “The Port Authority should close and sell two money-losing marine terminals in Brooklyn to help close annual deficits at its ports division that may reach $107 million in 2029, according to a report. Selling the Red Hook Container Terminal and the Brooklyn-Port Authority Marine Terminal to a housing developer in the gentrifying borough would generate cash to help stem the losses, according to a report released today by the Citizens Budget Commission.” (Bloomberg)
  6. Buyer Bets $210M on Madison Square Park “A Japanese real estate investment firm that entered the Manhattan office market only a year ago, has made its second sizable acquisition here. Tokyo-based Jowa Holdings has snapped up two office buildings, 24-28 W. 25th St. and 40 W. 25th St., paying $210 million.” (Crain’s New York Business)
  7. Richard Branson Pitches Virgin Hotels as Female-Friendly “Richard Branson’s Virgin Hotels has been slow to get going since it was launched in 2010, falling behind schedule and losing top executives. But with its first property opening this week in Chicago, the billionaire entrepreneur thinks he has found an edge: women.” (The Wall Street Journal)
  8. Sustainability: Hot, Cold & Stingy “What do Federal Center South Building 1202 in Seattle, the SIERR Building in Spokane and the ASHRAE headquarters in Atlanta have in common? For starters, all three host plenty of top-notch engineers: the U.S. Army Corps of Engineers, energy-efficiency consultancy McKinstry and the professional association of HVAC and refrigeration engineers, respectively.” (Commercial Property Executive)
  9. RadioShack Offered $500 Million Loan from Salus Capital “RadioShack could receive another dose of life support. According to a report by the Wall Street Journal, Salus Capital Partners has offered to provide $500 million to RadioShack Corp. in a kind of debtor-in-possession loan used by companies to fund operations in bankruptcy.” (Chain Store Age)
  10. Blackstone Real Estate Unit Investing in Tech Startup “But now the group is doing exactly that: it’s spending $3.3 million to buy a stake in View The Space, a three-year-old tech company that provides landlords and brokers ways to track such data as tenants, rents, leases and deals in the pipeline.” (The Wall Street Journal)
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