10 Must Reads for the CRE Industry Today (March 17, 2015)

10 Must Reads for the CRE Industry Today (March 17, 2015)

 

  1. Versa Capital Management Wins auction for Wet Seal “Versa Capital Management said it has won the auction for bankrupt teen retailer the Wet Seal Inc. The Philadelphia-based private-equity firm said the deal will be presented Wednesday to the U.S. Bankruptcy Court in Delaware for approval.” (Los Angeles Times)
  2. Blackstone to Buy Former Sears Tower in Chicago for $1.3 Billion “The Blackstone Group LP agreed on Monday to buy the Willis Tower, the former Sears Tower that for 25 years was the world's largest building, in a deal that features an observation deck as a tourist attraction and unique revenue stream.” (Reuters)
  3. Commercial, Multifamily Mortgage Debt in U.S. at $2.6 Trillion According to the Mortgage Bankers Association (MBA), total commercial and multifamily debt outstanding in the U.S. stood at $2.64 trillion in the fourth quarter of 2014, an increase of $48.9 billion, or 1.9 percent, over the third quarter of 2014.” (World Property Channel)
  4. Invesco Real Estate Buys 1515 Wynkoop Office Building “Dallas-based Invesco Real Estate has purchased 1515 Wynkoop, a 306,791-square-foot office building in LoDo near Denver Union Station.” (9News, Colorado)
  5. Amazon Expands in Canada With Move to Toronto Skyscraper “Amazon.com Inc. is moving into one of Toronto’s newest skyscrapers, taking enough office space for 800 employees, as Canada’s largest city lures big technology firms.” (Bloomberg)
  6. Activist Pushing MGM Resorts to Spin Off Real Estate “An activist investor is pushing MGM Resorts International to spin off its real-estate assets, a tax-efficient move that would follow similar actions from casino companies including Penn National Gaming Inc. and Caesars Entertainment Corp.” (Wall Street Journal)
  7. The Opportunity in Tackling the Affordable Housing Challenge “As the world grapples with what some have deemed “the age of urbanization,” affordable housing has become a great concern. At a conference held in Nairobi, the McKinsey Global Institute discussed what affordability means, how various countries are tackling the growing challenge, and what more can be done.” (McKinsey Global Insights)
  8. Taller Buildings May Be Welcome in This Brooklyn Nabe “Most New York City developers face stiff opposition to building taller buildings, but oddly enough, a Brooklyn firm proposing a complex on the borders of Williamsburg, Bedford-Stuyvesant and Bushwick could have just the opposite problem.” (Crain’s New York)
  9. Outlet Malls Move Closer to Cities in Upending of Rules “The Fashion Outlets of Chicago mall offers a glimpse into the anything-goes future of the retail industry.” (Bloomberg)
  10. DTZ Secures Financing for 2 Towers in Cincinnati “DTZ isn’t talking numbers but the commercial real estate services firm recently secured financing for Rubenstein Partners and SCP Elm Plum L.L.C.’s acquisition of two office towers, 312 Elm and 312 Plum, totaling approximately 610,000 square feet in downtown Cincinnati. The properties last traded in 2011 for an aggregate $70.6 million.” (Commercial Property Executive)
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