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

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

 

  1. Joe Sitt’s Thor Pays $800 for Massive Rental Portfolio “Joseph Sitt’s Thor Residential just closed on the purchase of the Caiola family’s entire apartment building portfolio for nearly $800 million, The Real Deal has learned. The mammoth deal for Caiola’s 800,000-square-foot rental portfolio is the biggest yet for Thor’s nascent residential arm and positions the firm as a major apartment landlord with more than a billion dollars in holdings.” (The Real Deal)
  2. Coach to Buy Luxury Shoemaker Stuart Weitzman for Up to $574 Million “Coach, looking to add more designer goods to its lineup, agreed on Tuesday to buy Stuart Weitzman, a maker of high-end shoes, for up to $574 million in cash. The transaction is a rare acquisition by Coach, which has embarked on a turnaround that includes ending discounts and transforming itself into an upscale lifestyle brand.” (The New York Times)
  3. PREIT Rolls Strategic Disposition Program Into 2015 “Pennsylvania Real Estate Investment Trust completed the sale of eight properties in 2014 for $191.7 million and plans to continue its strategic disposition program this year and has identified five properties to sell.” (CoStar)
  4. Office Sector Works Itself Back “It has been one of the slowest real estate sectors to recover from the recession, but the office market is finally being fueled by job growth. Falling vacancies are giving birth to rising rents, which will benefit real estate investment trusts (REITs) in the space.” (CNBC)
  5. Corvex Saves ARCP, Stock Jumps “There’s the accounting debacle, investigations and many a resignation, but the latest news from American Realty Capital Properties Inc., while gossip-worthy, is without scandal or negativity even. Corvex Management L.P., a hedge fund led by managing partner Keith Meister, recently reported in an SEC filing that it had acquired 7.1 percent of outstanding ARCP shares.” (Commercial Property Executive)
  6. DTZ, Cassidy Turley Now Operating as a Single CRE Giant “DTZ and Cassidy Turley are now operating as a single global commercial real estate firm, following the acquisition of Cassidy Turley by the private equity investment consortium backed by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan. The consortium acquired DTZ in November of 2014.” (REJournals.com)
  7. Revel Wins Bankruptcy Court Approval to Sell Casino Assets “Revel AC Inc. won bankruptcy court approval to sell its shuttered Atlantic City, New Jersey, casino and resort to the original suitor for $95.4 million, after an earlier sale at a higher price fell apart.” (Bloomberg)
  8. Construction Boom Will Bring More Rooms at the Inns “After wrapping up their highest-grossing year ever, downtown hotel owners may find out this year just how many rooms are too many. Developers will complete more than 2,200 hotel rooms downtown in 2015, the most added in the central business district in at least a decade. The nine hotels scheduled to open within the next 12 months include a 250-room Virgin Hotel in the Loop in mid-January and a 400-room Loews Chicago Hotel in Streeterville in March.” (Crain’s Chicago Business)
  9. SkyWalker Launches Two Funds for $120M in Real Estate Buying Power “Arlington-based real estate investment firm SkyWalker Property Partners has launched two new funds with the ability to buy up to $120 million in office, industrial and retail projects in Texas and surrounding states.” (Dallas Business Journal)
  10. Dunkin Donuts to Enter Mexico “Dunkin' Brands Group Inc. has signed a franchise agreement with a subsidiary of existing franchisee Sizzling Platter LLC to develop the Dunkin’ Donuts brand throughout Mexico, the company said Monday.” (Nation’s Restaurant News)

 

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