10 Must Reads for the CRE Industry Today (June 15, 2015)

10 Must Reads for the CRE Industry Today (June 15, 2015)

 

  1. Granite REIT Climbs After Announcing Strategic Review “Granite Real Estate Investment Trust, the company renting industrial space to Magna International Inc., jumped after announcing it’s exploring a sale of some properties and other alternatives.” (Bloomberg)
  2. Joe Moinian Goes All-In on the Far West Side: Video “After stamping his name on Lower Manhattan with the W Hotel & Residences, The Moinian Group CEO Joseph Moinian is setting his sights on Manhattan’s Far West Side. The developer joined TRD managing web editor Hiten Samtani for an exclusive one-on-one interview during The Real Deal‘s New Development Forum & Showcase in May.” (The Real Deal)
  3. The Question for Home Builders: To Merge or to Wait? “How ripe is the U.S. home-building industry for consolidation, given that the chief executives of Standard Pacific Corp. and Ryland Group Inc. expect their merger to kick off a round of consolidation among builders? Well, there definitely aren’t as many home builders overall now as there were prior to the downturn, since scarce financing and depressed sales have wiped out many smaller, private builders. There are, however, more publicly traded builders now than in past years.” (The Wall Street Journal)
  4. Deutsche Bank’s Pollack Leaves Real Estate Head Post “Jonathan Pollack, global head of Deutsche Bank AG’s commercial real estate group, has left the company after 16 years with Germany’s largest lender. Pollack departed on Friday, according to a company memo. Amanda Williams, a Deutsche Bank spokeswoman, confirmed the contents of the memo and declined to comment further.” (Bloomberg)
  5. Lidl Confirms U.S. Expansion “German retailer Lidl on Friday formally announced it has established a U.S. headquarters and distribution facility, pledging to create ‘a unique experience for American consumers that will be unlike anything else in the market.’” (Supermarket News)
  6. ARCP Back in the News “Cole Capital, the investment management arm of American Realty Capital Properties Inc., announced it has tapped senior vice president and chief sales officer William Miller to take on the role of president and CEO only days after Michael Ezzell’s June 10 resignation from the post.” (Commercial Property Executive)
  7. Wendy’s Beefing Up Number of Restaurants “Wendy’s wants to end its decade-long diet. The Dublin-based burger chain has bled stores for years as closures outpaced new builds. The slimming ends next year. Wendy’s 6,500-store system will gain 16 units in 2016, a small start on its way to building 1,000 new stores in North America by the end of 2020.” (The Columbus Dispatch)
  8. Owner of 1710 Broadway Has Stopped Making Mortgage Payments “Trepp, a company that monitors securitized mortgages, reported that C&K Properties stopped paying the $32.5 million mortgage on 1710 Broadway in April. Meanwhile, C&K Properties, a firm founded by real estate investors Meir Cohen and Ben Korman, owns the property and has spent the past several months trying to sell it to a buyer who would tear it down and build a tower with 380,000 square feet of residential and retail space.” (Crain’s New York Business)
  9. Will Belk Find a Buyer? 3 Scenarios “When Charlotte-based Belk announced more than two months ago that it was considering selling itself, the department store chain ushered in a period of uncertainty for employees, shoppers and its headquarters city. That uncertainty could end in one of three ways, analysts say: Through acquisition by a private equity company, a sale to another department store chain or keeping the company in family hands. “ (The Charlotte Observer)
  10. Restoration Hardware Launching New Store Concept, RH Modern “Restoration Hardware is going modern. The luxury home furnishings retailer is introducing a new store concept called RH Modern this fall. The company officially unveiled its new format in a video on its website. RH introduced the concept on the same day that it posted first-quarter earnings and sales that topped analysts estimates and also boosted its annual guidance.” (Chain Store Age)
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