10 Must Reads for the CRE Industry Today (October 14, 2014)

10 Must Reads for the CRE Industry Today (October 14, 2014)

 

  1. U.S. examines sale of Waldorf Astoria Hotel “Concerned about potential security risks, the U.S. government is taking a close look at last week's sale of New York's iconic Waldorf Astoria hotel to a Chinese insurance company. U.S. officials said Monday they are reviewing the Oct. 6 purchase of the Waldorf by the Beijing-based Anbang Insurance Group, which bought the hotel from Hilton Worldwide for $1.95 billion. Terms of the sale allow Hilton to run the hotel for the next 100 years and call for a ‘major renovation’ that officials say has raised eyebrows in Washington, where fears of Chinese eavesdropping and cyber espionage run high.” (Associated Press)
  2. Colliers Acquires AOS in France “Colliers International has acquired a controlling interest in AOS Group, one of Europe's leading real estate and workplace consulting firms. Headquartered in Paris, AOS will immediately be rebranded as Colliers International throughout France, Belgium, Spain, Morocco, UK, Netherlands, and Switzerland.” (GlobeSt.com)
  3. Premium Point Buys Rental Home Company After 30% Gains “Premium Point Investments LP bought an Atlanta-based landlord and property manager as the U.S. home-rental industry continues to draw investors after gains of almost 30 percent in real estate values. The $1.7 billion hedge fund and private-equity firm run by Anilesh Ahuja, 45, the former head of residential mortgage-backed securities at Deutsche Bank AG, acquired a majority stake in Residential Capital Management, the company said today. The firm has bought more than 6,000 houses for private equity firms in Florida, Georgia and Tennessee and managed more than 7,200 since its 2010 founding.” (Bloomberg)
  4. Target tries new, bigger strategy for Fenway store “Big-box retailers and giant supermarkets, from Walmart to Wegmans, know how to reshape their strategies for a city market. The first rule of thumb: Make the stores smaller. Target Corp. is coming to the Fenway area next year with its own urban-concept store called ‘CityTarget,’ the retailer’s first on the East Coast. But this location will actually be bigger. The CityTarget that will occupy four floors in a building under construction at the intersection of Boylston and Kilmarnock streets won’t just be bigger than the company’s other urban stores. It will be even bigger than an average full-size Target store.” (Boston Globe)
  5. CBRE Global Investors buys another $116.6 million in Sunnyvale properties “Continuing an acquisition spree in Sunnyvale's Moffett Park business district, CBRE Global Investors has paid more than $130 million in recent weeks to pick up a string of buildings, bringing the investment manager's total spend in the submarket to more than half a billion dollars so far this year.” (Silicon Valley Business Journal)
  6. Construction Begins on $230M First Phase of M-U Project in Philly “East Market, a mixed-use project spanning a full city block in Philadelphia’s Center City, has moved from the drawing board to the ground as construction commences on the $230 million first phase of the four-acre development. National Real Estate Advisors L.L.C.is at the helm, spearheading an undertaking that will initially yield 500,000 square feet of offerings.” (Commercial Property Executive)
  7. Crumbs Cupcake Chain to Reopen Shops in Major Cities “Crumbs Bake Shop, the cupcake maker that closed its stores in July, will begin reopening shops in major metropolitan areas this month, starting with a ceremony at its location in New York’s Garment District tomorrow. The New York store has been renovated to provide a more modern experience and will feature new items, including a line of frozen treats, the company said today in a statement. Marcus Lemonis, the investor and television personality who joined with Fischer Enterprises LLC to buy Crumbs out of bankruptcy, will make an appearance at the event.” (Bloomberg)
  8. Costco boosts 2015 cap-ex, openings “Costco Wholesale Corp. said Wednesday it expects to boost capital spending in fiscal 2015 by 25% to 35% to open 31 new warehouses and relocate four units; increase spending on remodeling activities; expand cross-dock depot operations; and increase levels of IT spending for modernization. The company also expects some spending late in the year for openings in the subsequent fiscal year, Richard Galanti, EVP and CFO, told analysts in a conference call to discuss financial results for the fourth quarter and fiscal year ended Aug. 31.” (Supermarket News)
  9. Forest City puts $185M downtown B'klyn site on market “Forest City Ratner Cos. is looking to either sell a development site it owns in downtown Brooklyn worth an estimated $185 million, or find a developer willing to partner with Forest City Ratner on building a residential tower there, the company confirmed Monday. The site, at 625 Fulton St., between Hudson Avenue and Rockwell Place, is being marketed by CBRE Group, and has the potential for more than 600,000 square feet of residential space, according to city records. The details of the potential sale were first reported by Real Estate Alert late last month.” (Crain’s New York Business)
  10. JCPenney Names New CEO But Where's The Vision? “JCPenney’s new pick for CEO reinforces the company’s new stability but proves once again, the retailer lacks vision when it comes to putting a fashionable foot forward in attracting new, younger shoppers. JCPenney announced the appointment of Marvin Ellison, currently executive vice president of stores at Home Depot, as president and CEO-designee, effective November 1, 2014. Ellison will join the JCPenney’s board and succeeds Myron Ullman as CEO.” (Forbes)
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