10 Must Reads for the CRE Industry Today (May 5, 2015)

10 Must Reads for the CRE Industry Today (May 5, 2015)

 

  1. Macerich to Add Independent Directors, End Rights Plan “Macerich Co. will add two independent directors to its board and end a stockholder rights plan in a settlement with investors who criticized moves put in place to fight off a takeover attempt by Simon Property Group Inc.” (Bloomberg)
  2. BGC Partners Buys Real Estate Consulting Firm “In a move to bolster its real estate arm, the brokerage firm BGC Partners has struck another takeover. The firm announced on Tuesday that it had purchased Computerized Facility Integration, a consulting and technology service provider that helps real estate owners manage their assets.” (The New York Times)
  3. Macy’s Takes on TJ Maxx with New, Smaller Discount Stores “Macy’s is fighting back against T.J. Maxx’s encroachment on its turf, finally launching a chain of smaller-format discount stores of its own. The retailer, best known for its 100,000 square-foot department stores, said on Monday it would open the first four pilot ‘off-price stores’, to be called Macy’s Backstage, in the New York area in the fall.” (Fortune)
  4. Lennar Bets on Silicon Valley’s Spread “Last week, Lennar Corp.  completed a deal to buy a 111-acre chunk of a former car-manufacturing plant in Fremont, 30 miles southeast of San Francisco, where it plans a dense mix of 2,200 apartments and houses, research-and-development space and offices, all centered around a new station for the commuter rail that leads to San Francisco.” (The Wall Street Journal)
  5. SLS Beverly Hills Sold by Nazarian’s SBE for $200 Million “Sam Nazarian’s SBE sold its luxury SLS Beverly Hills hotel as the company focuses on managing properties and licensing its brands rather than owning real estate. The 297-room SLS Beverly Hills was purchased by closely held Sunrider International for about $200 million, said Brittany Mathieu, a spokeswoman for Los Angeles-based SBE.” (Bloomberg)
  6. Hetiman Fund Holds Final Close “Heitman Value Partners III, L.P., a Heitman L.L.C. commingled fund focused on a value-creation strategy throughout the United States, has reached its final close, Heitman announced Monday. The fund closed with total equity commitments of about $500 million, substantially over the firm’s original target of $400 million.” (Commercial Property Executive)
  7. New ‘Tenant Star’ Law to Spur Job Growth “Last week, Congress passed S.535, the ‘Energy Efficiency Improvement Act of 2015,’ which authorizes the U.S. Environmental Protection Agency and the U.S. Department of Energy to jointly create a voluntary program that will provide national branding recognition to landlord and tenant teams that design, construct and operate highly energy efficient leased spaces in commercial buildings.” (Commercial Property Executive)
  8. Instagram’s Role in Commercial Real Estate “Commercial firms and brokers remain much heavier users of Twitter  and LinkedIn  for such things as leads, contacts and recruiting. But the largest firms—including CBRE Group Inc., JLL and Cushman & Wakefield—increasingly are using photography-intensive Instagram for branding purposes.” (The Wall Street Journal)
  9. TIAA-CREF Buys Williamsburg Rental Building for $169M, a Neighborhood Record “One of Williamsburg's largest rental buildings is changing hands from one huge pension fund to another. A partnership between real estate investment firm LCOR and the California State Teachers Retirement System has sold the 234-unit residential building at 250 N. 10th St., just south of McCarren Park, to TIAA-CREF for $169 million.” (Crain’s New York Business)
  10. Glenwood Vice President Said to Cooperate with Feds “Charles Dorego, a senior vice president at Leonard Litwin’s Glenwood Mangament, is reportedly cooperating with federal authorities in the case against Senate Majority Leader Dean Skelos and his son.” (The Real Deal)
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