10 Must Reads for the CRE Industry Today (September 18, 2014)

10 Must Reads for the CRE Industry Today (September 18, 2014)

 

  1. CalPERS picks Ted Eliopoulos to be investment chief “California's huge pension fund has turned to a trusted insider to take over the daunting job of directing almost $300 billion in investments, crucial to the retirement of more than 1 million current and former state and local government workers. After a nationwide search, the California Public Employees' Retirement System said Wednesday that it had picked Ted Eliopoulos, a seven-year investment expert at the fund who has been the interim chief investment officer since February.” (Los Angeles Times)
  2. The 9 Worst Property Markets In The World “Overall, property prices around the world continue to rise. However, some countries aren't doing so well. Even the once-hot Chinese housing market has been seeing prices tumble for months. The Global Property Guide has compiled and analyzed the property price performance of the world's big economies.” (Business Insider)
  3. Untangling Nicholas Schorsch's vast web of businesses “Nicholas Schorsch's vast web of businesses is untangled in this ‘simple’ visual of all entities under his purview.” (InvestmentNews)
  4. City's Very Unfair Rent Tax “Is it fair that 6,700 retailers and office tenants located in parts of midtown pay a tax, averaging more than $96,000 a year, that identical companies located near the World Trade Center, north of 96th Street or anywhere in the other boroughs do not pay? Welcome to the highly discriminatory world of the city's commercial rent tax, one of those unique New York taxes that make doing business in the city so difficult.” (Crain’s New York Business)
  5. Sears cash burn has suppliers growing leery of Lampert “Eddie Lampert has a big problem with appliances — and it’s not something a Sears repairman can fix. The billionaire chairman of Sears faces mounting pressure for financial assurances from the retailer’s suppliers, even as he seeks shipments of everything from big-ticket appliances to electronics, housewares and clothing, sources told The Post. The suppliers — and the lenders that finance their deliveries — have grown skittish because Sears has burned through nearly $1 billion in the first half of the year.” (The New York Post)
  6. Inland American selling 52 hotels for $1.1 billion “Inland American Real Estate Trust Inc., which is in the process of spinning off its hotel business, said today it is selling 52 hotels to a joint venture for about $1.1 billion. The buyers are real estate investment trusts NorthStar Realty Finance Corp. and Chatham Lodging Trust. NorthStar Realty will own 90 percent of the portfolio, while Chatham will own the remaining 10 percent. The deal is expected to close in the fourth quarter of this year.” (Chicago Real Estate Daily)
  7. Prometheus Billionaire Emerges With San Francisco Rentals “The apartments at City Square in Cupertino, California, feature an on-site gym and private decks that overlook the property’s amphitheater, Olympic pool and spa. The gray, five-story luxury building, where a second-floor two-bedroom apartment was recently listed for $3,293 a month, is ‘the perfect home after every amazing, exciting, exhausting day’ in the town where Apple Inc. (AAPL) employs 15,000 people and more than 60 other technology companies have offices, according to a listing on Prometheus Real Estate Group’s website.” (Bloomberg)
  8. Uniqlo expects profit at U.S. stores in 'couple of years' “Japanese fashion retailer Uniqlo aims to turn a profit at its small but expanding U.S. network of stores within the next couple of years, the company's top U.S. executive, Larry Meyer, said. Well known in its home country for its inexpensive but trendy down jackets, jeans and undergarments, Uniqlo - short for ‘Unique Clothing’ - is a relative newcomer in the United States.” (Reuters)
  9. NorthStar Realty Acquires $1.1B Hotel Portfolio from Inland “On the heels of its $4 billion acquisition of Griffin-American Healthcare REIT II last month, NorthStar Realty Finance Corp. announced another blockbuster transaction on Thursday morning: it has entered into a definitive agreement to acquire a $1.1 billion hotel portfolio from Inland American Real Estate Trust. The company is partnering with Chatham Lodging Trust to buy the portfolio in a JV in which it will own a 90% stake and Chatham a 10% minority interest.” (GlobeSt.com)
  10. Five Costly Mistakes for Net Lease Owners to Avoid “The idea of managing a triple-net lease property probably doesn’t make sense to a lot of real estate investors. After all, the tenant has 100 percent responsibility for the maintenance of the property, and the owner simply receives a check on the first of the month, right? Management-free ownership may be the case for many triple-net lease properties, but in some situations the fine print of the lease will add a few caveats that the inattentive landlord can stumble over if they are not careful. When confronted with such a lease, an owner needs to be aware of the issues that can hinder their ability to collect the full NOI that is due.” (Commercial Property Executive)
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