10 Must Reads for the CRE Industry Today (January 7, 2015)

10 Must Reads for the CRE Industry Today (January 7, 2015)


  1. U.S. REITs Seen as Ripe for Takeover With More Activism “The number of transactions involving sizable REITs, through mergers of public companies or privatizations, has plunged almost 80 percent in the past seven years compared with 2000 to mid-2007, when there were 32 deals, Newport Beach, California-based Green Street said in a report. Conditions “now appear ripe” to end the drought, the firm said.” (Bloomberg)
  2. Teen Apparel Chains Poised for Pain as Malls Lose Luster “The decline of the American mall is threatening to create more retail victims in 2015 as stores that count on enclosed shopping centers for foot traffic find they’re increasingly isolated from consumers.” (Bloomberg)
  3. Committee Eyes Bigger Historic District to Sink Seaport Tower “Community Board 1’s Special Landmarks Committee presented its resolution regarding Howard Hughes Corporation’s South Street Seaport development. The panel wants the Landmarks Preservation Commission to extend historic district boundaries to include the site of the development’s showpiece, a 494-foot tower. As of now, the committee has no say over the tower site, which sits outside of historic district bounds.” (The Real Deal)
  4. RLJ Lodging Secured Delayed Funding Facility to Repay CMBS Debt “Hospitality REIT RLJ Lodging Trust has closed on a $150 million unsecured seven-year term loan facility that will be deployed by the end of the second quarter of 2015. This transaction will address all of RLJ's debt maturities for the year, says CEO Thomas J. Baltimore, Jr.” (GlobeSt)
  5. Meridian Arranges $135M in Financing for World’s Tallest Holliday Inn “Meridian Capital Group, L.L.C., has facilitated a $135 million mortgage for the refinance of the Holiday Inn Manhattan-Financial District, a 50-story limited-service hotel property in New York City, on behalf of Sam Chang and Jubao Xie.” (Commercial Property Executive)
  6. Berlin Trades Wall for Mall “Not far from the Brandenburg Gate, near where the Berlin Wall once stood, builders are putting the finishing touches on a new shopping mall. The one-million-square-foot property, known as the Mall of Berlin, stands on the site of the old Wertheim department store, whose Jewish owner was forced to sell under the Nazis in the 1930s, and is only a stone’s throw from the bunker where Hitler made his last stand during World War II.” (The Wall Street Journal)
  7. Manhattan Now “Officially” a Landlord’s Market: DTZ “A continued surge in the technology, advertising and media sector coupled with modest growth in the financial sector saw Manhattan hit big leasing numbers in 2014, with demand the highest it’s been in nine years.” (The Real Deal)
  8. Wet Seal Defaults on $29 Million “Teen retailer Wet Seal Inc. has defaulted on a total of $28.8 million in senior convertible notes and related costs. In a regulatory filing, the struggling retailer  said it received notice of default on $27 million in notes from creditor Hudson Bay Master Fund Ltd., plus costs including attorneys’ fees and disbursements.” (Chain Store Age)
  9. Exclusive: C Wonder is Completely Shutting Down “C. Wonder, the whimsical chain created by Tory Burch’s ex-husband Christopher Burch in 2011, is going belly-up, BuzzFeed News has learned. The company called an internal town hall meeting at 11 a.m. today, where its roughly 100 employees were told the brand would be shutting down, said a person at the meeting who declined to be identified citing a lack of authorization to speak publicly.” (BuzzFeed)
  10. Lightstone Raises $120M on Israeli Bond Market “David Lichtenstein’s Lightstone Group raised $120 million on the Israeli bond market, joining other New York developers who have tapped the market to finance local building projects. Lighstone Enterprises Limited, a subsidiary of Lightstone, issued the $120 million unsecured corporate bonds on the Tel Aviv Stock Exchange, where the bonds began trading Dec. 8, 2014.” (The Real Deal)
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