10 Must Reads for the CRE Industry Today (January 8, 2015)

10 Must Reads for the CRE Industry Today (January 8, 2015)

 

  1. World Trade Center Towers Fill Slowly in Shift to Tech “Financial companies, which dominated the original twin towers, are scarce among tenants who have committed to space at the complex’s glass-and-steel skyscrapers. Instead, the majority of deals done since magazine publisher Conde Nast agreed to anchor 1 World Trade Center in 2011 have come from technology, media and advertising.” (Bloomberg)
  2. Dick’s Sporting Goods Is in Early-Stage Talks to Go Private “Dick’s Sporting Goods Inc is holding early-stage conversations with a handful of buyout firms about going private, according to people familiar with the matter. There is no formal sale process for the $6 billion sporting goods retailer, these people said, and the Coraopolis, Pennsylvania-based company could still decide not to go forward with a deal if the preliminary talks do not pan out.” (Fortune)
  3. JC Penney to Close 40 Stores in 2015 “J.C. Penney said Thursday it will close about 40 stores over the next year. The closures, which represent nearly 4 percent of the 1,060 Penney U.S. stores, will affect about 2,250 employees, according to spokesman Joey Thomas.” (CNBC)
  4. L.A. County Office Market Perks Up as Vacancy Falls and Rents Rise “Growing companies in Los Angeles County ramped up demand for office space in the fourth quarter, demonstrating that more businesses are confident about their prospects. The office market dipped in the recession and hit bottom about five years ago, but improvements afterward seemed to come grudgingly as shellshocked companies expanded their offices only with baby steps — until the second half of last year.” (Los Angeles Times)
  5. The World’s Largest Net Lease REIT is Ripe for a Takeover “As I scan the universe of potential takeout buyers for ARCP, it's becoming increasingly clear that there is just one company capable of acquiring the entire portfolio of net leased assets.” (Seeking Alpha)
  6. A Few Beefs About Shake Shack’s IPO “A burger boom underway since the end of the Great Recession has spawned a glut of alternatives, some of which have cashed in on the trend by going public. Given the lines at Shake Shack's restaurants, an IPO might make sense. But most of the growth in the burger biz in the past few years has been fueled by independent operators, not chains like Shake Shack, according to market-research company NPD Group. So before you line up to buy the stock, chew on this.” (Crain’s New York Business)
  7. Bob Knakal’s 10 Reasons Why He Did the Cushman Deal “Following a New Year’s Eve sale of Massey Knakal Realty Services to Cushman & Wakefield, Robert Knakal shares his top 10 reasons why C&W made the most sense for him and co-founder Paul Massey.” (Commercial Observer)
  8. After a Busy 2014, What’s In Store for Las Vegas Real Estate? “Investors built retail, apartment and office projects in the suburbs, the housing market stayed volatile and new projects were proposed and took shape along the Strip. What lies ahead? Here’s a rundown of what happened in 2014, and what insiders expect this year.” (Vegas Inc.)
  9. Sapir Buys Mondrian Soho for $200M at Foreclosure Auction “The Sapir Organization’s Alex Sapir agreed to pay $200 million for the hot but financially embattled Mondrian Soho at a foreclosure auction today. Sapir bought the 270-room hotel, located at 9 Crosby Street, at an auction that lasted less than half an hour.” (The Real Deal)
  10. TIAA-CREF Targets European Malls with Neinver Joint Venture “TIAA-CREF has entered a joint venture with Neinver to target European outlet malls in its first move into the retail sub-sector. The US investor, through TIAA-Henderson Real Estate, will invest in designer retail assets, with outlet specialist Neinver as asset manager.” (IP Real Estate)
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