- Unibail Selling Properties After Big Westfield Deal “Just weeks after pulling off the largest retail real-estate acquisition ever, Unibail-Rodamco-Westfield is going into property-sales mode. The Paris-based mall giant is under pressure to reduce the debt load it took on to finance its $15 billion acquisition of Westfield Corp., which closed in June and created a global company with €62 billion worth of property. The combined portfolio consists of 102 shopping malls, 13 offices properties and ten convention centers in Europe and the U.S.” (Wall Street Journal, subscription required)
- Six Reasons You Should Become a Real Estate Investor “With the popularity of HGTV and dime-a-dozen house-flipping seminars open to the public nationwide, it seems everyone now wants to become a real estate investor. Whether it’s through wholesaling or flipping, your rags-to-riches dream of homeownership is just around the corner, right? It could be, if you had no other full-time job, family, friends or life of your own. Here are six reasons you should not become the real estate investor your dreams are selling you.” (Forbes)
- Construction Spending Ticks Up in May as Housing Takes a Breather “Construction expenditures were 0.4% higher in May than in April the Commerce Department said Monday. The government’s construction spending data is volatile, but the trend is solidly up, in a good sign for the economy. In May, spending was 4.5% higher compared to a year ago, and for the first five months of the year, it was 4.3% higher than the same period in 2017. The Econoday consensus was for a 0.6% increase in May.” (MarketWatch)
- Ventas CEO, Debra A. Cafaro, Elected Real Estate Roundtable Chair “Debra A. Cafaro, Chairman and Chief Executive Officer of Ventas, Inc., has been elected Chair of The Real Estate Roundtable for their fiscal year beginning July 1, 2018. The Real Estate Roundtable, led by President and CEO Jeffrey D. DeBoer, brings together leaders of the nation’s top real estate ownership, development, lending and management firms to address key national policy issues relating to real estate and the overall economy.” (The Daily Journal)
- Foreigners Still See U.S. Commercial Real Estate as Healthy Investment “Foreign investment into US commercial real estate continued to be strong in 2017 with almost a fifth of National Association of Realtors (NAR) members practicing in the segment closing a sale with an international client during the year, according to the trade association’s 2018 Commercial Real Estate International Business Trends report.” (Mortgage Professional America)
- The Major Challenges Faced by Women in Commercial Real Estate Industry “A whopping 87.2 percent of women say that the biggest challenge in the commercial real-estate industry is equal pay, according to a recent study by commercial real-estate recruitment and staffing firm RETS Associates. The study is based on a survey of 618 women in entry- to senior-level positions about their feelings towards gender equality in the industry in 2018. Sixty-five percent of survey participants said they were made aware of being paid less than a male counterpart at some point in their career, and furthermore, 75 percent of these women said it happened two or more times” (Entrepreneur)
- At $31.8B, NYCHA’s Unmet Capital Needs Dwarf Government Allocations “The New York City Housing Authority's deteriorating buildings need $31.8 billion over five years to address unmet capital repairs, some of which are necessary to ensure tenants' safety from mold and lead paint exposure. More than $25 billion is needed within one year, yet most of the buildings' crumbling conditions will continue to go unfunded without a major shift in course, according to previously undisclosed findings obtained by POLITICO.” (Politico)
- Eastern Consolidated’s Fate Sealed by 2013 Reboot “When Eastern Consolidated throws its annual summer party at the Westchester home of co-founders Daun Paris and Peter Hauspurg this month, it will be something of an Irish wake. The brokerage lasted 37 years, survived the real estate bust of the late 1980s/early 1990s, the pop of the dot-com bubble in the early 2000s, and the worst economic recession of a lifetime. But Paris and Hauspurg’s abrupt decision last month to shut down the brokerage can be traced back to a plan they put in place five years ago to expand the firm’s footprint beyond its core investment sales platform, according to current and former employees.” (The Real Deal)
- AccorHotels to Buy Stake in sbe for $319M “As terms stand, AccorHotels would shell out $125 million on the purchase of 50 percent of sbe’s common equity, partially held by Cain International, effectively becoming partners with Nazarian, who will maintain his 50 percent ownership in the company. The remainder of the transaction calls for AccorHotels to invest $194 million in a new preferred debt instrument to be utilized to redeem existing preferred units, which are also held in part by Cain.” (Commercial Property Executive)
- How Technology Will Change Healthcare Real Estate “The delivery of healthcare in the US is rapidly changing and this change will affect, in ways more numerous than perhaps realized, healthcare real estate and how it is used. It is a complex subject but Transwestern and IMEG Corp. tackled it in a new report called The Convergence of Healthcare Delivery in the US. The report went straight to the source for its findings, summarizing the responses of leaders from 24 healthcare-related organizations, including companies in the commercial real estate space.” (GlobeSt.com)
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