ten must reads Walgreens Justin Sullivan / Getty Images

10 Must Reads for the CRE Industry Today (October 26, 2017)

Walgreens announced it will close 600 stores as part of its acquisition of Rite Aid, according to USA Today. The New York Times reports that Colony Capital’s preliminary agreement to offer a cash infusion to the Weinstein Company fell apart. These are among today’s must reads from around the commercial real estate industry.

  1. Walgreens to Shutter 600 Stores as Part of Rite Aid Deal “Walgreens plans to close about 600 drugstores as it completes a $4.38 billion deal to buy nearly 2,000 from rival Rite Aid.” (USA Today)
  2. Weinstein Company Will Not Get Planned Cash Infusion “The Weinstein Company is looking for a new financial lifeline after a preliminary agreement for an immediate cash infusion from Colony Capital fell through.” (The New York Times)
  3. Hudson’s Bay Executive Chairman Offers Insight into Lord & Taylor Deal with WeWork “What does a department store and a shared work space company have in common? It sounds like the beginning of a joke. But it’s not. One industry has too much real estate, and another needs more. That’s the basic concept that brought Lord & Taylor and WeWork together.” (CNBC)
  4. Trump Says He Is Thinking About Keeping Yellen as Fed Leader “President Donald Trump said Wednesday he still is considering offering Janet Yellen another term as Federal Reserve chairwoman when her term expires in early February.” (Wall Street Journal, subscription required)
  5. Aging Baby Boomers Still Want It All, Including Luxe Urban Apartment Living “Michael Gordon, VP of planning and development for a Boston real estate firm, has been counting down the days until a new high-end apartment and condo complex opens. The 92-unit projects boasts the kinds of amenities common in the current spree of high-end rentals going up in American cities: walk-in closets, full kitchens, more spacious layouts, numerous communal areas, concierge services, chauffeured car service, even an on-site movie theatre and two restaurants. The key difference between Waterstone at the Circle and other expensive high-rises is the demographic of its clientele. The average move-in age of future Waterstone residents is 82.” (CNBC)
  6. What to Do with Dead Malls “Just when you think you have a handle on the brick-and-mortar retail crisis, the prognosis gets worse. More than 8,600 stores will close their doors in 2017, according to Credit Suisse analysts—a number that exceeds store closures during 2008, when America was in recession. One quarter of all shopping malls are expected to shutter in the next five years, according to the same report.” (Wall Street Journal, subscription required)
  7. Three Reasons Why Co-Living Is Here to Stay “For a growing number of renters, dorm-style apartments are in high demand. These renters are sacrificing individual space while simultaneously gaining a completely amenitized building. For the millennial renter base, this is a known and acceptable form of living, and they have already done it on their own via Facebook, Craigslist and other social sites.” (Forbes)
  8. CoStar Calls Doug Curry ‘Perverse,’ Xceligent Calls CoStar ‘Desperate’ in Ramped-Up Attacks “In the hours after Xceligent parted ways with founder and longtime CEO Doug Curry, CoStar — the $9B data giant, dominant commercial real estate data figure and Xceligent's legal adversary — went on a marketing blitz.” (BisNow)
  9. Retail Rents Fall in Most Manhattan Corridors “According to this week’s market reports, the New York metro area has the highest number of zombie foreclosures in the nation, and over 60 percent of Manhattan retail leases in the third quarter were for short-term deals.” (The Real Deal)
  10. Mack-Cali Unveils $50M NJ Capital Improvement Initiative “The REIT plans to renovate building exteriors, install state-of-the-art amenities and modernize common areas throughout its portfolio of properties in Parsippany, Short Hills, Metro Park and Red Bank, N.J.” (Commercial Property Executive)
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