10 Must Reads for the CRE Industry Today (June 5, 2015)

10 Must Reads for the CRE Industry Today (June 5, 2015)

 

  1. iStar Amps Up for Coney Island Landmark Conversion “New York City’s Department of Buildings today issued a work permit for iStar Financial to begin construction on its Coney Island beachfront amphitheater and restaurant, together called the Seaside Park and Community Arts Center, city records indicate. The permit allows for renovation of an existing building—the historic, now-vacant Childs Building at 3052 West 21st Street—and construction of a new amphitheater and related roof structure on an adjacent site. The total cost of the boardwalk project is $53 million.” (Commercial Observer)

  2. Seafood Grocery Store to Take Over North Mayfair Kmart “A seafood grocery store is set to take over Kmart's space in North Mayfair, as that location becomes the latest victim of parent company Sears' efforts to slow its financial distress.” (Crain’s Chicago Business)

  3. Tishman Speyer Keen on San Francisco Tishman Speyer has acquired 160 Spear St., a 19-story, 290,000-square-foot Class A office property in San Francisco’s South Financial District, the company announced late Tuesday. The sellers were Brookfield and Legacy Partners, a Tishman Speyer spokesperson told Commercial Property Executive, adding that Eastdil Secured represented the sellers. Financials on the purchase were not disclosed.” (Commercial Property Executive)

  4. Wal-Mart Elects New Chairman “Wal-Mart Stores Inc. elected Vice Chairman Greg Penner as chairman, replacing family scion Rob Walton.” (Reuters)
  5. Miami Commercial Investment Activity Upticks, Aided by Low VacanciesAccording to the Miami Association of Realtors' Realtor Commercial Alliance, Miami's commercial vacancy rates continue to rank among the lowest in Florida, leading to more local investment from global companies and investors.” (World Property Journal)
  6. Trinity Rethinks $1B+ Hudson Square Ground Lease DealTrinity Real Estate is rethinking its plans to ground lease four valuable Hudson Square buildings in a deal that was poised to net the church up to $1.5 billion.” (The Real Deal)
  7. Opinion: How J.P. Morgan and Barclays Mistakes Inflated the Housing Bubble “If I had to depend on Wall Street or Washington for an explanation of what ails the U.S. financial economy, I’d probably pick neither one. My choice would be John Griffin, a cowboy boots-wearing University of Texas financial professor, who has been on something of a roll.” (Market Watch)
  8. Miami’s Hot Condo Market Cools as Dollar Derails Buyers “The sales office for condominiums at Miami’s Brickell City Centre attracted more than 100 visitors daily last year, with prospective buyers crowding in and snapping selfies beside a scale model of the $1 billion project.” (Bloomberg)
  9. Why Whole Foods' Plan to Open a Cheaper Store Could Backfire “Whole Foods is opening a discount grocery store targeting millennials. The new chain is meant to fend off growing competition in the organic foods market. But the cheaper prices could end up hurting Whole Foods' existing stores, according to Deutsche Bank analysts.” (Business Insider)
  10. How Wal-Mart Is Hoping to Change Grocery Shopping “As Sam’s Club began allowing customers to buy their groceries online and pick them up in person, the Wal-Mart-owned chain of stores noticed a frequent conundrum: Customers were having to wait too long in the warehouses to get their goods.” (Washington Post)

 

 

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