10 Must Reads for the CRE Industry Today (October 29, 2014)

10 Must Reads for the CRE Industry Today (October 29, 2014)

 

  1. REITs Tally $51B in YTD Fundraising “The pace of REIT fundraising continues to lag 2013 figures, according to data from SNL Financial. The locally based firm reports that equity REITs domestically had raised $51.09 billion in capital year-to-date as of Oct. 17, trailing the $55.53 billion they garnered during the same period the year prior. That’s a similar story to what GlobeSt.com reported last month, when REITs’ YTD tally of $44.86 billion was nearly $1.6 billion smaller than a year earlier.” (GlobeSt.com)
  2. JPMorgan Chase Drops Plan to Build 2 West Side Towers “The possibility that JPMorgan Chase would build a two-towered, $6.5 billion headquarters on the Far West Side of Manhattan streaked across the skyline in recent weeks, only to die quietly on Tuesday. Jamie Dimon, chairman of Chase, called Mayor Bill de Blasio and Gov. Andrew M. Cuomo on Tuesday to say that the country’s largest bank had decided to stay put on the East Side.” (The New York Times)
  3. Family Dollar shareholders to vote Dec. 11 on $8.5B merger with Dollar Tree “Family Dollar Stores Inc. shareholders will vote Dec. 11 on the discount retailer's planned $8.5 billion merger with Dollar Tree Inc., according to a Dollar Tree filing with the U.S. Securities & Exchange Commission. The meeting is scheduled for 10 a.m. at the Harris Conference Center on the Harris Campus of Central Piedmont Community College in Charlotte, N.C., according to the filing.” (Charlotte Business Journal)
  4. World Trade Center Tower Set to Rise After $1.6 Billion Bond Deal “The World Trade Center site is set to add another tower. Larry Silverstein on Tuesday secured the money needed to construct his long-planned 1,170-foot 3 World Trade Center. The developer sold nearly $1.6 billion offering of tax-exempt bonds, financing that is to be used to build the tower by 2018. It would be the third constructed at the 16-acre site, and the fourth counting Mr. Silverstein’s 7 World Trade Center, a separate property just north of the site.” (The Wall Street Journal)
  5. Dune Real Estate beats target, closes Fund III on $960 mln “Dune Real Estate Partners has closed its third real estate fund on $960 million, beating its $850 million target. Dune Real Estate Fund III has projected equity commitments of $263.5 million in eight investments in the U.S., including a residential portfolio in Las Vegas, a high-end Los Angeles retail portfolio, industrial properties in Oakland and a luxury residential development in Miami. Monument Group worked as placement agent on the fundraising.” (Reuters)
  6. Florida Condos Bet on Americans Making 50% Down Payments “Jorge Perez crashed along with the real estate market, then regained his crown as Florida’s ‘Condo King’ by building new projects with 50 percent deposits from foreign buyers. Now, for his next development, he’s looking to wealthy Americans. In December, he’ll begin marketing the Auberge Beach Residences and Spa Fort Lauderdale, a $500 million oceanfront project 35 miles (56 kilometers) north of Miami. He expects as many as two-thirds of the buyers to come from the U.S. or Canada. All future owners must pay hefty deposits to finance construction by Perez’s Related Group, Fortune International Group and Fairwinds Group in a partnership that the companies plan to announce tomorrow.” (Bloomberg)
  7. Crescent In Deal to Sell Apartment Portfolio For Nearly $700 Million “Two buyers, including UBS Global Asset Management, have agreed to pay nearly $700 million for nine luxury apartment complexes in the southeast developed by Crescent Communities LLC, one of the largest rental apartment deals of the year. The deal values the portfolio at roughly $250,000 per room, which well exceeds the national average price in the third quarter, according to Real Capital Analytics, of $118,231. Real estate research firm Reis Inc. has found that average effective rents have increased for the past 23 quarters in 79 U.S. markets to $1,117 a month even amid increased construction.” (The Wall Street Journal)
  8. Joint venture buys minority share in Design District “Twenty years ago, when developer Craig Robins first turned his attention to the Miami Design District, it was a run-down neighborhood. Today, it’s on its way to becoming one of the retail shopping jewels of the world with a property value of at least $1.4 billion. The Miami Design District’s redevelopers, Robins’ Dacra and L Real Estate, have sold a minority interest in the burgeoning luxury shopping destination to a heavyweight joint venture, underscoring the rising value and potential of the area.” (Miami Herald)
  9. REIT Closes on 5-Property Allegro Portfolio for $173 Million “Allegro Senior Living, a developer and operator of luxury senior living communities, has announced the sale of five senior living properties to American Realty Capital Healthcare Trust II, Inc., for $172.5 million, excluding closing costs. The properties include nearly 700 units in total and span a range of senior living unit types including independent living (IL), assisted living (AL), memory care and skilled nursing. They are located in Jupiter, Fla.; Stuart, Fla.; Tarpon Springs, Fla.; St. Petersburg, Fla.; and Elizabethtown, Ky.” (Senior Housing News)
  10. More Renters, Less Risk for Wall St. “Is it time to temper the American dream of homeownership? If you want to curb the power of Wall Street and reduce the risk that the financial system will bring the rest of the economy tumbling down again, there may be no other choice. Consider what happened last week, when regulators pretty much threw in the towel on new rules requiring mortgage bankers to keep on their books a minimum share of all but the safest loans.” (The New York Times)
TAGS: REITs News Retail
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