10 Must Reads for the CRE Industry Today (March 6, 2015)

10 Must Reads for the CRE Industry Today (March 6, 2015)


  1. Macerich Rises After Report of Takeover Approach by Simon “Macerich Co. rose the most in three months after the Wall Street Journal reported that Simon Property Group Inc., the largest U.S. mall owner, has made approaches to buy the company. Simon, based in Indianapolis, made a takeover approach in the past few weeks after making a previous one late last year, the Journal reported Wednesday, citing people familiar with the matter.” (Bloomberg)
  2. CBRE in Talks to Buy Johnson Controls Corporate Real Estate Unit—Update “CBRE Group Inc., the world's largest commercial real-estate-services company by revenue, is negotiating to buy the division of Johnson Controls Inc. that manages 1.8 billion square feet of corporate real estate globally, according to a person familiar with the matter.” (Nasdaq)
  3. The 20 Richest Real Estate Tycoons on the 2015 Forbes Billionaires List “Despite a cooldown in many property markets over the past year, FORBES now counts more real estate billionaires this year than last. Twenty-three people join the FORBES Billionaires List in 2015 thanks to their real estate holdings, bringing the total number of real estate tycoons on the list to 157.” (Forbes)
  4. The 50 Most Important People in Commercial Real Estate Finance “It was a year of record-breaking prices, resurgent loan volumes and headline-grabbing mergers and acquisitions. And once again, we dug through public records and talked to dozens of industry experts to assemble our third annual list of the 50 Most Important People in Commercial Real Estate Finance. It’s our subjective take on who ruled the roost in the last year.” (Commercial Observer)
  5. Westbrook Takes Controlling Stake in Two Midtown Office Towers “Westbrook Partners has picked up a 96 percent stake in a pair of Midtown office towers from Savanna for an undisclosed sum, according to data from Real Capital Analytics. The buildings at 1375 Broadway and 31 Penn Plaza are together valued at approximately $650 million. The 27-story, 513,000-square-foot office building at 1375 Broadway, between 37th and 38th streets, is valued at $356.2 million.” (The Real Deal)
  6. AEG to Add 755 Rooms to Marriott Complex at L.A. Live “Sports and entertainment giant AEG will make a $500-million expansion to its Marriott complex at L.A. Live as the demand for hotel rooms rises in downtown Los Angeles. AEG will add 755 rooms to the popular J.W. Marriott in a new high-rise connected to the existing hotel building by a bridge over Olympic Boulevard, creating the second-largest hotel in California with 1,756 rooms.” (Los Angeles Times)
  7. Oil Bust Threatens CMBS in Wall Street Funded Shale Towns “The oil glut is threatening to expose cracks in the commercial-mortgage bond market. Nomura Holdings Inc. estimates that $16 billion in property debt that has been sold to investors as securities is vulnerable to default after crude prices plunged, posing risks for the economies of U.S. cities and towns built around the boom.” (Bloomberg)
  8. Walgreens and CVS Declare War on Property Taxes “Walgreens boasts convenient locations, a wide array of products, and a killer tax strategy. When it works, local tax officials warn, kids and homeowners suffer. In the fall of 2012, county tax officials across Kentucky began preparing for a clash with the pharmacy chain, which operates thousands of stores in the U.S. and has a market value of more than $90 billion. Walgreens was challenging its tax assessments at stores across the state.” (Crain’s Chicago Business)
  9. Hines Grows Retail Expertise with New Group “Hines has formed a Retail Resources Group and named Managing Director Kenton McKeehan to head it up. The new group will assist all company-wide retail development, acquisition and redevelopment efforts and comes at a time when the Houston-based privately owned international real estate firm has become one of the most active buyers of retail power centers around the world.” (Commercial Property Executive)
  10. A Grocery Chain No One Talks About is Becoming Whole Foods’ Biggest Threat “Whole Foods and Trader Joe's are often praised for reinventing the grocery business. But Kroger is thriving in a difficult market for grocery stores. The supermarket chain has reported positive comparable-store sales for 45 straight quarters.” (Business Insider)
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