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10 Must Reads for the CRE Industry Today (April 18, 2018)

Toys “R” Us rejected a $675 million offer from the CEO of a major toymaker to acquire 200 of the retailer’s stores in the U.S., according to CNN Money. Related Cos. is weighing nominating alternative candidates for the board of Ladder Capital Corp., Bloomberg reports. These are among today’s must reads from around the commercial real estate industry.

  1. Toys ‘R’ Us Rejects Bid from Bratz CEO “Toys “R” Us has rejected a bid from the billionaire toymaker behind Bratz dolls and Little Tikes. Isaac Larian placed a $675 million bid for 200 of the remaining 735 Toys “R” Us locations in the United States, and almost all of more than 80 locations in Canada.” (CNN Money)
  2. Rebuffed by Real Estate Lender, Related Weighs a TakeoverRelated Cos. is considering nominating a slate of alternative candidates for the board of Ladder Capital Corp. after being rebuffed in a bid to buy the commercial real estate lender, a person with knowledge of the situation said.” (Bloomberg)
  3. A Bon-Ton Liquidation Jeopardizes US Mall Owners Already in Trouble “As Bon-Ton heads to liquidation, the shuttering of more than 200 regional department stores jeopardizes U.S. mall owners already struggling to fill empty stores.” (CNBC)
  4. Trump Files Extension for his 2017 Tax Returns “President Trump won’t make the midnight Tuesday deadline to file his tax returns, his spokeswoman said – but don’t expect the IRS to come knocking on the White House door.” (New York Post)
  5. Starbucks Stores Nationwide Will Be Closed the Afternoon of May 29 for Racial-Bias Training “Starbucks Corp. said Tuesday that it will close all of its stores nationwide on the afternoon of May 29 for racial-bias training. Nearly 175,000 workers will participate and it will become part of the new-hire process going forward.” (MarketWatch)
  6. Nashville Property Tax Shortfall: Large Commercial Owners Took Home 80% of Reduction “Major commercial landowners were able to win big concessions on their property, experts say, because the reassessment hit during a booming real estate market, while swaths of Nashville were redeveloping — making it difficult for county assessors to capture market values. Also, large properties are tough to appraise, since there are fewer similar comparisons.” (The Tennessean)
  7. Target Expands Same-Day Delivery in Five Cities “Target has been growing its urban footprint of late, with more small-format stores in city centers and college campuses. Now it’s removing another pain point for city dwellers by offering to deliver purchases so they don't have to schlep them on the subway or bus.” (Retail Dive)
  8. Digital Commercial Brokerage SquareFoot Raises $7M in Series A “SquareFoot, a startup brokerage helps commercial tenants lease space via its platform, has raised $7 million in a Series A round of financing led by venture capital firm Rosecliff Ventures, according to a SquareFoot news release today.” (Commercial Observer)
  9. Judge Orders Lead Inspections in Public Housing “A Manhattan judge hearing a lawsuit by public-housing tenants ordered the New York City Housing Authority on Tuesday to conduct lead inspections in thousands of apartments where young children live.” (The New York Times)
  10. Blockchain Real Estate Investing Just Got a $28M Boost “Blockchain technology startup Harbor raised $28 million in a new funding round led by Founders Fund, the company announced Tuesday.” (The Real Deal)
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