10 Must Reads for the CRE Industry Today (January 2, 2015)

10 Must Reads for the CRE Industry Today (January 2, 2015)

 

  1. Shopping Center Owner DDR Says Hurwitz Left CEO Post “DDR Corp. (DDR) said Daniel Hurwitz stepped down as chief executive officer and a director of the U.S. shopping-center owner, effective Dec. 31. David Oakes, DDR’s president and chief financial officer, became the company’s principal executive officer, according to a regulatory filing today. Hurwitz will remain an employee until Feb. 14, the Beachwood, Ohio-based real estate investment trust said.” (Bloomberg)
  2. Target Canada Could be Unloaded in 2015 to Walmart “New Target Chairman and CEO Brian Cornell is poised to make one of the biggest decisions of his professional career: whether to pull his new employer completely out of neighboring country. The fate of Target Canada after an extensive review is likely to be shared at the very latest on the company’s fourth-quarter earnings release Feb. 25. Who could be waiting in the wings to gobble up 133 Target stores and 3 distribution centers: Cornell’s former employer Walmart, which operates 391 stores in the region and views Canada as ripe for domination.” (The Street)
  3. REITs to Keep Rolling Along in 2015, Experts Predict “Real estate investment trusts will likely continue to perform well in the new year, even though interest rates are poised to increase.” (The Real Deal)
  4. Real Estate Market to Slow, but Not Disastrously “While the recent plunge in oil prices is clouding the outlook for Houston real estate in 2015, a few things are becoming clear. Big spikes in apartment rents are expected to become a thing of the past. Single-family homes probably won't sell as quickly as they did last year. And the amount of new commercial construction has likely hit its peak.” (Houston Chronicle)
  5. Chaim Miller Inks $138M Contract for Beekman Tower “A group affiliated with the Brooklyn investor Chaim Miller has signed a contract to buy the landmarked Beekman Tower for $137.5 million from a joint venture of Silverstein Properties, Fisher Brothers and Capstone Equities, several sources familiar with the transaction told The Real Deal.” (The Real Deal)
  6. XLD Buys LAX Marriott in LA from Diamondrock Hospitality “XLD Century, L.L.C. acquired the LAX Marriott, an 18-story, 1,004-key hotel in Los Angeles, from Diamondrock Hospitality Co. for $160 million. The deal represented the largest hotel transaction in Los Angeles for 2014.” (Commercial Property Executive)
  7. Clouds Appear in the Crystal Ball for Dallas Real Estate in 2015 “I tell people that I’m paid to worry. Actually, I would do it for free. Even when things are booming like they are now for the real estate market in North Texas, I’m always hunting a dark cloud or two to muck up the silver linings.” (Dallas Morning News)
  8. Judge Tosses Suit over Project on Former Children’s Memorial Site “A judge dealt a blow to Lincoln Park community organizations and residents seeking to block the $350 million redevelopment of the former Children's Memorial Hospital site. In a ruling yesterday, Cook County Circuit Court Judge Kathleen Pantle dismissed a suit two Lincoln Park groups and five individuals filed this summer against the city of Chicago that argued the city improperly approved a plan from developer McCaffery Interests for the ex-hospital site at Halsted Street and Lincoln and Fullerton avenues.” (Crain’s Chicago Business)
  9. More Under 18 Curfews at Malls Might be Instated for 2015, After Social Media-Spurred Mall Fights “When one is a teenager, escaping the house to explore the sartorial promise of the mall is the ultimate expression of freedom. However, teen-instigated mall fights spurred by social media coverage have resulted in a less-than-pleasant outcome for “Generation Like:” an under-18 curfew at the mall, reports Footwear News.” (Bustle)
  10. American Apparel Delaying Payments to Suppliers “American Apparel is having trouble paying its bills on time. The tattered retail chain has been delaying payments to key suppliers by as much as 60 days as it scrambles to avoid a cash crunch following a lackluster holiday season, sources told The Post.” (New York Post)
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