10 Must Reads for the CRE Industry Today (October 5, 2015)

10 Must Reads for the CRE Industry Today (October 5, 2015)

 

  1. American Apparel Files for Bankruptcy Protection “After months of warning investors that its sales and cash were dwindling, American Apparel has  APP -6.34%  filed for bankruptcy protection on Monday, the latest drama befalling a retailer trying to rebound since the ousting last year of its founder and former CEO Dov Charney.” (Fortune)
  2. Despite Looming Crowds, Bright Forecast for U.S. Real Estate “The latest ULI Real Estate Consensus Forecast calls for relatively smooth sailing ahead as it relates to both continued economic growth and a favorable outlook for commercial real estate investment. Yet, the forecast is not as bullish as it was six months ago, and there are headwinds looming that are expected to temper growth heading into 2017.” (Urban Land)
  3. Twin Cities Supporting Two Outlet Malls Just Fine “When the Twin Cities Premium Outlets in Eagan celebrated its first anniversary in August, another outlet center also celebrated. The Albertville Premium Outlets, which was the closest outlet mall to the Twin Cities before the Eagan center opened, came through its first year with the new competitor in solid shape, said executives at Simon Property Group, which runs both.” (Star Tribune)
  4. Huge Mall Rising at Troubled Site in North Jersey “Most of the checkerboard walls on the mammoth shopping mall rising in the Meadowlands that Gov. Chris Christie once called ‘the ugliest damn building in New Jersey and maybe America’ have been replaced with muted white panels. And now, after six years of sitting dormant, the ill-fated project once known as Xanadu is moving into high gear as it is transformed into American Dream Meadowlands.” (New York Times)
  5. Economy Watch: Office Market Recovery Accelerating “Reis Inc. reported last week that 2015 might well be the best U.S. office market in terms of absorption and dropping vacancies since before the recession. During 3Q 2015, net absorption nationwide exceeded construction, causing vacancy to drop by 10 basis points to 16.5 percent, the lowest level since 2009. Slowly but surely, the recovery finally seems to have found its legs, with year-to-date figures for most metrics well ahead of 2014 as well.” (Commercial Property Executive)
  6. How Gary Barnett Made the Ring Bling “When Gary Barnett finally won a 14-building portfolio of properties owned by brothers Frank and Michael Ring in late 2013 it was viewed as a coup for one of New York’s savviest dealmakers. Though his Extell Development reportedly paid close to $450 million for control, Barnett was expected to reap serious profits from the 1 million-square-foot-plus portfolio, which the Ring brothers left dilapidated and largely vacant. But just how big a cash cow it was is only now beginning to come to light.” (The Real Deal)
  7. It’s Time to Capitalize on Blackstone Mortgage, Now Yielding 9% “BXMT's latest dividend increase was the largest increase since the company began its reincarnation back in 2012. Blackstone Real Estate has become almost like a ‘kid in the candy store’ these days, taking advantage of the wave of REIT privatizations driven by REIT discounts. BXMT’s transformational portfolio is generating very reliable and predictable earnings.” (Seeking Alpha)
  8. Suspect Arrested for Time Warner Center ISIS Threat “Police arrested a man suspected of leaving a threatening package inside a bathroom at the Time Warner Center on Wednesday. Jonathan Lamptey, 34, of 760 E 214 St. Bronx, was arrested Friday and charged with making terrorist threats and aggravated harassment. The package, a large envelope, contained a DVD and a note.” (New York Post)
  9. Top 5 Foreign Investors in Commercial Real Estate “With $62B through Q2’ 15, cross-border investors are generating record numbers, an RCA report says, and are now the dominant source of commercial real estate deals in the US. While Asian activity ($18.8B) gets most of the press, Europeans and Canadians are getting busy, too. (And the busiest Asian entrant might actually surprise you.) So who are the investors—and where are they buying?” (Bisnow)
  10. Westcore Gets Bullish on Growing Class B Industrial Markets “Westcore Properties has acquired an eight-building infill industrial portfolio totaling 634,289 square feet, located in four cities throughout Southern California from MetLife for $69.4 million. The deal increases Westcore’s commercial space in the Orange County and Inland Empire areas to more than 2.5 million square feet.” (Commercial Property Executive)
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