- Joint Venture Sells 86 Acres in Hanover to Bayer HealthCare “The developers of the sprawling former Alcatel-Lucent campus in Hanover are touting another milestone in its redevelopment: the sale of the remaining undeveloped land to Bayer HealthCare. In a news release Monday, Vision Real Estate Partners and Rubenstein Partners formally announced they had sold 86 acres to the life sciences giant. The parcel sits adjacent to Bayer’s 675,000-square-foot East Coast headquarters at 67 Whippany Road, which the real estate firms developed and completed in 2013.” (NJBIZ)
- Midtown TGI Friday’s to Become One57 of Assisted Living “It’s not an accident that Manhattan’s newest senior living facility will rise just blocks away from the gilded co-ops of Park Avenue. Their residents might live in the building someday. Welltower Inc., the biggest U.S. senior-housing owner by market value, is seeking to push into New York, where there’s a dearth of options available for the elderly and those with cognitive issues. Last month, it teamed with luxury developer Hines to buy a site at 56th Street and Lexington Avenue.” (Bloomberg)
- High-End Morgans Hotel Chain Dealt to Hospitality Company SBE for $82 Million “Hospitality company SBE Entertainment Group has agreed to acquire Morgans Hotel Group Co., according to people familiar with the matter, ending a long saga in which the two companies have held on-and-off-again merger talks. SBE is paying $2.25 a share in cash for the outstanding shares of Morgans, which were recently trading on the Nasdaq market at around $2, though the shares were trading as low as $1.33 last week before jumping on speculation of a takeover.” (MarketWatch)
- How to Attract Millennials to CRE “Commercial real estate service firm Sperry Van Ness took a scientific approach to the industry’s aging employee base: It conducted a study to determine what will attract the next generation of workers. Company COO Diane Danielson of Sperry Van Ness discusses the firm’s findings (which were published in the report “Gen Y: How Commercial Real Estate Firms Can Attract and Retain Millennials”) and the strategies it has consequently developed to attract fresh Millennial talent to the commercial real estate industry.” (Commercial Property Executive)
- U.S. Builder Confidence in Senior Housing Remains Positive in Q1 “According to the National Association of Home Builders' (NAHB) 55+ Housing Market Index (HMI) released this past week, U.S. builder confidence in the single-family 55+ housing market remained in positive territory for the first quarter of 2016 with a reading of 56. Despite the five-point dip from the previous quarter, this is the eighth consecutive quarter with a reading above 50.” (World Property Journal)
- Gap’s Bloodbath Continues as April Sales Plummet “Last year, CEO Art Peck told investors and analysts that the moves he was implementing would halt sales declines and put the Gap and Banana Republic brands back on track and growing just like the Old Navy brand, its biggest, by spring. Instead, all three banners have been reporting month after month of comparable sales declines, a losing streak that continued into April.” (Fortune)
- Real Estate Investment Could Reach $1.2B in Area You Can Walk Around in 45 Minutes “It would take about 45 minutes to circumambulate the area seeing over a billion dollars in investment in downtown Detroit right now. News broke over the weekend that the city of Detroit is trying to get a $267-million mixed-use development off the ground. Around 1,000 housing units and between 30,000 and 45,000 square feet of retail space would be built.” (MLive)
- Analyst: Dick’s Could Snare as Many as 180 Sports Authority Stores “Sports Authority's loss could be Dick's Sporting Goods' gain, analysts say. Dick's, the nation's largest sporting goods retailer, is the most likely bidder for the majority of Sports Authority store leases that could go to auction next week, a Canaccord Genuity analyst wrote Monday in a research note to clients. Analyst Camilo Lyon's base-case scenario has publicly traded Dick's scooping up 80 Sports Authority leases.” (The Denver Post)
- Is Trump Making New York’s Real Estate Industry Nervous? “Investors might not be worried about Donald Trump, but he appears to be making New York commercial real estate brokers nervous. Let's start with the stock market, where the Dow Jones Industrial Average has risen about 200 points in lockstep with the New York billionaire’s success in the Republican primary election campaign. Meanwhile, the commercial real estate broker index from the Real Estate Board of New York fell sharply in the first quarter.” (Crain’s New York Business)
- Paul Massey Will Shutter Political Non-Profit if He Runs for Mayor “Cushman and Wakefield’s Paul Massey has decided he will shutter the political advocacy group he launched earlier this year if he goes ahead with a run at Gracie Mansion. With an eye toward a potential mayoral bid in 2017, Massey in January formed the 501(c)(4) 1NY Together – a type of ‘social welfare’ nonprofit that is allowed to raise funds to lobby lawmakers. The group aims to foster a dialogue on issues concerning education, crime, infrastructure and the economy.” (The Real Deal)
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