10 Must Reads for the CRE Industry Today (May 27, 2015)

10 Must Reads for the CRE Industry Today (May 27, 2015)

 

  1. Real Estate Royalty Buys Olympic Tower for $1B “The Chera family’s Crown Acquisitions and partner Oxford Properties Group now own the entire office and retail base of Olympic Tower at 641 Fifth Ave., which they purchased in two transactions from entities controlled by the Onassis Foundation for a total just over $1.07 billion.” (New York Post)
  2. Asian Outbound Commercial Investment Strongest on Record, U.S. Top Target “According to a new report by CBRE, Asian cross-border commercial real estate (CRE) investment in Q1 2015, at $8.6 billion, constituted the strongest recorded Q1 outbound performance since major Asian outflows began. The first quarter of 2015 saw a departure from the historic trend, with CBRE Research reporting the US as the top destination for Asian outbound investment, with $3.3 billion.” (World Property Journal)
  3. Developers Worry California Ruling Could Dent Building “According to developers and land use attorney, broader repercussions are expected from a decision by a Los Angeles Superior Court Judge late last month to halt a proposed Millennium Hollywood development, a large mixed use project on a 4.5 acre site that includes the iconic Capitol Records building.” (The Wall Street Journal)
  4. Rafael Vinoly to Design Vornado’s New Meatpacking Building “Vornado Realty Trust and Aurora Capital Associates tapped Rafael Vinoly, the architect behind Midtown’s 432 Park Avenue residential tower, to design a 10-story office-and-retail building on the former Prince Lumber site in the Meatpacking District, according to a permit application filed with the city’s Department of Buildings Tuesday.” (The Real Deal)
  5. Small City Living for Multifamily Property Buyers “The apartment sector has been flooded with cash in recent years from a wide variety of investors. While many of the larger players—including real-estate investment trusts and domestic and foreign institutional investors—continue to focus on the primary markets, smaller investors and high-net-worth families are seeking out secondary and tertiary markets.” (The Wall Street Journal)
  6. Can REITs Sustain Their Gains? “Since the so-called Taper Tantrum of 2013, real estate investment trusts (REITs) have been taking their cues from the Federal Reserve Board. Recall, the tantrum was when the market got spooked about the prospects of an abrupt withdrawal of Fed accommodation. Rates on the benchmark 10-year Treasury note shot up 135 basis points (82 percent) in just four months.” (Wealthmanagement.com)
  7. Gym Operator Planet Fitness Plans IPO “Planet Fitness didn't say how many shares it would offer, what the stock would be priced at or how much money it plans to raise. It also didn't say when it expects the IPO to happen.” (The Associated Press)
  8. Room Rates Continue Drop, Supply Outweighs Demand “Prices for a hotel room continue to dwindle in the city compared with last year, and the gap between available bed nights and demand for them is still wide, according to April data collected by hotel bench-marking firm STR. Hotel experts blame newer options such as Airbnb, increased hotel construction and a strengthening dollar on the staggering performance.” (Commercial Observer)
  9. Former Macy’s Plaza in DTLA Getting Makeover from Roof Down “Workmen torched a hole in the roof of the former Macy's Plaza in downtown Los Angeles on Tuesday as part of an ambitious $180-million makeover aiming to transform the fortress-like mall into an outdoor plaza.” (Los Angeles Times)
  10. Ready, Set, Grow: The Growth List “It’s surely a signal of the evolution of the supermarket industry that one of its largest and most successful names hasn’t managed an organic net increase in the number of stores it operates for years. But that could change this year as Kroger is expected to open more new stores than it closes.” (Supermarket News)
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