10 Must Reads for the CRE Industry Today (March 9, 2015)

10 Must Reads for the CRE Industry Today (March 9, 2015)

 

  1. Simon Offers to Buy Macerich in $22.4 Billion Deal “Simon Property Group Inc. offered to buy Macerich Co. in a cash-and-stock transaction valued at about $22.4 billion, including debt, taking a buyout effort public after being rebuffed by the smaller U.S. mall owner. Macerich shareholders would receive the equivalent of $91 a share as 50 percent cash and 50 percent Simon stock under the deal.” (Bloomberg)
  2. Blackstone Said to Plan $1.5 Billion Chicago Purchase “Blackstone Group LP is in talks to buy Willis Tower, Chicago’s tallest building, for about $1.5 billion in what would be a record office-property sale for the third-largest U.S. city, according to a person with knowledge of the discussions. The New York-based private-equity firm has a preliminary agreement to acquire the 110-story building, the second-tallest in the U.S., said the person, who asked not to be identified because the deal is private.” (Bloomberg)
  3. Insurers Focus on Joint Ventures for Real Estate Deals “Insurance companies had $42.7 billion invested in joint ventures as of Dec. 31, 2013, the latest data available, up from $29.2 billion in joint ventures, partnerships and limited liability companies as of Dec. 31, 2011, according to the Capital Markets Special Reports of the National Association of Insurance Commissioners and the Center for Insurance Policy and Research.” (Pensions & Investments)
  4. Will This Enormous Mixed-Use Project Rise in Red Hook? “The good folks over at Magnusson Architecture and Planning just recently put together a feasibility study to redevelop the site of the Revere Sugar Refinery in Red Hook (otherwise known as Brooklyn's second-favorite disused sugar factory), and boy, is it a doozy. The plan calls for a 1.7 million-square-foot mixed use development. It would include 900 apartments, 250,000 square feet of retail, and 400,000 square feet of parking.” (Curbed)
  5. Canucks Buy Aby Rosen’s 757 Third Ave for $360M “Aby Rosen’s RFR Realty is selling a 27-story office building at 757 Third Avenue to Canadian real estate giant Bentall Kennedy for $360 million. RFR bought the property, at Third Avenue and East 47th Street, for $103 million from Emmes & Co. in 1999, according to the Wall Street Journal.” (The Real Deal)
  6. Greystar Real Estate Partners to Buy London Student Housing Portfolio “Greystar Real Estate Partners has agreed to buy a portfolio of student housing from the British real estate investment firm Round Hill Capital for 600 million pounds, or about $902 million, according to a person familiar with the discussions.” (The New York Times)
  7. Triple Five Wants to Build Largest Mall in the Country on 200 Acres in Miami-Dade “Triple Five Group, the company that owns and manages the nation’s largest shopping center, Mall of America in Bloomington, Minn., and the largest one in North America, West Edmonton Mall, Alberta (Canada), is looking to build its largest center yet. The company has proposed a sprawling mega-mall and entertainment destination near Miami Lakes in Northwest Miami-Dade County.” (Chain Store Age)
  8. Landlords to Buy Back Target Stores for $138 Million “Landlords paid $138 million before taxes to buy back 11 properties from Target Canada as it winds down operations at 133 stores across Canada. The deal was announced earlier this month, but the price paid was sealed by the court until the deal officially closed, for competitive reasons.” (The Star)
  9. General Growth CEO Takes a Pay Cut—to $4.9 Million “The 52-year-old executive received total compensation of $4.9 million in 2014, less than a quarter of what General Growth paid him in 2013, according to the proxy filed yesterday by the Chicago-based real estate investment trust. His 2014 pay included a $1.2 million salary and $3 million in non-equity incentive pay. Mathrani was the highest-paid REIT CEO in 2013, with total compensation of $22.1 million.” (Crain’s Chicago Business)
  10. Surprising Central Texas Town Has Hottest Real Estate Market in U.S. Right Now “As the spring homebuying season approaches, experts are saying Waco is slated to have the hottest market in the country, followed by Dallas-Fort Worth-Arlington. In surprising news, Austin-Round Rock doesn't appear in the top 20.” (KVUE.com)
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