10 Must Reads for the CRE Industry Today (March 20, 2015)

10 Must Reads for the CRE Industry Today (March 20, 2015)

 

  1. SL Green, JP Morgan Close to $500M Financing Deal “A partnership between landlord SL Green Realty Corp. and JPMorgan Chase is exploring a deal to finance one of the most expensive residential development sites ever purchased in the city. The firms are in talks to provide a mortgage for HFZ Capital Group’s $870 million acquisition of a large lot near the High Line that can accommodate up to 700,000 square feet of residential and mixed-use development.” (Crain’s New York Business)
  2. Savills Studley Acquires Management Consultants KLG Advisors “Savills Studley, the global commercial real estate services firm, will acquire management consulting firm KLG Advisors, Commercial Observer has learned. Financial terms of the deal have not been disclosed.” (Commercial Observer)
  3. Simon Raises Bid for Macerich to $95.50 a Share “Simon Property Group Inc. raised its unsolicited takeover bid for rival mall owner Macerich Co. to about $16.8 billion, calling it a final offer.” (Bloomberg)
  4. Lennar Builds More Rentals as Slow Sales Pace Persists “Lennar Corp., the second largest U.S. homebuilder, is raising its bet on rental housing as the pace of sales continues to drag. Lennar opened its first community of single-family rental homes this month in Sparks, Nevada, and has a construction pipeline of 20,000 apartments exceeding $5.5 billion, the Miami-based company said today.” (Bloomberg)
  5. Top 10 Rent Growth Markets of February “Rent growth in February gained 5.05% nationally, according to the Dallas-based research firm Axiometrics. This is the highest rent growth mark in 44 months, slightly above December 2014's 4.97% growth rate, according to a firm report. Apartment managers predict that this wave of rent growth will can be ridden until sometime in 2017.” (Multifamily Executive)
  6. Sears Reacts to Critics, Moves Forward with REIT “Rob Schriesheim wrote a post on the company's blog questioning why it would be considered a bad thing if Sears can afford to pay suppliers in a tighter time frame, and therefore negotiate a discount. He added that the company is moving forward with its plan to convert between 200 and 300 of its stores into a real estate investment trust, and it expects that transaction—which would provide Sears more than $2 billion in cash—to be completed by June 1.” (CNBC)
  7. Market Snapshot: Dallas-Fort Worth Gets its Second Wind “Q4 2014 marked Dallas-Fort Worth (DFW) Metroplex’s 17th consecutive quarter of positive net absorption, according to recent research data compiled by CBRE. In the fourth quarter of 2014, the industrial market in DFW managed a 6.9 percent vacancy rate; an asking rate of $4.12 per square foot; a net absorption of 2.3 million square feet; and 6 million square feet of delivered industrial space.” (Commercial Property Executive)
  8. Industrial to Residential? San Jose Developers Seek to Convert 40 Acres “For years under former San Jose Mayor Chuck Reed and a previous city council, property owners and developers knew the score: When it came to getting industrial or commercial land rezoned for residential—well, good luck. Now, real estate interests are about to test just how stiff the city’s spine is when it comes to residential conversions under new political leadership.” (Silicon Valley Business Journal)
  9. Worker Influx Boosts Charlotte Housing “Companies like Pepsico, MetLife and Sealed Air are moving workers in—workers who need housing. Big demand, however, has pushed supply down dramatically. The inventory of homes for sale dropped 29 percent to a barely two-month supply at the current sales pace. That imbalance between supply and demand is pushing prices higher, up over 8 percent in February from a year ago.” (CNBC)
  10. New Studies Predict Different Futures for Boston Real Estate “Two new studies paint highly dissimilar pictures of Boston’s real estate market: One that is facing a crisis in residential opportunities and one that faces a potential billion-dollar influx for commercial real estate construction.” (National Mortgage Professional)
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