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

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

 

  1. Ivanhoe Cambridge Venture to Buy Four U.S. Buildings “An Ivanhoe Cambridge venture purchased two U.S. properties for a combined $225 million and is under contract to buy two more buildings. In partnership with Callahan Capital Properties, Ivanhoe bought Channel Center, a three-building, 251,394-square-foot (23,355-square-meter) office complex in Boston’s Seaport District; and a 434,740-square-foot, 24-story office building in downtown Denver.” (Bloomberg)
  2. After Buying Safeway, Albertsons Files for IPO “U.S. supermarket giant Albertsons this morning filed for an initial public offering, and reported more than $57 billion in pro forma 2014 revenue. The Boise, Idaho-based company said that it plans to raise $100 million in the IPO, although that is almost certainly a placeholder number.” (Fortune)
  3. Home Developer Five Point Files for IPO “California developer Five Point Holdings Inc. filed a draft registration statement with regulators outlining an initial public offering, providing a test of investors’ appetite for housing-related offerings after a yearlong lull.” (The Wall Street Journal)
  4. Ventas Rises After Reaching Ardent Deal with Equity Group “Ventas Inc. shares rose after the real estate investment trust agreed to sell the majority of Ardent Health Services’ hospital operations to Equity Group Investments. The transaction values the operations company at about $475 million, Chicago-based Ventas said Tuesday in a statement.” (Bloomberg)
  5. Spreads on CMBS New Issuance Expected to Tighten “Volatility in the commercial mortgage-backed securities market and excess deal supply—with eight conduits coming online last month—pushed pricing wider on new issue deals, a trend that market players expect to soon dissipate. However, volume flow will remain heavy, with three conduits set to come out in the next week.” (Commercial Observer)
  6. San Francisco’s Real Estate Property Value Increases $11.7B “San Francisco’s already pricey real estate got even more expensive in the past year, with property values increasing by $11.7 billion compared to the previous fiscal year, city Assessor-Recorder Carmen Chu announced Tuesday.” (Kron 4)
  7. New Retailers Coming to Times Square Have to Think Creatively About Their Leases “Just as FAO Schwarz is looking at a smaller and less expensive place to hang its hat, the other companies coming to Times Square are the ones who can think creatively about their leases. Like, for instance, the retailers who can sign two subsidiaries to a lease instead of just one.” (Commercial Observer)
  8. Key Councilman Wants to Eliminate Commercial-Rent Tax “In May, Manhattan Councilman Dan Garodnick introduced a bill that would exempt small businesses from the city's much-maligned commercial rent tax while extracting more revenue from large ones, but what he'd actually like to do is get rid of it altogether. Business leaders loathe the tax, which applies to commercial tenants in Manhattan below 96th Street who pay more than $250,000 in rent.” (Crain’s New York Business)
  9. Citivest-Angelo, Gordon Set Sights on San Diego Stores “Citivest Commercial Investments, L.L.C. and Angelo, Gordon & Co., have partnered to acquire a nine-property retail portfolio in San Diego, Calif., for $183.25 million. The joint venture will operate under AGC SD Retail Holdings, L.L.C.” (Commercial Property Executive)
  10. Why Marijuana Legislation is Good for the Real Estate Market and Other Industries “While marijuana legalization remains a controversial topic, it has long been argued that marijuana market affects the real estate industry in a positive way. The marijuana market has reportedly boosted real estate in certain areas including Denver, and it also has provided jobs for people.” (Realty Today)
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