10 Must Reads for the CRE Industry Today (November 18, 2014)

10 Must Reads for the CRE Industry Today (November 18, 2014)

 

  1. Farkas Empire Gets Presence in New York “Andrew Farkas has filled a hole in his latest real-estate empire through a deal between his commercial real-estate services network, NAI Global, and New York-based EVO Real Estate Group. EVO has agreed to become the New York office in the network of 165 firms in more than 65 cities throughout the world.” (The Wall Street Journal)
  2. Blackstone in $2.25 Billion Deal to Sell Tower to Ivanhoe “An Ivanhoe Cambridge Inc. venture agreed to buy a Manhattan office tower from Blackstone Group LP for about $2.25 billion, extending a surge of demand for prime U.S. properties, two people with knowledge of the deal said. The Ivanhoe group signed a contract yesterday to purchase 1095 Avenue of the Americas, a 42-story building on Bryant Park, said the people, who asked not to be named because the transaction is private. The sale would be the largest of an entire U.S. property since a group led by Boston Properties Inc. bought the General Motors Building in New York for $2.8 billion in 2008, according to Real Capital Analytics Inc.” (Bloomberg)
  3. IPO Preview: STORE Capital Corporation “Based in Scottsdale, AZ, STORE Capital Corporation (NYSE:STOR) scheduled a $495 million IPO on NYSE with a market capitalization of $2 billion at a price range midpoint of $18 for Tuesday, Nov. 18, 2014… STOR is an internally managed net-lease real estate investment trust, or REIT, that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate, or STORE Properties, which is its target market and the inspiration for its name.” (Seeking Alpha)
  4. Colony American Finance Grabs $165M Loan Portfolio, Partners with Auction.com “Colony American Finance has purchased a $165 million portfolio of acquisition lines secured by single-family homes from Archetype Credit Opportunity Fund, L.P., a private money lender backed by the original investors in Auction.com. Concurrently, CAF entered into a strategic partnership with Auction.com to continue providing financing to the Auction.com buyer base.” (Commercial Property Executive)
  5. A Better Year for REIT Execs’ Pay “Compensation for CEOs and other key REIT executives this year is expected to be more in line with the pay increases they saw in 2012 than with 2013’s levels. For all executives concerned, that’s probably a good thing, as compensation increases last year generally lagged those of the year prior, says FTI Consulting Inc.” (GlobeSt.com)
  6. How much is Sears' new REIT really worth? “The rush to buy Sears shares after the struggling retailer said it might spin off 200 to 300 stores as a real estate investment trust wasn't surprising. After all, investors have been waiting a decade for Edward Lampert, the hedge fund pooh-bah who controls Hoffman Estates-based Sears Holdings Corp., to tap the cash value of its vast real estate holdings—the company had, at last count, 1,870 Sears and Kmart stores in the U.S.” (Crain’s New York Business)
  7. This Could Be The Biggest Holiday Shopping Season America Has Ever Seen “Deutsche Bank's Torsten Slok thinks this could be the best ever holiday season for retail sales. Sloks points to recent labor market data. Because hiring for the holiday season is generally done in October, it can be a good way to predict how retailers are feeling about sales for the final quarter of the year.” (Business Insider)
  8. Experts: Restaurant deals to continue brisk pace into 2015 “Readily available, low-cost loans are fueling a healthy market for the buying and selling of restaurant companies, and that trend is expected to continue into 2015, according to experts this week at the Restaurant Finance & Development Conference. However, rising sale prices for restaurant franchisees have some wondering whether the deals are worth it.” (Nation’s Restaurant News)
  9. Candlestick Park to Make Way for a Mall “National home-builder Lennar Corp. has joined with mall-owner Macerich Corp. on plans to develop a luxury-outlet mall as the anchor of a redevelopment of San Francisco’s Candlestick Point. Lennar intends to announce Monday that its Lennar Urban division, which specializes in urban-redevelopment projects, has formed a 50-50 partnership with Macerich to develop the 500,000-square-foot mall at an estimated cost of more than $200 million.” (The Wall Street Journal)
  10. Shopping center firm adopts new loyalty card “Phillips Edison & Co., the retail real estate and shopping center operator, has a new partnership with the LOC Card, a consumer engagement platform from LOC Enterprises that allows customers to easily participate in merchants' loyalty programs and access their data and information from each program all in one convenient place. Terms of the agreement were not disclosed.” (Cincinnati.com)
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