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

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

 

  1. Seritage Raises $1.6 Billion, to Begin Trading After Spinoff from Sears “Seritage Growth SRG, structured as a real-estate investment trust, plans to use the proceeds of the offering to fund in part its $2.72 billion purchase of 235 properties and 31 joint-venture interests from Sears. That purchase is expected to close Tuesday.” (MarketWatch)\
  2. Sycamore Partners in Bid to Buy Belk for More Than $3 Billion—Sources “Sycamore Partners is preparing an offer for Belk Inc that could value the U.S. department store chain at between $3 billion and $3.5 billion, including debt, and become the buyout firm's largest deal, people familiar with the matter said on Thursday.” (Reuters)
  3. A New Ballgame: Sports Teams Find Real Value in Real Estate “Teams with development rights can make money from them in several ways. They can earn revenue by leasing or selling the land to developers. If they own the land, they also can use it as an equity contribution in partnering with a developer on a project.” (Pittsburgh Post-Gazette)
  4. Discount Retailer Dollar Tree Gets Okay to Buy Family Dollar “Discount retailer Dollar Tree (DLTR) won antitrust approval for its planned $9.2 billion buyout of Family Dollar (FDO) after it agreed to sell 330 of its rivals stores to private equity firm Sycamore Partners. The merger will create the country's largest dollar store chain, but the two retailers are quite different.” (The Street)
  5. What’s the Payoff When it Comes to Data Centers? “Data centers don't employ that many people, but the state of Ohio is recruiting them with tax incentives anyway. Why would it want to do that? The answer is complex. Job creation is just one part of it. Increased tax revenue is another. And some people say that data centers can help a community attract other high-tech businesses.” (Crain’s Cleveland Business)
  6. WeWork Brooklyn Project Gets Backing from Big Developers “Boston Properties Inc. and Rudin Management Co. plan a 675,000-square-foot (63,000-square-meter) property that will offer unobstructed views of the Manhattan skyline, to be built on a strip of land jutting into Wallabout Bay between two dry docks. The $380 million project, set to be unveiled Monday, will be the first in Brooklyn for both.” (Bloomberg)
  7. JLL Grabs LodgeTax “JLL expands services provided by its Hotels & Hospitality Group with the acquisition of LodgeTax, a hotel real estate tax services and consulting firm based in Tampa. LodgeTax, having served clients across the country since 2000, brings to the table coveted methods of reducing property tax liability.” (Commercial Property Executive)
  8. Kuafu Makes Big MiMA Play “Kuafu Properties, the New York-based Chinese development company, is grabbing 1 MiMA Tower, the top 13 floors of Related Companies’ MiMA, at 460 West 42nd Street, between Ninth and Tenth Avenues, for $260 million with the intention of turning the 151 apartments into condominium units.” (Commercial Observer)
  9. Global Net Lease: Same Song, Second Verse “I can see why American Realty Capital Global Trust, previously a non-traded REIT, decided to change its name to Global Net Lease, Inc., a new publicly-traded Net Lease REIT that began its first day of trading on June 3, 2015.” (Seeking Alpha)
  10. Ashford Puts the W in Hotlanta “Ashford Hospitality Trust has acquired the W Hotel Atlanta Downtown, a 237-key hotel, from a partnership led by Square Mile Capital Management L.L.C. for $56.8 million, or approximately $240,000 per room.” (Commercial Property Executive)
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish