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10 Must Reads for the CRE Industry Today (October 27, 2015) Photo courtesy of Marlith

10 Must Reads for the CRE Industry Today (October 27, 2015)


  1. Morgan Stanley Makes a Comeback in Real Estate “Morgan Stanley wrapped up fundraising over the summer for its first higher-risk real-estate fund since 2007, a sign that it has finally recovered from the downturn. The new global fund has attracted $1.7 billion in commitments from investors such as CIC and Australia’s sovereign-wealth fund, according to people familiar with the matter.” (Wall Street Journal)
  2. Crowdfunding of U.S. Real Estate Deals Gains Momentum “A tipping point may be near for U.S. investors seeking to benefit from crowdfunding in real estate, an industry that is a clear winner in the early stages of raising capital for small businesses over the Internet. The amount of money raised, size of deals and the speed at which they occur - at times in a matter of hours - has steadily increased, suggesting crowdfunding for real estate is maturing.” (Reuters)
  3. Mack-Cali Hires Brokers to Sell its Sole Property in the City “Mack-Cali has tapped a broker to market its office condo at 25 Broad St.—its only property in New York City. The New Jersey-based real estate investment trust, which owns several office and residential buildings along the Jersey City waterfront, has hired Eastdil Secured to sell its interest in 125 Broad St. Crain's first reported last month that Mack-Cali would put it on the market.” (Crain’s New York Business)
  4. Avoiding Federal Tax Liability When Selling Commercial Real Estate “Like-kind exchanges provide a powerful tool for commercial real estate investors and owners. A 1031 like-kind exchange allows investors to sell appreciated property and reinvest the proceeds in the purchase of qualifying property with no immediate capital gain. While investors may have made a profit on each exchange, they continue to avoid any tax liability until cash is ultimately realized upon the sale of a property.” (Crain’s Cleveland Business)
  5. PeerStreet Brings Real Estate Investing to Main Street “Skip the savings account or CD, and put your money where the pros do. In real estate. That’s the premise behind PeerStreet, an E-Trade for real estate, where instead of betting on stocks and ETFs, investors are building a portfolio of real estate backed securities. The 22-month-old startup, based in Manhattan Beach, launches to the public on Monday and aims to democratize access to investments previously only available to a privileged few.” (The San Diego Union-Tribune)
  6. Target to Open Two Smaller-Format Stores in L.A. “Target Corp. is opening two smaller-format stores in Los Angeles, part of an expansion in urban markets across the country. In recent years, the Minneapolis retailer and other big-box companies have expanded their offerings in urban locations, in an effort to serve city dwellers who previously had to drive to the suburbs in search of the firms' bargains. By year's end, Target plans to have opened nine urban-focused stores, compared with six traditional, big box locations.” (Los Angeles Times)
  7. Top Real Estate Developer Talks About Shaping NYC Skyline “MaryAnne Gilmartin is one of the most powerful women in real estate in the country. Born in Queens and married to a retired New York City police detective, she’s brokered the deals that have brought about The New York Times skyscraper designed by Renzo Piano, as well as the Barclays Center in Brooklyn, which was the first new indoor major sports and entertainment arena in New York City since 1968.” (Here & Now)
  8. Is $5.4B Sale Sam Zell’s Way of Saying the Party’s Over? “In 2007, Sam Zell struck a deal to sell his entire office-building portfolio to the Blackstone Group for $39 billion, then the biggest leveraged-buyout deal ever. By the end of the following year, the collapse of Lehman Brothers sent the real estate market on a tailspin. The deal earned Zell the reputation of being unusually good at predicting market swings. And it means observers tense up every time one of his companies makes a big sale.” (The Real Deal)
  9. Industry City to Get $320M From Bank of China and SL Green “Bank of China and SL Green Realty Corp. are lining up a $320 million loan to recapitalize existing debt on the massive redevelopment project, which boasts 6 million square feet of commercial space across 16 buildings, according to a person with intimate knowledge of the deal. The loan is slated to close in the next few weeks, that person said on the condition of anonymity.” (Commercial Observer)
  10. Herald Square Properties’ Gerald Nocera on Revitalizing NYC’s Iconic Lipstick Building “You’d be hard-pressed to find a better example of leaving things better than you found them than Herald Square Properties. Since launching in 2009, co-founders Gerard Nocera and Michael Reid have either owned or provided asset management services for over 1.9M SF of office space in Manhattan. This includes efforts to put the Lipstick Building back on the map through a comprehensive series of renovations, infrastructure upgrades and strategic rebranding.” (Bisnow)
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