10 Must Reads for the CRE Industry Today (November 20, 2014)

10 Must Reads for the CRE Industry Today (November 20, 2014)

 

  1. Homebuilding is Picking up Again, but It’s All About Rentals “Builders got permission to erect homes at a 1.08 million annual rate, beating forecasts that averaged 1.03 million, according to Econoday. That's up 4.8% from September. The growth in new construction, however, continues to be concentrated in rental housing, not houses for sale.” (TheStreet.com)
  2. Simon Property Discloses Stake in Mall Owner Macerich “Simon bought 5.71 million shares of Macerich this year and may request that Macerich waive a provision that restricts ownership to 5 percent, the real estate investment trust said in a statement today. Simon cited the recent acquisition of a 10.9 percent interest in Santa Monica, California-based Macerich by an investor it didn’t name.” (Bloomberg)
  3. Brookfield Property Drops Plan to Buy New Jersey’s Revel “Brookfield (BPY) Property Partners LP dropped plans to buy the shuttered Revel Casino in Atlantic City, New Jersey, in a new setback for the state’s shrinking gambling industry. The Toronto-based investment company announced the decision yesterday in an e-mail.” (Bloomberg)
  4. NYC REIT Closes on 570 Seventh Avenue, Renames Building “American Realty Capital New York City REIT, a public non-traded real estate investment trust, recently closed on the $170.3 million purchase of 570 Seventh Avenue from Carlyle Investment Management and Capstone Equities.” (Commercial Observer)
  5. Fifth Avenue Now the World’s Most Expensive Retail Address “New York’s Upper Fifth Avenue is now the world’s most expensive place to lease retail. Fifth Avenue has surpassed Hong Kong’s Causeway Bay, according to Bloomberg News. Last year, Fifth Avenue came in a distant second behind Hong Kong.” (The Real Deal)
  6. Cavernous Stores Wear on Forever 21 “People who have seen the figures say sales excluding newly opened or closed stores hit a negative patch within the last 18 months after growing strongly for much of the past decade. Forever 21’s mistake was to expand into giant stores that in some cases were double or triple the size of previous locations before it had the merchandise to fill them, the people familiar with the company say.” (The Wall Street Journal)
  7. Move Over, Water Tower? “Watch out, Water Tower Place, you could soon lose your spot as the Magnificent Mile's biggest mall. Nine blocks south, the owner of the Shops at North Bridge is expanding its footprint on North Michigan Avenue.” (Crain’s Chicago Business)
  8. How to Double Your Real Estate Business “Let’s say you are a real estate professional whose business is restricted to listing and selling houses for owner-occupants and you want to double your business. What would you do? You might expand your business to list and sell residential rental property, Wall Street’s newest institutional asset class.” (Inman.com)
  9. 1 WTC Signs Full-Floor Lease With xAd as Latest Tenant “Mobile advertising company xAD has signed a 10-year lease for 43,849 square feet at One World Trade Center, one week after New York City’s newest skyscraper added a gaming company to its growing TAMI roster.” (Commercial Property Executive)
  10. Sister of Block 37 Developer Sues to Push Him out of Family Business “Developer Laurance Freed lost the Block 37 mall to foreclosure and has been indicted for bank fraud. Now, he faces a more personal fight—with his sister, who wants to kick him out of the family real estate business. Debra Ruderman has sued her brother, alleging he forged her signature and committed wire and bank fraud.” (Crain’s Chicago Business)
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