10 Must Reads for the CRE Industry Today (September 8, 2015) Photo: Kowloonese

10 Must Reads for the CRE Industry Today (September 8, 2015)

 

  1. Blackstone to Acquire Strategic Hotels for $3.93 Billion “Blackstone Group LP agreed to buy Strategic Hotels & Resorts Inc., an owner of luxury lodging properties across the U.S., for about $3.93 billion in an expansion of its hotel holdings. Blackstone offered $14.25 a share in cash for Strategic.” (Bloomberg)
  2. Landmarked Buildings Become Must-Haves for Retailers “The city's landmarked sites, which increasingly stand out in an ever-vertical glass and steel landscape, are seeing an uptick in interest from retailers looking to differentiate themselves in a crowded marketplace. Apple, in Grand Central Terminal and in a landmarked building in SoHo, may be the biggest example of a retailer that seeks historic spaces to show its wares.” (Crain’s New York Business)
  3. Field of Homes: A Guide to Where U.S. Presidential Candidates Own Real Estate “Since all aspects of the lives of the 2016 presidential candidates are under scrutiny, LoanDepot.com decided to take a look at their homes and mortgages as gathered from public records. The entire list, updates and loan details are available at the national nonbank lender’s blog. We’ve parsed the data differently, looking at candidates known to own at least two properties.” (Los Angeles Times)
  4. An Old Staples Gets New Life as a Hip Grocery Store in Allston “Allston now has a new grocery store. And if you didn't know any better, it could be mistaken for a Trader Joe's or a Whole Foods — at least from the outside. The 214 Harvard St. store, Bfresh, is the first smaller-format store in the Boston area for its parent company, supermarket giant Ahold USA (the same one that owns Stop & Shop).” (Boston Business Journal)
  5. The 3 Best Stocks in New York Real Estate “If you're looking for a way in without breaking the bank, you'll want to take a close look at Empire State Realty Trust , SL Green Realty , and Vornado Realty Trust , which own some of the most enviable portfolios in the real estate investment trust , or REIT, universe.” (Nasdaq)
  6. Blackstone Said to Seek Buyers for 4 Los Angeles Office Towers “Blackstone Group LP is putting four office towers in Los Angeles on the market as part of its effort to sell the remaining assets from its 2007 takeover of Equity Office Properties Trust, according to a person with knowledge of the plan. The firm hired brokerage Eastdil Secured to sell the towers, which total 1.7 million square feet.” (Bloomberg)
  7. Glass Shortage Causes Costs to Soar and Projects to Stall “Several manufacturers and fabricators that went out of business in 2008 and 2009 during the economic downturn never reopened because it was simply too expensive, therefore creating a dearth in glass manufacturing that could last through next year. As a result, curtain-wall prices have increased more than 30% in the past 18 months.” (Crain’s New York Business)
  8. Kilroy Keen on the Golden Gate City “Ground has officially been broken for The Exchange on 16th, a 700,000-square-foot office complex in San Francisco’s Mission Bay district, its developer, Kilroy Realty Corp., announced late Thursday. Designed by Rios Clementi Hale Design Studios, the approximately $485 million project consists of two six-story and two 12-story buildings aimed at both office and life science tenants.” (Commercial Property Executive)
  9. First Part of Mall of America’s New $325M Addition Opens “Visitors can now access the third floor of the expansion along the north side of the mall, which has already been populated by a handful of previously displaced eateries such as Burger King, Qdoba and Panda Express in a food court that has been dubbed Culinary on North. The new food court also includes a wall of windows that look out onto the nearby Ikea and the airport.” (Star Tribune)
  10. Primark to Open First U.S. Store This Week “Primark, the Dublin-headquartered retailer that trades in Ireland as Penneys, will open its first store in the United States this Thursday. The retailer, which currently operates more than 285 stores across continental Europe, the United Kingdom and Ireland, is opening a four-floor store covering 70,000sq ft in the heart of Boston’s Downtown Crossing.” (The Irish Times)
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