church to retail

10 Must Reads for the CRE Industry Today (October 11, 2017)

The Wall Street Journal reports that property owners of shopping centers are looking to alternative tenants like houses of worships to tackle store vacancies. A Fannie Mae sentiment survey showed that housing confidence rose in September, according to CNBC. These are among today’s top must reads for the commercial real estate industry.

  1. For Some Struggling Malls, Churches Offer Second Life “Neighborhood shopping centers being battered by store vacancies are finding solace in churches.” (Wall Street Journal, subscription required)
  2. Renters Think the Housing Market Is Finally Loosening Up, Fueling a Sudden Optimism Among Homebuyers “All year, the overwhelming sentiment in the housing market has been frustration. Too few homes for sale drove prices sky high and led to fierce competition among buyers, especially at the entry level. So it was a little bit more than surprising to see a sudden burst of optimism among potential homebuyers in a monthly sentiment survey from Fannie Mae.” (CNBC)
  3. We Won’t Be Rebuilding Houston Any Time Soon “In Houston, we have a problem. It’s a crisis that will impede the reconstruction of our nation’s fourth-largest city. The problem isn’t capital, though. It’s labor.” (The Washington Post)
  4. Shedding Seinfeld Stereotypes, Boca Property Developers Court Younger Crowd “For years Boca Raton, Fla., was known by most people as the retirement town of Jerry Seinfeld’s parents on the hit television show. Now developers are appealing to a younger crowd. In recent years they have rolled out rental housing, retail and nightlife targeting people who are more into fine dining than early-bird specials.” (Wall Street Journal, subscription required)
  5. The Contest for Next Fed Chair Is Coming Down to Two Pretty Different Choices “The contest for who will become the next head of the Federal Reserve appears to be coming down to two pretty different choices. In recent days, market participants have become more focused on former Fed Governor Kevin Warsh and current Governor Jerome “Jay” Powell. While Warsh has long been considered a front-runner to head the central bank, Powell has emerged only lately as a compromise candidate who may just get the nod.” (CNBC)
  6. $60 Million Settlement in Federal Criminal Case Against Wilmington Trust “Wilmington Trust Corp. on Tuesday morning agreed to pay $60 million and to help federal prosecutors with their criminal case against four of its former top executives, in order to avoid a federal trial on charges the bank illegally concealed hundreds of millions of dollars in bad loans to developers from its own investors, bank examiners and the federal TARP bank-bailout program during the mortgage finance crisis of the late 2000s.” (The Philadelphia Inquirer)
  7. Isaac Chetrit Quietly Shopping Sixth Avenue Development SiteIsaac Chetrit and Ray Yadidi are quietly shopping their development site along a prime strip of Sixth Avenue in Midtown’s Garment District, The Real Deal has learned.” (The Real Deal)
  8. Economy Watch: Tech Sector Driving Office Demand “So far in 2017, the top 10 cities for office absorption include several tech-focused markets, including Brooklyn, Seattle and Santa Clara, Calif., according to a new Cushman & Wakefield report.” (Commercial Property Executive)
  9. $2M Ross Judgment Gives Tenants Victory, but Co-Tenancy Provisions Hammer Malls “A co-tenancy battle between department store chain Ross Dress for Less and its landlord at a Pennsylvania shopping center has come to an end, with the retailer being granted a nearly $2 million rent abatement.” (Commercial Observer)
  10. Sutton, SL Green Turn to Familiar Face for $225M Refi at 650 Fifth “SL Green Realty and Jeff Sutton refinanced their retail space at 650 Fifth Avenue with a $225 million leasehold mortgage from German lender Aareal Bank.” (The Real Deal)
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