10 Must Reads for the CRE Industry Today (May 19, 2015)

10 Must Reads for the CRE Industry Today (May 19, 2015)

 

  1. Newmark Grubb Buys Retail Advisory Firm Excess SpaceNewmark Grubb Knight Frank has entered an agreement to acquire real estate firm Excess Space Retail Services for an undisclosed amount, NGKF parent company BGC Partners announced Monday. (The Real Deal)
  2. A Resnick Scion Goes It Alone “In 1997, when Scott Resnick was promoted to be president of Jack Resnick & Sons Inc. at the age of 33, it appeared that he was on his way to taking over leadership of a family business that in three generations had become one of New York’s leading real-estate dynasties.” (Wall Street Journal)
  3. Investment Firms Bet on Brooklyn Heights' Montague Street as the Next Spring Street “Imperium Capital, along with Centurion Realty, is betting that Montague Street in Brooklyn Heights will become the city’s next hot little shopping corridor.” (Crain’s New York Business)
  4. Under Construction: The ARK at John F. Kennedy International Airport “The ARK at JFK will give an equine space to the world’s sixth-busiest airport.” (Commercial Observer)
  5. SL Green to Buy NYC’s 11 Madison Ave. for $2.29 Billion “SL Green Realty Corp. agreed to buy 11 Madison Avenue, the Manhattan tower that houses Credit Suisse Group AG’s U.S. headquarters, for $2.29 billion in one of the biggest real estate transactions ever in New York City.” (Bloomberg)
  6. Manhattan's Office Leasing Activity, Rents Uptick in April “CBRE is reporting this week that Manhattan's office leasing activity totaled 3.02 million square feet during April 2015. This is 37% higher than the five-year monthly average of 2.21 million sq. ft. Monthly absorption moved into positive territory this month, measuring 210,000 sq. ft. at 11.0%, Manhattan's availability rate in April remained steady, compared to last month. The average asking rent finished the month at $68.54 per sq. ft., up 5% from the $66.04 per sq ft. average reported one year ago.” (World Property Journal)
  7. Walmart Reports Tepid Sales and a Profit Drop “Walmart, the nation’s largest retailer, reported flat sales and a drop in profit as the company battled a stronger United States dollar.” (New York Times)
  8. Ascena Retail to Buy Ann Inc. for About $2.15 Billion “It took close to a year, but Ann Inc., owner of the Ann Taylor and Loft banners, has followed the wishes of major shareholders including Engine Capital LP and Red Alder LLC and agreed to an approximate $2.15 billion buyout from specialty apparel rival Ascena Retail Group Inc. Ascena, whose store brands include Lane Bryant and Dressbarn, will acquire Ann Inc. for $47 in cash and stock per share, a 21% premium over Ann Inc.’s May 15 closing price.” (Chain Store Age)
  9. HFF Secures Financing for Office Tower in Downtown Portland “ScanlanKemperBard Cos. has received $60 million in financing to acquire the KOIN Center, a 352,023-square-foot, Class A office tower in downtown Portland, Ore., for which it paid $88 million in cash.” (Commercial Property Executive)
  10. Moody's: Chicago Debt May Be Junk, But Look on the Bright Side “In the midst of a storm of controversy about its junk-bond downgrade of Chicago, Moody's Investors Service has issued a follow-up report that could ease concerns about the city's financial future, but only a little.” (Crain’s Chicago Business)
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