10 Must Reads for the CRE Industry Today (July 20, 2015)

10 Must Reads for the CRE Industry Today (July 20, 2015)

   

 

  1. Macy’s Real Estate Could Be Worth Billions, But There’s a Catch or Two “Clearly, Starboard has been inspired by seeing some retailers and restaurants reap billions and boost their stocks by spinning off their best locations into a real estate investment trust. But it may be overestimating how much the real estate is worth, and underestimating the impact a real estate spinoff could have on Macy’s core retail operations.” (Fortune)
  2. Ares is Said Close to Kayne Anderson Cash-and-Stock Deal “Ares Management LP is close to agreeing on a purchase of Kayne Anderson Capital Advisors, with an announcement likely as early as next week, two people with knowledge of the matter said. The companies are finalizing details of a cash-and-stock agreement, said the people, who asked not to be named because discussions are ongoing.” (Bloomberg)
  3. A&P Files for Chapter 11 Bankruptcy “A&P returned to chapter 11 bankruptcy protection Sunday with plans for a series of sales to its competitors. Store closings are also in the offing for the grocery chain, which has debts of about $2.3 billion and assets about $1.6 billion, according to papers filed in the U.S. Bankruptcy Court in the Southern District of New York.” (Wall Street Journal)
  4. Best Areas of Real Estate to Invest In Now “To zero in on the best areas of real estate invest in now and get an overall assessment of the market, I checked in with Burl East. He serves as CEO of American Assets Capital Advisers, in San Diego, Calif. with $2.65 billion under management. He is also sub-adviser to the Altegris/AACA Real Estate Long Short Fund, overseeing $111 in assets.” (Forbes)
  5. NYC Developers Face Clash in Washington on Visa Program “The caissons underpinning the 28-acre (11-hectare) Hudson Yards project, and steel beams rising for towers from Seattle to Los Angeles, are resting on the same foundation: a bedrock of cash from Chinese individuals. Developers are taking advantage of a record amount of money that’s flowing through the EB-5 program, which grants green cards to foreigners that invest a minimum of $500,000 in projects that create jobs.” (Bloomberg)
  6. Home Builders Rush to Put Up Rental Units at 28-Year High “Home builders ramped up construction in June and laid the groundwork for an even busier fall, with work on multi-unit complexes such as townhouse rows and apartment buildings reaching the highest level in 28 years. So-called housing starts surged nearly 10% last month to an annual rate of 1.17 million, just a touch below a post-recession high. Builders were especially active in the Northeast and South.” (MarketWatch)
  7. Is Commercial Real Estate in a Bubble? Here’s What Top 13 Economists Think “Commercial real estate prices are through the roof, and now the Fed has voiced concerns over a potential bubble. But has it formed yet? We reached out to some of the country’s top economists to get their take. Here’s what they told us.” (Bisnow)
  8. MDM Breaks Ground on Met Square in Downtown Miami “MDM Group broke ground on Met Square, the fourth and final phase of its $1 billion project in downtown Miami. The 43-story tower at 340 S.E. 3rd Street will feature 391 apartments developed by Zom, plus retail, restaurants and an 18-screen Silverspot Cinema.” (South Florida Business Journal)
  9. Chesapeake Real Estate Group Wants a ‘Project of Significance in Every County’ “With four major industrial developments underway along Interstate 95, Chesapeake Real Estate Group is hunting for its next big project in Howard or Anne Arundel counties. This week Chesapeake began renovating a 500,000-square-foot distribution warehouse at 5300 Holabird Ave., site of the developer's planned Port 95 Industrial Park. (Baltimore Business Journal)
  10. Here’s a Plan to Fill 7 Industrial Acres Near Lincoln Park “Sterling Bay has agreed to buy the Gutmann Leather site on the west side of the Chicago River just south of Webster Avenue, and the Lakin General property just to the south, a tract that covers about 7 acres overall, according to people familiar with the transaction. The properties are just north of the A. Finkl & Sons site, another big industrial parcel likely to be redeveloped.” (Crain’s Chicago Business)
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