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10 Must Reads for the CRE Industry Today (March 20, 2018)

Claire’s is closing more than 90 stores, reports Business Insider. Californians are leaving the state, according to CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. Technology and Real Estate Must Blend Together, Mega Mall Owner Says “Technology and real estate must blend together better today in order to support an evolving retail market, according to one megamall owner. ‘Consumers today expect to be very, very well serviced — with technology,’ Westfield co-CEO Steven Lowy told CNBC in an interview at the ShopTalk conference in Las Vegas. ‘They wake up every day with that expectation, and it's essential that the retailing industry really adapts and evolves ... so it can compete better.’” (CNBC)
  2. Claire’s Is Closing 92 Stores as it Files for Bankruptcy—See if Yours is on the List “Claire's filed for Chapter 11 bankruptcy protection on Monday and announced it would be closing 92 stores in March and April. Claire's is a teen jewelry and accessories retailer that's perhaps best known for its ear-piercing service. In 2016, Claire's closed 166 stores. The company has been hit hard by declining traffic to malls, where the majority of its stores are located.” (Business Insider)
  3. Yoron Cohen Settles Defamation Lawsuit Against JLL “Yoron Cohen settled his defamation and age discrimination lawsuit against his former brokerage JLL, according to records filed in federal court. Terms of the settlement were not immediately known. Cohen and JLL did not respond to requests for comment. Cohen, one of New York’s top investment sales brokers, left JLL for Colliers International in December 2016.” (The Real Deal)
  4. The Most ‘Ingenious’ Real Estate Deals in New York City “Each spring, commercial real estate pros vie for the Real Estate Board of New York’s Most Ingenious Deal of the Year Awards. For the 73rd annual contest, the industry’s most prestigious honors will be presented for deals completed during 2017, although in some cases work on them began more than a decade ago.” (New York Post)
  5. Californians Fed Up with Housing Costs and Taxes are Fleeing the State in Big Numbers “Californians may still love the beautiful weather and beaches, but more and more they are fed up with the high housing costs and taxes and deciding to flee to lower-cost states such as Nevada, Arizona and Texas. ‘There's nowhere in the United States that you can find better weather than here,’ said Dave Senser, who lives on a fixed income near San Luis Obispo, California, and now plans to move to Las Vegas.” (CNBC)
  6. Amazon Dishes About its First Amazon Go Cashier-Free Store “In a new concept that threatens to upend grocery retailing, Amazon Go makes no use of cashiers, but instead relies on shoppers using smartphone apps to signal they’re in the store. Cameras and sensors inside then track what shoppers take from shelves and what they put back—and then charges them as they exit the door, using credit card information that is on file.” (Fortune)
  7. Real Estate Pros Share Their Favorite Resource for Market Trends “Part of being successful in any field means keeping up with current trends in your industry. This is especially important for real estate professionals, who must contend with rapidly changing price points, demographics and client preferences. Sharing the latest, most up-to-date listings and statistics with your clients will inspire trust and confidence in you as an agent.” (Forbes)
  8. Walmart to Bring FedEx Shops into 500 of its U.S. Stores “Walmart is bringing FedEx shops for printing, packing and shipping into 500 of its U.S. stores, adding to the number of services it offers customers in its race against Amazon. Walmart and FedEx have been testing the arrangement in roughly 50 locations across North Carolina, South Carolina, Virginia, Arkansas, Texas and Colorado. Following a successful pilot program, the small-format FedEx Office shops will be in 500 Walmart locations within two years, the companies announced Tuesday at the ShopTalk conference in Las Vegas.” (CNBC)
  9. Data Center Investment in U.S. Reached Record Levels in 2017 “According to the latest U.S. Data Center Trends Report from CBRE, investment in the U.S. data center sector reached record levels in 2017. Total investment in 2017 totaled more than $20 billion (inclusive of all single asset, portfolio and entity-level/M&A transactions), surpassing the volume for the three previous years combined. 2017 investment activity was heavily weighted by several large entity-level transactions, as data center providers and users sought to monetize certain assets and migrate to hybrid IT environments.” (World Property Journal)
  10. Liberty Property Trust Sells Suburban PA Office Portfolio “Liberty Property Trust, one of the largest office developers in the northeastern U.S., has sold an even dozen office properties in suburban Philadelphia in two separate transactions. The properties, totaling 779,190 square feet, changed hands for $106.9 million. The assets in the larger sale are located at 440 and 460 E. Swedesford Road in Wayne, 2100 and 2201 Renaissance Blvd. in King of Prussia, 45 Liberty Blvd., and 300, 400 and 500 Chesterfield Parkway in Malvern.” (Commercial Property Executive)
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