10 Must Reads for the CRE Industry Today (October 9, 2014)

10 Must Reads for the CRE Industry Today (October 9, 2014)

 

  1. ASB Merges Two Leading Data Centers to Form National Data Center Operator “ASB Real Estate Investments has formed Infomart Data Centers, a national data center operator that rises out of a merger between Dallas Infomart and Fortune Data Centers. The new entity will manage 2.2 million square feet of space owned in ASB’s Allegiance Real Estate Fund, a $3.9 billion core real estate vehicle.” (Commercial Property Executive)
  2. Norway Fund to Buy BofA’s London Offices for $944 Million “Norway’s sovereign wealth fund, the world’s largest, agreed to buy the Bank of America Merrill Lynch Financial Centre in London for 582.5 million pounds ($944 million) as it expands its bet on the U.K. capital. The fund acquired the 585,000 square-foot (54,000 square-meter) office complex at King Edward St. from GIC Pte, Singapore’s wealth fund, Oslo-based Norges Bank Investment Management said today in a statement. GIC bought the property from Merrill Lynch & Co. Inc. in 2007 for 480 million pounds.” (Bloomberg)
  3. Fort Worth-based TPG invests in self-storage company LifeStorage “TPG Real Estate, the real estate platform of Fort Worth-based TPG private equity firm, has invested $120 million in LifeStorage self-storage facilities. LifeStorage said it will use TPG’s investment to support its acquisition strategy in the top 50 U.S. markets.” (Star-Telegram.com)
  4. Southern California office leasing market boosted by job growth “Job growth in Southern California finally produced a robust quarter of leasing for office landlords, who were able to fill long-vacant space and push up rents. Office leasing is a lagging indicator of the economy; many tenants curtailed the size of their offices in recent years to reflect cuts they made during the economic downturn. Now that trend is reversing as expanding entertainment, media and technology tenants are filling up empty office spaces.” (Los Angeles Times)
  5. Gap Tumbles After Saying Murphy Will Step Down as CEO “Gap Inc. fell after saying it will replace Chief Executive Officer Glenn Murphy, who was credited with reviving the apparel maker during his seven-year tenure, and posting disappointing September sales. The shares slid as much as 13 percent to $36.53 in New York, the biggest intraday decline since May 2011. They had risen 7.2 percent this year through yesterday’s close.” (Bloomberg)
  6. U.S. Holiday Retail Sales Expected to Rise 4% “The International Council of Shopping Centers projected that U.S. sales during the holiday shopping season will increase 4%, which would mark the strongest growth in three years for the crucial retail selling period. ICSC expects total holiday sales at shopping centers to reach $488.6 billion in the period, which typically begins on Black Friday, the day after Thanksgiving. However, retailers have been opening their doors earlier to provide more flexibility for holiday shoppers. Some industry consultants have said Thanksgiving could turn into a full shopping day this year as retailers debate moving up their openings and door-buster events.” (The Wall Street Journal)
  7. Morgans to sell off Hudson and Delano hotels “The next ‘suite’ New York City hotel deal may be ready to check in. Morgans Hotel Group in recent weeks has started a formal sales process for the 928-room Hudson Hotel on Columbus Circle and is hoping to fetch a nifty $500 million for the Ian Schrager-developed property, The Post has learned.” (The New York Post)
  8. Sears Issues Response To Report That Made Its Stock Crash “Shares of Sears were down as much as 15% on Wednesday after a report from Bloomberg's Lauren Coleman-Lochner said that at least one "medium-sized" vendor had halted shipments to the store. Coleman-Lochner, citing people with knowledge of the matter, reported that insurance firms for the retailer's vendors were seeking to reduce coverage of orders to the company.” (Business Insider)
  9. Old Post Office owner plots next move after breakup with Sterling Bay “The vacant Old Main Post Office may seek a sale of the sprawling West Loop property or a new development partner after a joint venture with Sterling Bay Cos. fizzled. Less than four months ago, British developer Bill Davies and Chicago-based Sterling Bay said they were forming a venture for a $500 million redevelopment of the 2.7 million-square-foot building that straddles Congress Parkway.” (Chicago Real Estate Daily)
  10. Bi-Lo/Winn-Dixie closing 23 stores “Bi-Lo Holdings will close 23 Bi-Lo and Winn-Dixie stores on or before Nov. 17, a spokesman for the Jacksonville, Fla.-based retailer told SN Tuesday. Employees at the stores, located in Alabama, Florida, Georgia, Louisiana, North Carolina and South Carolina, were informed of the pending closures Friday. Spokesman Brian Wright told SN that the stores slated for closure were underperforming and represented less than 3% of the total store base.” (Supermarket News)
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