10 Must Reads for the CRE Industry Today (July 22, 2015)

10 Must Reads for the CRE Industry Today (July 22, 2015)


  1. Gaming & Leisure Buys Pinnacle Real Estate Holdings “Gaming & Leisure Properties Inc. is buying the real estate assets of Pinnacle Entertainment Inc. in an all-share deal that gives the holdings an enterprise value of $4.75 billion. Pinnacle shareholders are to receive 0.85 shares of Gaming & Leisure and one share of OpCo, a new company being spun off.” (Bloomberg)
  2. NYC Commercial Real Estate Sales to Set All-Time Record in 2015: Report “The soaring New York City real estate market is showing little sign of coming back down to earth. Sales volume of land and existing buildings is on pace to top $75 billion by the end of the year, a 30% uptick from 2014 and an all time record for the city, according to a new report by commercial brokerage Cushman & Wakefield.” (New York Daily News)
  3. Cloud REITs Gaining Ground “From music to e-books to email, more and more of the data produced today is stored in the cloud. The cloud, however, does not live in the sky. It lives in data centers spread out across the nation, and as data booms, so too, does the value of the real estate that houses it and the real estate investment trusts, or REITs, that own those properties.” (CNBC)
  4. L.A.’s Red-Hot West Side Story “Even though apartment rents in Los Angeles have risen 20% over the past five years, some real-estate investors are betting that rents still have more room to grow. That partly explains why earlier this month, investor and developer Darius Joe Meraj paid $20.1 million for Villa Montana, a 20-unit apartment complex in the affluent Los Angeles neighborhood of Brentwood.” (Wall Street Journal)
  5. Real Estate Broker Helps People Dump the Trump “Camila Murata, a real-estate agent based in Boca Raton, Fla.., says she’s foregoing all commissions for owners of Trump units who want to market their South Florida properties through her. Murata’s announcement, which was first revealed in a Palm Beach Post story, comes in response to controversial comments that Trump made about Mexicans and South Americans a few weeks ago when he announced his presidential campaign.” (MarketWatch)
  6. What This Number Tells Us About Commercial Real Estate in 12 Months “New demand for projects like healthcare and education facilities, as well as public safety and government buildings drove an index of architecture billings to its highest level in eight years. The American Institute of Architects (AIA) reported a nearly four point jump in its architectural billings index (ABI) in June to 55.7. Any score above 50 reflects an increase in billings.” (CNBC)
  7. Economy Watch: Does the Fed Foresee a CRE Bubble? “What keeps central bankers up at night? The Fed isn’t saying. The central bank doesn’t use that kind of idiom, for one thing, but more fundamentally the Fed goes out of its way to issue bland, calming statements about the economy, its plans, and pretty much everything. So Feb observers need to look pretty closely at its statements to ferret out what might really concern the central bank.” (Commercial Property Executive)
  8. A&P Files for Bankruptcy: Who Else Might Snap Up its Stores “Now in a severely wounded state, several competitors may be ready to pounce on A&P's locations along the East Coast that aren't a part of its 120-store deal. The most logical would be traditional grocery giant Kroger. Purchasing locations on the cheap from A&P would give Kroger instant access to the lucrative New York market, where it doesn't have any banners.” (The Street)
  9. The Emperor Has No (Green) Clothes “We are beginning to see a lot of greenwashing. Savvy issuers have recognized that branding a bond issue as being green opens it up to a new group of purchasers (impact investors) that may otherwise not give these bonds a second look. This made us wonder: how does one differentiate a legitimate green bond from one that’s been greenwashed?” (Wealthmanagement.com)
  10. Limited Too is Coming Back “Bluestar Alliance bought the onetime children’s apparel nameplate from Sun Capital Partners, the private equity firm that owns The Limited women’s retail chain. Bluestar’s Ralph Gindi is in discussions with department stores for a fall 2016 rollout of Limited Too — which at its peak had some 600 stores. He also inked licensing partnerships and plans to open up to 200 stores over the next five years.” (New York Post)
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