dollar general

10 Must Reads for the CRE Industry Today (April 12, 2018)

Stores like Dollar General will continue to thrive for a long time, Business Insider reports. Office leasing declined in New Jersey in the first quarter, but the state’s office vacancy rate is the lowest in nine years, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. America’s ‘Permanent Underclass’ Isn’t Going Anywhere – And That’s Great news for Stores Like Dollar General and Dollar TreeDollar stores are thriving in 2018 as lower-class Americans seem unlikely to substantially improve their financial position enough to shop elsewhere.” (Business Insider)
  2. Signs of Life Emerge in New Jersey Office Market “New Jersey office leasing declined in the first quarter of the year, but the state posted its lowest office-vacancy rate in nine years, offering a glimpse of a future turning point, according to a new report from real-estate services firm JLL.” (Wall Street Journal, subscription required)
  3. Stock Market Vs. Real Estate: The Right Approach For Passive Income Investors “For new and hopeful passive investors, most of the accessible information on the topic of the stock market versus real estate presents widely varying opinions and tends to over complicate things by assuming you have a solid education in both fields. Rather than feeling informed, this type of guidance tends to leave you in a state of confusion.” (Forbes)
  4. Why Sell a Billion-Dollar Building When You Can Unload a Piece of It Instead? “Sales of billion-dollar Manhattan office buildings are rare, but in recent years sellers have been much more willing to part with sizable chunks of them.” (Wall Street Journal, subscription required)
  5. CRE Questions Unanswered in Treasury Guidance on New Business Interest Deduction Limit “The notice does provide some helpful guidance to C Corporations but there are still unanswered questions about commercial real estate investment.” (GlobeSt.com)
  6. Toys ‘R’ Us Gets $1 Billion Bids for 85 Percent of Asian Business: Lawyer “Retailer Toys ‘R’ Us has received multiple bids of more than $1 billion for an 85 percent stake in its Asian business as the bankrupt company moves ahead with plans to sell some non-U.S. operations, its lawyer Joshua Sussberg said on Wednesday.” (Reuters)
  7. Real Estate Developer from Florida Gets 7 Years for Investment Scheme “A real estate developer from Florida has been sentenced to over 7 years in prison at a federal court hearing in Connecticut. Seventy-five-year-old John DiMenna of Vero Beach operated an extensive real estate investment scheme that defrauded investors and lenders out of millions of dollars between 2010 and 2016.” (Orlando Sentinel)
  8. LA’s Ordinance to Limit Short-Term Rentals Clears Major Hurdle in City Council “After three years of debate, a City Council committee on Tuesday approved a measure to regulate Los Angeles’ enormous and currently illegal short-term rental business and its biggest player, Airbnb.” (The Real Deal)
  9. SL Green and Ivanhoe Cambridge Selling Midtown Office Condo for $633M to InvescoSL Green Realty Corp. and partner Ivanhoé Cambridgeare in contract to sell the leasehold of a 674,000-square-foot office condominium at 1745 Broadway in Midtown to Invesco Real Estate for $633 million, SL Green announced today.” (Commercial Observer)
  10. A Steady Stream of Development in Rockaways Enclave Damaged by Sandy “The site of the former Peninsula Hospital Center in Edgemere, Queens, is finally getting redeveloped after six years of dormancy. Private developer the Arker Cos. and the nonprofit Northeast Brooklyn Housing Development Corp. unveiled plans last month for a 2,200-unit affordable-housing complex there.” (Crain’s New York Business, subscription required)
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