10 Must Reads for the CRE Industry Today (October 21, 2014)

10 Must Reads for the CRE Industry Today (October 21, 2014)


  1. Pennsylvania REIT Urged to Weigh Sale by Land & Buildings “Pennsylvania REIT should “explore strategic alternatives, including a sale” if it is unable to improve the net asset value of its holdings via divestitures, Litt wrote in a letter to the Philadelphia-based company’s chief executive, Joseph Coradino. Land & Buildings owns less than 1 percent of Penn REIT, according to data compiled by Bloomberg.” (Bloomberg)
  2. Private Equity Quarterly Performance in Context: A Look at Blackstone Group’s Q3 Results “These firms are looking to take advantage of market dislocations, asset mispricing, lack of liquidity in a given asset class and a host of other strategies that may play out over several years rather than any particular 90-day interval.” (benzinga)
  3. CalPERS, Hedge Funds, and Real Estate Investments “Hedge funds have enjoyed quite a run – until, perhaps, recently. The decision in mid-September by CalPERS to exit hedge fund investments could mean that hedge funds may have hit their high-water mark – and could signal that real estate and other more conventional investments may gain increased attention.” (NuWire Investor)
  4. Mayor Calls JPMorgan Tax Proposal “Nonstarter”  “On Monday, Mayor Bill de Blasio rejected a request from JPMorgan Chase for more than a $1 billion in tax incentives from the city and state to keep its headquarters in New York City. But although he called the proposal a "nonstarter," he left open the possibility of offering some tax break to the bank.” (Crain’s New York Business)
  5. 7 Daily Steps to Steadily Build a Real Estate Empire “Real estate can be a very hectic business. There are often many projects going on all at the same time, and every one of them needs attention right this second. I can be a ‘Ready...Fire! Aim...’ kind of guy, so it was important for me to learn how to manage (or at least try to manage) my day effectively. (The Motley Fool)
  6. Mall of America Looks to China for More Shoppers “China is more than 6,000 miles and at least two plane rides from Minnesota, but Mall of America officials are zeroing in on the world’s most populous country as a lucrative source of shoppers to help the mall grow in the next decade.” (Star Tribune)
  7. Ringing Up Retail: Low Vacancy Rates, Steady Tenants Total Steady Leases, Sales “Any retail real estate broker who's not making a killing in the current retail environment in metro Detroit is doing something seriously wrong. So says Scott Griffin, president of Southfield-based Griffin Properties Inc. “ (Crain’s Detroit Business)
  8. Where Have All the Trophy Office Towers Gone? “A dearth of trophy buildings has investors sitting on the sidelines, seeking off-market or partial stakes. In some cases, they’re even buying residential properties. That’s why the year is on pace to rack up more trades than 2007’s 5,200 properties.” (New York Post)
  9. Ikea Land Purchases Among Most Expensive in St. Louis City “The Business Journal has compiled the top five most expensive commercial real estate purchases in the city of St. Louis for the second quarter of 2014. Here's one non-surprise: Swedish retailer Ikea's purchase of parcels in Midtown for its St. Louis store were among the most expensive.” (St. Louis Business Journal)
  10. Forest City Looks to Sell Controlling Stake in Barclays Center “Developer Bruce Ratner’s Forest City Ratner is selling a 55 percent stake in the Barclays Center. The Brooklyn venue opened two years ago. Investment bank Evercore Partners is expected to start marketing the property next week. A Brooklyn Nets spokesman said that the current management team will continue in its existing role in a statement reported by SportsBusiness Journal.” (The Real Deal)
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