10 Must Reads for the CRE Industry Today (March 3, 2016)

10 Must Reads for the CRE Industry Today (March 3, 2016)

 

  1. Investors Like Real Estate, Private Equity in First Half “Institutional investors at the start of the first half had mixed attitudes toward the alternative assets industry, according to a survey by Preqin, an alternatives data provider. Sixty-five percent of investors held positive general perception of private equity, with only 6% expressing a negative perception. And 52% of investors had a positive view of real estate, and just 12% a negative one.” (ThinkAdvisor)
  2. Fed’s Beige Book: Economic Activity Increased in Most Regions “U.S. economic activity continued to expand in most districts from early January to late February but conditions varied considerably across regions and within sectors, the Federal Reserve said on Wednesday. The decidedly mixed picture illustrates the headache Fed policymakers face when they next meet to decide the path of interest rates on March 15-16.” (Reuters)
  3. Fewer Superrich for the First Time Since 2008 “The ranks of the global superrich shrank last year for the first time since 2008, a fresh signal that slower economic growth, stock market shocks and weak commodity prices have taken their toll. The rise of the superrich over recent years has been a boon for real-estate markets, which have become a popular destination for investment. Since 2009, a quarter of global commercial property investment came from ultra-high-net-worth individuals, the Knight Frank report said.” (MarketWatch)
  4. Sports Authority Files for Bankruptcy “Following months of speculation, Sports Authority has filed for bankruptcy, with plans to close up to 200 underperforming stores and two distribution centers. The Englewood, Colo., sporting goods retailer, a portfolio company of Los Angeles private equity firm Leonard Green & Partners, submitted its Chapter 11 petition on Wednesday, March 2, in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.” (The Street)
  5. Sports Authority Bankruptcy Part of Larger Wave “Many companies languished in the portfolios of private equity firms while the markets tried to recover from the 2008 financial crisis. Ten of the 20 largest were eventually freed through initial public offerings of stock after 2010. But some of those companies are struggling. The biggest deal that went bust was the $44.3 billion purchase of the Dallas-based TXU Corporation by the Texas Pacific Group, Kohlberg Kravis Roberts and Goldman Sachs in 2007. The company has filed for bankruptcy in 2014 with nearly $50 billion in debt.” (The New York Times)
  6. Marcus & Millichap Announces John Kerin’s Retirement, Appoints New CEO “Marcus & Millichap is starting fresh this spring with a new president & chief executive officer. The national brokerage firm announced that John Kerin will retire as CEO and member of the company’s Board of Directors on March 31st, to be succeeded by Senior Executive Vice President Hessam Nadji. John Kerin joined Marcus & Millichap as a sales agent in the Encino office back in 1981.” (Commercial Property Executive)
  7. Greystar Buys Three NYC Rental Buildings for $336M “Greystar Real Estate Partners snapped up three New York City rental buildings for $336.3 million, in another sign that investors remain bullish on multifamily properties. The Charleston-based fund manager paid $211.3 million for the 204-unit rental building 160 West 24th Street in Chelsea from Chicago-based LaSalle Investment Management. In a separate deal, it bought two new rental developments in Williamsburg – 247 North 7th Street and 248 North 8th Street – from Adam America Real Estate for $125 million.” (The Real Deal)
  8. Moinian, Thor Take $160M Life Company Loan to Refi NoMad Office Tower “AIG Global Real Estate lent $160 million against the The Moinian Group and Thor Equities’s 24-story office building at 245 Fifth Avenue between East 27th and East 28th Streets in NoMad, a source informed Commercial Observer. The seven-year mortgage carries a three-year term with interest-only payments and a fixed rate of 3.99 percent, the source said on the condition of anonymity. Proceeds of the financing are being used to replace a $130 million loan Deutsche Bank originated in July 2014, city records show.” (Commercial Observer)
  9. Smooth Operators: 6 Tips to Handle Property Management Transitions “Property management changes are one of the most basic processes in the apartment industry. Considering how often they happen, one would think the method for transitioning all the necessary property information from one company to another is standard and simple. But that’s far from true. Stephanie Brock recalls an example from a few years ago, when she was working as division president for Riverstone Residential Group.” (Multifamily Executive)
  10. NYC’s Global Real Estate Giants “The rush of foreign investors and buyers has contributed mightily to New York real estate’s booming growth over the last few years. In this month’s magazine, The Real Deal adds it all up, and identifies the largest and most important sources of incoming cash from abroad – from Abu Dhabi, to Germany, to South Korea and beyond.” (The Real Deal)
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