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10 Must Reads for the CRE Industry Today (April 29, 2015)

10 Must Reads for the CRE Industry Today (April 29, 2015)


  1. Starwood Hotels to Explore Strategic Alternatives “Starwood Hotels & Resorts Worldwide Inc. has hired investment bank Lazard to ‘explore a full range of strategic and financial alternatives to increase shareholder value,’ a move that could put the company up for sale.” (The Wall Street Journal)
  2. Swire, Whitman, Simon Partner on Miami Development “Simon Property Group, the largest mall operator in the United States, has teamed up with Swire Properties, Inc., and Whitman Family Development to jointly develop the 500,000-square-foot retail portion of the $1.05 billion Brickell City Centre project in downtown Miami.” (Commercial Property Executive)
  3. Barrack Says Real Estate is ‘Last Bastion’ for Investors “Thomas Barrack Jr., executive chairman of Colony Capital LLC, talks about the impact of global turmoil on markets, investment strategy and asset prices, and the global real estate market.” (Bloomberg)
  4. Penn National Agrees to Buy Tropicana Las Vegas for $360 Million “Penn National Gaming Inc., an operator of casinos and racetracks, agreed to buy the Tropicana Las Vegas Casino Hotel Resort for $360 million, giving the company its first property on the Strip.” (Bloomberg)
  5. Barnes & Noble: Turning the Page with Significant Upside Potential “Over the last two years, the company began demonstrating solid signs of recovery. Barnes & Noble paid off all of its outstanding debt, and as of January 31, 2015, the only obligations it has are operating leases and preferred convertible shares. The unprofitable stores were closed, the store closure slowed down and management indicated in the recent earnings call that they will close fewer retail stores than planned, due to improved sales growth and profitability.” (Seeking Alpha)
  6. Brookfield’s Ed Hogan Heads to Vornado “Ed Hogan, the national director of leasing at Brookfield Office Properties, has been hired to oversee leasing at Vornado Realty Trust, Commercial Observer has learned. The longtime Brookfield executive will be responsible for retail leasing in Vornado’s Manhattan portfolio as well as revamping Penn Plaza.” (Commercial Observer)
  7. What Will the Fisher and Kahn Buildings Sell For? “A general consensus among my sources was $20 to $30 per square foot was seen as the ‘reasonable’ price for the pair of office buildings in the New Center area. At a total of 925,000 square feet, that would mean a purchase price of $18.5 million to $27.8 million.” (Crain’s Detroit Business)
  8. Discount Success Undercutting Coach’s ‘Luxury’ Brand “Coach is in a catch-22. It’s discount outlet stores are driving most of its customer traffic and sales, while the company is trying to emphasize its full-price stores and regain its place among luxury brands, offering fewer discounts.” (New York Post)
  9. Albertsons IPO Speculation ‘Premature’: Analyst “Reports that Albertsons might be considering an initial public offering are probably premature, a Wall Street analyst told SN Tuesday. ‘Albertsons and Safeway have not gotten close to completing their integration, and their go-to-market strategies are still very different,’ the observer said.” (Supermarket News)
  10. to Put First Chicago Warehouse on Goose Island “ has leased a Goose Island warehouse in what could be the first of several smaller deals in Chicago as the e-commerce giant maneuvers closer to urban customers seeking fast delivery. The company is taking all of a 51,970-square-foot warehouse at 1111 N. Cherry Ave., according to real estate sources.” (Crain’s Chicago Business)
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