chelsea mkt

10 Must Reads for the CRE Industry Today (March 21, 2018)

Google acquired Chelsea Market in Manhattan for $2.4 billion, the Daily News reports. Nordstrom has ended talks with the Nordstrom family to take the company private, according to CNBC. These are among today’s top must reads from around the commercial real estate industry.

  1. Google Buys Chelsea Market in $2.4B Deal “No need to Google the new owner of the Chelsea Market: It’s Google. The multi-national technology company spent $2.4 billion to purchase the nearly 1.2 million square foot Manhattan complex in a deal finalized Tuesday with previous owner Jamestown, L.P.” (Daily News)
  2. Nordstrom Ends Talks with Nordstrom Family to Take Company Private “The special committee advising Nordstrom's board said Tuesday it has ended talks with the Nordstrom family about taking the company private, after the two parties were not able to agree on price.” (CNBC)
  3. 5 Things to Watch from the Fed Decision “Even though a quarter-percentage-point interest-rate hike is a “virtual lock” at the Federal Reserve Open Market Committee meeting ending Wednesday, there is enough suspense to keep investors on the edges of their seats.” (MarketWatch)
  4. How Much Money Can You Make from Buying an Apartment Building? “How exactly do you calculate that? What’s the right ratio to measure? A matrix or parameter common to the industry is ‘cash on cash,’ in which you simply take into consideration how much cash you need to buy a building and add up the cash you have at the end of the year after paying all your expenses and debt service. This is your cash on cash return — the cash left at the end of the year as a percentage of the cash you used to buy the building.” (Forbes)
  5. Why Crate and Barrel’s CEO Isn’t Worried About Amazon “Chief Executive Neela Montgomery, 43, has been working to modernize the 55-year-old furniture chain by decluttering stores and investing heavily in social media and digital capabilities. The brand spends more than 50% of its media budget on digital media.” (Wall Street Journal, subscription required)
  6. Frisco’s Tallest Office Tower Open for Business “Frisco’s tallest office building has opened its doors. The 12-story tower at 3201 Dallas Parkway is in the Hall Park development on the Dallas North Tollway.” (The Dallas Morning News)
  7. ‘Ambitious’ Apple Store Put Up For Sale by Chicago Landlord “The Chicago landlord of what Apple calls its ‘most ambitious store’ has put the building on the block in a sales process that will test the power of the popular brand name in a tempestuous retail climate.” (Wall Street Journal, subscription required)
  8. Hispanic Grocery Banner to Debut in New Markets “Fresco y Más Hispanic is expanding its banner beyond South Florida. The grocery chain, which is owned by Southeastern Grocers, parent company of Bi-Lo, Harveys Supermarket and Winn-Dixie, plans to open three stores, with two in Orlando and one in Tampa.” (Chain Store Age)
  9. Office Buying More Air Rights than Residential Condos “With luxury condo developments on the skids, a new report found the most-traded air rights have been targeted for office projects.” New York Post)
  10. Landlords in ‘Nuclear Arms Race’ to Upgrade Buildings: Ric Clark “Now that a real estate developer-turned-president is trying to broker peace with North Korea, it’s only fitting that the language of nuclear proliferation is entering real estate trade lingo.” (The Real Deal)
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