10 Must Reads for the CRE Industry Today (October 2, 2015) Photo by Ramin Talaie/Getty Images

10 Must Reads for the CRE Industry Today (October 2, 2015)

 

  1. October Hike Rules Out as Economists Say 2015 Hike ‘Unlikely’ “The weaker-than-expected job report for September puts a 2015 rate hike by the Federal Reserve in doubt, economists said Friday. The U.S. economy added only 142,000 jobs in September, well below forecasts, and previous estimate of job gains in August and July were revised lower. There is now a less than one-third chance of a rate hike in December, said Brian Bethune, an economics professor at Tufts University.” (MarketWatch)
  2. Blackstone’s Grey Says REIT Buyouts Loom Amid Bearish Market “Stock investors are too bearish on U.S. real estate, and the market’s decline probably will lead to more takeovers of publicly traded landlords, along with asset sales, said Jon Gray, global head of real estate at Blackstone Group LP, the largest private equity investor in property worldwide. Real estate investment trusts are trading at discounts to the values of their properties on the private markets.” (Bloomberg)
  3. Atlantic Station Retail Core Sold “The retail town center at Atlantic Station has been sold. North American Properties and CBRE Global Investors sold the main cluster of shops and restaurants to an investment fund, a person with knowledge of the situation said Thursday. Real estate and investor services firm Hines Interests will operate the retail center on behalf of the investor. A person with knowledge of the situation said the retail center sold for about $200 million.” (AJC.com)
  4. Mall of America Unveils Another Addition With Luxury Retail, Hotel, Offices “The Mall of America is about to get bigger, again. TripleFive Group of Cos. and Ryan Cos. submitted plans to the city of Bloomington for the mall’s next expansion phase, which will add more than 1 million square feet and be connected by a multistory bridge across Lindau Lane. The move aims to keep the megamall’s consumers engaged by offering new destinations while also giving high-end retailers a chance to influence physical design.” (Star Tribune)
  5. Dunkin’ Donuts to Close 100 Stores “Dunkin' Brands, the parent company of Dunkin' Donuts and the Baskin-Robbins ice cream chain, announced Thursday that one of its franchisees plans to close 100 Dunkin' Donuts stores in the United States this year and next. The company did not provide a list of what stores would be closed, but said that they were all owned by the Speedway gas station and convenience store chain.” (CNN Money)
  6. Dallas-Based Neiman Marcus Cuts 500 Jobs in Reshuffling “Neiman Marcus laid off 500 employees Thursday, or about 3 percent of its workforce of 16,000, as it tries to cut costs to pay for new stores and acquisitions. The cuts include about 157 people in Dallas, where the luxury retailer is headquartered and employs about 4,800 people. CEO Karen Katz said no store sales associates were let go and all the job cuts were in corporate and support positions.” (The Dallas Morning News)
  7. 432 Park Ave. Partners Fighting Over Commission Fees “Manhattan developer Harry Macklowe cut a Saudi businessman out of a promised fee for pulling in $450 million of capital for the western hemisphere’s tallest residential tower, according to a new $9 million lawsuit. Dr. Hamza B. Alkholi says in Manhattan Supreme Court papers that he partnered with Macklowe to acquire and develop the retail portion of 432 Park Ave.” (New York Post)
  8. First Look: Primark Boston “Move over H&M, Old Navy and Forever 21 — another retailer has entered the budget-friendly, fast-fashion marketplace. Irish retailer Primark, a division of Associated British Foods PLC, has dropped anchor in the United States, opening a 77,000-sq.-ft. store in Boston’s Downtown Crossing. And more are in the works: Primark plans to open a total of eight U.S. stores by the end of 2016, with the next opening in King of Prussia Mall, King of Prussia, Pennsylvania, in November.” (Chain Store Age)
  9. Blackstone Raises Record-Breaking $15.8B Real Estate Fund “It’s official: The Blackstone Group raised the world’s largest-ever private real estate fund, totaling $15.8 billion. News of the fundraising broke in March, but it took several months to rake in all the cash. Twenty percent of the capital is already committed to projects, according to a press release.” (The Real Deal)
  10. Congress Extends Popular EB-5 Program (But Not for Long) “After months of build-up and questions, the US Congress passed an extension of the EB-5 program through Dec. 11. The EB-5 community has been in a hubbub for months, wondering if the program would expire, although Congress never really made it seem like they would pull the plug on the wildly popular program.  But now that the extension's official, EB-5 supporters are excited.” (Bisnow)
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