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10 Must Reads for the CRE Industry Today (June 8, 2018)

Starbucks may have opened too many new stores, reports the Wall Street Journal. Forbes lists the biggest real estate companies in the world this year. These are among today’s top must reads from around the commercial real estate industry.

  1. Piece-by-Piece, a Factory-Made Answer for a Housing Squeeze “California is in the middle of an affordable-housing crisis that cities across the state are struggling to solve. Rick Holliday, a longtime Bay Area real estate developer, thinks one answer lies in an old shipyard in Vallejo, about 40 minutes northeast of San Francisco. Here, in a football-field-sized warehouse where workers used to make submarines, Mr. Holliday recently opened Factory OS, a factory that manufactures homes.” (The New York Times)
  2. Too Much Coffee? Starbucks Shops Outnumber McDonald’s “It may be time for Starbucks Corp. to put the brakes on new-store openings.” (Wall Street Journal, subscription required)
  3. The World’s Largest Real Estate Companies 2018 “Unless you’ve visited Lower Manhattan in the past few years and strolled through its namesake shopping center, there’s a decent chance you've never heard of Brookfield Asset Management. Its low profile, however, hasn’t stopped the Canadian firm from amassing some 400 million square feet of commercial space or from outperforming other global real estate investment firms on nearly every financial metric that counts.” (Forbes)
  4. Inside the High-End Mailrooms Wealthy Residents Visit When They’ve Got Mail “Each morning, Diane Legault heads to an all-white space with floor-to-ceiling glass windows framing the Atlantic: the mailroom at Jade Signature, her beachfront condo building in Sunny Isles Beach, Fla. ‘It has the most beautiful views,’ the 57-year-old pharmaceutical consultant says of the mailroom at Jade, where she lives in a $5.4 million condo. She says she enjoys chatting with neighbors while sorting her mail at the reclaimed-wood table.” (Wall Street Journal, subscription required)
  5. In These 4 Cities, Renting Long-Term Can Cost You Over $2 Million “Home-ownership is an essential part of the American dream, yet rising home costs and widespread student loan debt make renting the only feasible option for many. Still, it can make both emotional and financial sense to keep the dream of owning alive since, according to a new report from GoBankingRates, renting can cost you millions over the course of your working life — especially if you're on the West Coast.” (CNBC)
  6. The Best Strategy in a Shifting Real Estate Market: Add Value “The economy is booming, unemployment continues to fall, and global equities are at record highs. But there are signs that we’re headed for a shift that will impact commercial real estate, and business in general. So what is the best strategy for these uncertain times? We continue to believe that investors should always be on the lookout for opportunities that allow them to add significant value. It’s a strategy that’s allowed our company to prosper in good times and in challenging times.” (Forbes)
  7. Rejoice! NYC’s Getting a Permanent Nutella Café “If you’re a nut for Nutella, a forthcoming Manhattan cafe opening is sure to whet your appetite. Ferrero, the company that makes the popular hazelnut spread, will open a Nutella Cafe at 116 University Place, near Union Square, by the end of the year. The space will serve up Nutella-smeared menu items and espresso drinks.” (New York Post)
  8. Walmart Sues to Bar Former Tax Executive from Joining Amazon “Walmart Inc has asked a court to block a former top tax executive from joining Amazon.com Inc, saying the move would violate a non-compete agreement and irreparably harm Walmart by potentially tipping off its rival to strategic plans including potential merger targets.” (Reuters)
  9. Are Changes Coming to Eastgate Mall? “The Sears store at Eastgate Mall will remain open – but its days are likely numbered as the mall ownership, CBL & Associates Properties, reviews transformation options.” (Cincinnati Enquirer)
  10. Some Toys R Us Landlords Escape a Bankruptcy Blow “As Toys R Us prepares to close more than 700 stores around the country, some of them in the Chicago area won’t stay dark for long.” (Crain’s Chicago Business)
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