- Macerich JVs with GIC, Heitman on 8 Malls “The Macerich Co. said Wednesday it had forged agreements to sell minority stakes in shopping centers to GIC Pte. Ltd., the sovereign wealth fund of Singapore, and to Heitman. The eight properties in the joint ventures with GIC and Heitman are valued at a combined $5.4 billion; deal terms were not disclosed.” (GlobeSt)
- MetLife Group Loans $1 Billion for Taubman’s Mall at Short Hills “MetLife Inc. is among insurers providing a $1 billion loan to refinance Taubman Centers Inc.’s Mall at Short Hills, a 1.4 million-square-foot luxury shopping center in New Jersey. New York Life Insurance Co. and Pacific Life Insurance Co. are also part of the group on the 12-year mortgage at 3.48 percent, New York-based MetLife said Wednesday in a statement.” (Bloomberg)
- Short-Term EB-5 Regional Center Program Extension Would Defy Logic “A Regional Center Program extension and the resulting lengthy EB-5 backlog would directly benefit the largest real estate development projects in affluent areas such as those found in lower Manhattan due to the marketing advantages these types of large glamorous projects have in China. Further, recent EB-5 history has evidenced that the larger theEB-5 project, the greater the susceptibility to fraud.” (The Hill)
- Auctions Set for A&P Stores “More than 100 bidders making 300 offers for A&P-owned stores are expected to participate in a court-led bankruptcy auction of the retailer's stores Thursday and Friday in New York. On Thursday, the Montvale, N.J.-based retailer will auction its highest-volume store in Mount Kisco, N.Y., as well as its stores in the five boroughs of New York, Westchester County, N.Y., and Northern New Jersey.” (Supermarket News)
- Meet the Hipster Real Estate Developers Building for Millennials “If you’re the sort of twentysomething who needs rhubarb bitters in her cocktail, you’re not going to live just anywhere—and Timberlane co-founders Chaffetz, 32, and Dave Enslow, 37, are counting on that. Much of their Seattle- and Los Angeles-based firm’s strategy is straight out of the developer playbook, but when fixing up a property, Timberlane takes extra care to provide touches it can market specifically to the perceived whims of millennial tenants.” (Bloomberg)
- Downtown Office Vs. Suburban Office National Income/Expense Review “The Institute of Real Estate Management (IREM), an international community of real estate managers, collected income and expense data from over 2200 private-sector buildings across the U.S. This year’s sample represents 1,914 office developments, some of which contain multiple buildings. The typical suburban office property contained an average of 109,457 SF and is occupied by an average of eight tenants.” (Bisnow)
- Microsoft Sets Fifth Avenue Debut While Apple in Williamsburg Nears Completion “Microsoft flagship store announced this morning that it'll open at 677 Fifth Avenue — the previous tenant, Fendi, decamped to Madison Avenue — on Monday, October 26th at noon. Expect five floors and 22,269 square footage of shopping space, plus plenty of shoppers shuffling to and from the Apple Cube just up the street to compare products.” (New York Racked)
- Choosing to Crowdfund the Real Estate Market “More people are being drawn into this increasingly crowded space, with platforms like Realty Mogul, Property Moose and Fundrise leading a sector which globally raised over $1 billion in real estate during 2014. By the end of this year, that figure is expected to almost triple, up $2.57 billion worldwide, according to a Massolution report released this year.” (CNBC)
- A Time for Prayer and a Local Real Estate Pitch “As Pope Francis prepared to celebrate mass at Madison Square Garden Friday night, volunteers were distributing literature to the faithful, seeking support for a land use matter they have before the city. The Archdiocese of New York is backing a rezoning in East Midtown that would enable St. Patrick's Cathedral to sell the space above its property — known as unused air rights — throughout the Midtown Manhattan business district.” (Capital New York)
- New York REIT Plans Strategy Review Following Litt Critique “New York REIT Inc., an owner of properties in Manhattan and Brooklyn, plans to review its business and add independent directors after investor criticism that the company was underperforming.” (Bloomberg)
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