10 Must Reads for the CRE Industry Today (November 11, 2014)

10 Must Reads for the CRE Industry Today (November 11, 2014)

 

  1. Short Hills Mall Denied Bid to Prevent Public Disclosure of Videos Related to Fatal Carjacking “A Superior Court judge has rejected a bid by the owners of The Mall at Short Hills to prevent the public disclosure of surveillance videos related to a fatal carjacking there in December. The mall’s owners sought a ‘protective order’ for the video footage and certain documents in a lawsuit filed against them by the widow of a Hoboken attorney who was killed in the carjacking.” (NJ.com)
  2. REIT Focused on Cell Towers Draws New Round of Investment “A group of investors including Goldman Sachs Group Inc. has agreed to put $470 million into a real-estate investment trust that is buying and building cellphone towers, in the latest effort to consolidate the sector. The trust, Vertical Bridge Holdings LLC, plans to announce on Tuesday that it netted the investment from a Goldman Sachs infrastructure fund and from private-equity firms the Jordan Co. and Stonepeak Infrastructure Partners, as well as from Digital Bridge Holdings LLC.” (The Wall Street Journal)
  3. Sears Florida Development Gives Preview of Strategy “A mixed-use retail development in South Florida may provide a glimpse at the future of Sears Holdings Corp. (SHLD) The department-store chain said today that it will convert its location in Aventura, Florida, into an open-air development that includes dining, other retailers and a scaled-down Sears store. The project, called Esplanade at Aventura, also will contain a hotel and offices, according to a statement today.” (Bloomberg)
  4. Avison Young Acquiring Colliers International Affiliate “Avison Young, a commercial real estate firm with Florida operations based in Fort Lauderdale, announced Monday a deal to buy Abood Wood-Fay Real Estate, an affiliate of Colliers International South Florida. Terms were not disclosed. After the sale, 70 Colliers associates in Miami-Dade, Broward and Palm Beach counties will become employees of Avison Young. The deal is expected to close in a month.” (Sun-Sentinel.com)
  5. A Dynasty Cashes Out of NYC—for the Next 100 Years, At Least “On Halloween morning, the Durst Organization ceremoniously hoisted a final bucket of structural cement to the top of its forthcoming apartment building on the far West Side. Here in the city, that topping-out ritual signaled the end of major construction on the 709-unit project. But for a group following the action from a small office in Montgomery, Ala., it marked a much more significant milestone: the final chapter of a family's 150-year-old New York City real estate dynasty.” (Crain’s New York Business)
  6. Has Co-Working Jumped the Shark in Chicago? “Cubicles are overrated. That's the philosophy at Space, a three-month-old co-working venue in the shadow of Trump Tower. The 25,000-square-foot warehouse on the top floor of a River North loft gives off a warm industrial feel with its wood beams, open rafters and exposed-brick walls.” (Crain’s Chicago Business)
  7. Investors Abandon Fairway After Q2 Loss Widens “Stock in Fairway Group Holdings was down by nearly 10% Friday, after the retailer reported a wider than expected quarterly loss and suspended financial guidance as a rebuilding commences under new CEO Jack Murphy. Murphy, who was appointed to his role in September, in his first remarks to the financial community late Thursday said it was too early on to remark on specific strategies but intended to craft ‘very detailed marketing and merchandising plans’ focused on improving same-store sales and enhancing processes for the New York-based specialty retailer.” (Supermarket News)
  8. Does Eddie Bauer’s Path to Growth Lead Through Urban Areas? “Outerwear and apparel maker says it sees a clear path to open an additional 200 locations. Eddie Bauer’s outwear is meant for active enthusiasts to pursue the great, open outdoors. But the company’s future growth may rest on the shoulders of urban dwellers.” (Fortune)
  9. RadioShack Resorts to Thanksgiving Openings to Boost Sales “RadioShack Corp. (RSH) will open most of its stores on Thanksgiving for the first time, joining a growing number of retailers expanding their selling hours during the once commerce-free holiday. More than 3,000 of RadioShack’s stores will be open on Nov. 27 from 8 a.m. to midnight, Merianne Roth, a spokeswoman for the Fort Worth, Texas-based chain, said today. In previous years, the company operated only a limited number of locations on Thanksgiving.” (Bloomberg)
  10. Massachusetts Ballot Initiative Opens Door to $800M MGM Resort in Springfield “The voters have spoken and the Massachusetts Gaming Commission wasted little time responding. The Nov. 4 election saw the failure of a ballot measure to repeal the 2011 law that allows gaming resorts in the state, and it was a big failure; more than 1.2 million voters gave it the thumbs down. Just two days later, the MGC unanimously approved the presentation of a gaming license to MGM Resorts International to operate MGM Springfield, an $800 million resort casino.” (Commercial Property Executive)
TAGS: REITs Retail
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