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

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

 

  1. ARC Hospitality Buying 25 Hotels from Summit for $351 Million “American Realty Capital Hospitality Trust Inc. is buying 26 hotels from Summit Hotel Properties Inc. for $351 million. The properties, which have 2,793 rooms in 11 U.S. states, are operated by companies including Marriott International Inc., Hilton Worldwide Holdings Inc. and InterContinental Hotels Group Plc.” (Bloomberg)
  2. Adding on to the Willis Tower? “Among changes in the works are a likely low-rise extension of the building into the south plaza, according to the brokers who will take over leasing for Blackstone. Although exact plans for the plaza are unclear, it likely will include adding a new structure in the plaza that could include some combination of food, retail and entertainment, the brokers said.” (Crain’s Chicago Business)
  3. America’s Most Overvalued and Undervalued Housing Markets “It’s no secret that the Texas economy has been on fire in recent years. Thanks to the unconventional oil boom, last year the state’s oil output reached levels not seen since 1976. That sparked a surge in new home construction and a simultaneous run-up in housing costs in many metro areas.” (Forbes)
  4. Retail Sales May Give Fed Comfort to Move toward Rate Hikes “The Federal Reserve may draw comfort from retail sales figures if, as forecast, the data confirm the solid economic growth that the May jobs report suggested. A strong month for vehicle sales in May and better weather should have lifted spending at a variety of stores last month, economists say.” (MarketWatch)
  5. Japan’s Mitsui Joins Hell’s Kitchen Project “One of Japan’s largest real-estate companies has joined forces with a homegrown New York investment company on a $330 million Hell’s Kitchen development with an unusually large component of affordable housing.” (The Wall Street Journal)
  6. REIT Buys Vintage in Orange County “Resource Real Estate Opportunity REIT acquired Yorba Linda Apartments in Yorba Linda, Calif., from AvalonBay Communities for $118 million. The acquisition included 50 two-story buildings consisting of approximately 400,000 net rentable square feet.” (Commercial Property Executive)
  7. Want to Save Time? Let Your Office Building Do Laundry, Buy Dinner “Developer Rick Caruso has a new plan for your workday: let your office building do your laundry, shop for groceries, pick up dinner and deliver it all to you by 5 p.m. It’s a first among landlords, according to Caruso -- five-star concierge service for employees of companies that take space in his debut office development, a renovated 1920s Masonic Temple about 7 miles (11 kilometers) north of downtown L.A.” (Bloomberg)
  8. These are the Buildings that Make Up the “Cloud” “Everything you know about the Internet is wrong. Virtual? Try physical. ‘The cloud’? Try the ground. Our beloved information superhighway has very real exits. Behold the ‘carrier hotel.’” (Fortune)
  9. Real Estate Crowdfunding Platform Fees—Can Kill Your Return! “There are a variety of fee structures in crowdfunding deals, which range from investment offerings that have no fees to those with annual fees as well as partial participation in upside returns above the preferred returns offered and participation in profits on exit. For comparison purposes, look at the difference in returns from recent investment offerings of Real Crowd, Realty Share, and iFunding” (CrowdFundBeat)
  10. Walmart CEO Outlines Omnichannel Retail Strategy to Shareholders, Associates “Discount retail chain Walmart held its annual shareholders meeting in Fayetteville, Arkansas on Friday, where CEO Doug McMillon took advantage of the soapbox moment to preach the importance of technology.” (ZDNet.com)
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