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10 Must Reads for the CRE Industry Today (September 14, 2015)

10 Must Reads for the CRE Industry Today (September 14, 2015)


  1. Citadel to Pay Priciest Rent in City History, If Not the World “The developer of 425 Park Ave., a 900-foot-tall luxury office tower under construction between East 55th and 56th streets, has signed a deal with the hedge fund Citadel to take over 200,000 square feet at the property for a record-breaking sum. The lease includes the building's penthouse, which Citadel has agreed to pay $300 per square foot to rent. That's about 50% more than previous peak rents in the city.” (Crain’s New York Business)
  2. No Risk of Real Estate Bubble, ‘In a Very Good Place’: Peebles “Commercial real estate prices in some parts of the U.S. are surpassing records set before the financial crisis of the last decade. But one of the leading figures in the property markets sees little reason to worry. ‘I don’t think we’re at a risk for any type of bubbles, right now,” said Don Peebles, chairman and CEO of Peebles Corporation, the nation’s largest African American-owned real estate company.’” (Yahoo Finance)
  3. Three Dream Tenants for American Dream “The long-delayed, controversial American Dream retail-entertainment destination in the Meadowlands in East Rutherford, New Jersey, has snared three high-profile tenants. Hudson's Bay Company announced that three of its store brands — a 131,906 sq. ft. Saks Fifth Avenue, a 119,605 sq. ft. Lord & Taylor, and a 30,000-sq.-ft. Saks Off 5th — will be among the three million-sq.-ft. mega-center’s tenants.” (Chain Store Age)
  4. Court Orders Hollywood Tower Tenants to Vacate “The planned Target shopping center in Hollywood has stood unfinished for nearly a year, surrounded by fencing and patrolled by guards. Work stopped at the site after a judge concluded that the City Council had improperly approved the project, allowing a development that did not conform to the property's zoning. That zombie building, still mostly empty inside, could soon have company right up the street.” (Los Angeles Times)
  5. Commercial, Multifamily Mortgage Delinquencies Continue Downward Trend “According to the Mortgage Bankers Association's Commercial & Multifamily Delinquency Report, delinquency rates for commercial and multifamily mortgage loans continued to decline in the second quarter of 2015. The MBA analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae, and Freddie Mac.” (World Property Journal)
  6. Texas Real Estate Investor Bets Big on O.C. Office Space “So why is a big Texas property investor making big bets on Orange County office space? Hines, the Houston-based real estate giant, just picked up a relic of the subprime lending debacle that ravaged the regional and national economies: the still nearly empty Quintana office complex in Irvine, near John Wayne Airport. It’s the 12th county office property that Hines has bought since 2011.” (The Orange County Register)
  7. How Could Anyone Say How Much Ground Zero is Worth as Real Estate? That Was This Man’s Job “Randall Bell, head of Landmark Research group, was hired to appraise the World Trade Center and Flight 93 sites. He's an innovator in the field of appraisals, having invented the Bell Chart in 1993, a complicated matrix that accounts for hundreds of different factors to determine the value of a location. Throughout his career, Bell has analyzed dozens of stigmatized properties.” (Business Insider)
  8. NYC’s Development Tsars Light Up TRD Shanghai Forum “New York City and China’s biggest developers dished on joint ventures, EB-5 financing and the importance of good partners in a no-holds-barred chat at The Real Deal’s inaugural U.S. Real Estate Showcase & Forum in Shanghai. Spitzer Enterprises’ Eliot Spitzer, Steve Witkoff of Witkoff, Greenland USA’s Ifei Chang, Xinyuan Real Estate’s John Liang, Kuafu Properties’ Shang Dai and Gale International’s Stan Gale Jr. also touched upon overcoming the cultural differences between the U.S. and China.” (The Real Deal)
  9. What Is the Tipping Point for VEREIT? “I'll admit, VEREIT's share price and dividend yield are looking awfully cheap - shares in the $7.24 billion (market cap) REIT closed on Friday at $8.00 with a dividend yield of 6.9%. There is little doubt that VER has been the ugly duckling of the Net Lease sector, the Total Return for VER has been -36.9% during the last 12 months.” (Seeking Alpha)
  10. ‘The Worst Storm in Retail History’ Is Heading Straight for Walmart, Kroger and Whole Foods “Two highly competitive German grocery stores, Aldi and Lidl, are plotting to take over the US — and that's terrible news for Walmart, Kroger, and Whole Foods. Aldi and Lidl have upended the UK grocery market over the past several years by sending the nation's largest supermarkets into a crippling price war that has dented profits.” (Business Insider)
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