10 Must Reads for the CRE Industry Today (January 30, 2015)

10 Must Reads for the CRE Industry Today (January 30, 2015)

 

  1. NCREIF: Institutional Investors Got 11.82% Return in 2014 “Big pension funds and other major U.S. institutions enjoyed strong returns from their commercial real estate holdings in 2014, although the rate has declined from earlier years in the downturn, according to new data released by the National Council of Real Estate Investment Fiduciaries.” (The Wall Street Journal)
  2. Starwood Team to Buy Offices from Duke for $1.12 Billion “A joint venture including an affiliate of Barry Sternlicht’s Starwood Capital Group agreed to buy a group of suburban U.S. office properties from Duke Realty Corp. for $1.12 billion.” (Bloomberg)
  3. First-Ever Public Offering of Utility REIT May Give Investors Shock “InfraREIT will be closely watched as the first-ever initial public offering of a REIT in the utility sector, but two corporate tax experts say investors in the power line-leasing company could be in for a nasty shock. The offering, which would raise $483 million at the high end of its expected range, is expected to price after Thursday's market close.” (The Street)
  4. MetLife Extends Record $12.1B in Real Estate Loans “MetLife lent a record $12.1B on commercial properties last year as America's biggest life insurance company targeted high-yield investments. Rock bottom interest rates contributed to the surge in building loans, which jumped 5% in 2014 from the previous year, according to a MetLife statement released today.” (Bisnow)
  5. American Dream Bond Sale Set for This Summer “American Dream developer Triple Five says that construction will ramp up significantly in coming months and that a bond sale of up to $800 million to cover construction costs will take place this summer.” (GlobeSt.)
  6. General Growth Emphasizes Urban Growth with NYC Purchase “The real estate investment trust plans to expand the retail portion of the Crown Building, which also has office space, by 25,000 to 125,000 square feet (2,300 to 11,600 square meters), Chief Executive Officer Sandeep Mathrani said on Thursday. General Growth will spend $888 million to buy its share of the property, the company said in a statement on Wednesday.” (Bloomberg)
  7. Multi-Family Investments on Pace to Beat Pre-Recession Levels “Demand for multi-family housing has boomed recently, as consumers are more likely to rent after the Great Recession than before it. This is largely because the financial impact of that downturn has made it harder for them to return directly to the home ownership market. Some investors are turning to multi-family properties to capitalize on this rising demand.” (NuWire Investor)
  8. Silverstein Pays $100M-Plus for West Side Site “Silverstein Properties has closed on its purchase of 514 11th Ave., a former Mercedes-Benz dealership on the far West Side, where the development firm is planning to build an ultra-tall residential tower.” (Crain’s New York Business)
  9. Jones New York to Close 127 Stores, 36 in Canada, Discontinue Wholesale Business “Jones New York announced Thursday that it is closing its 127 retail stores, including three dozen locations in Canada, and discontinuing its wholesale business. The privately held women's clothing company said it decided on the move after a review of the brand's recent performance and outlook.” (The Associated Press)
  10. Vornado Realty Trust: Screaming Pullback “Vornado has taken on a dangerous amount of debt, opening itself up to major risk should market conditions deteriorate, and that the company itself is due for a short-term correction, which may make the fundamental debt issues come to light.” (Seeking Alpha)
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