- What These ‘Age-Forward’ Cities Doing for Older Residents “By 2030, roughly three of every five people on the planet will live in cities. How prepared are cities to serve their older residents? Based on a report released today, Age-Forward Cities for 2030, the answer seems to be: not very. But, according to the report’s authors, Nora Super and Caroline Servat at the Milken Institute Center for the Future of Aging, a few large and small U.S. cities get it and have launched practical initiatives to become more age-friendly. They include New York City, Los Angeles, Pittsburgh, West Sacramento, Calif., Louisville, Kansas City, Mo., Washington, D.C., Chicago and Tampa, Fla.” (MarketWatch)
- Why Department Stores Are Becoming… Restaurants “Nordstrom in midtown Manhattan who flag with hunger while contemplating Valentino sweaters or Vans sneakers have plenty of options for sustenance. The 320,000-square-foot, seven-level department store features a staggering seven eateries, from the luxe, sit-down restaurant ‘Wolf’ to a stall slinging mochi donuts. That might seem like a lot of canteens to cram under one roof, but Nordstrom’s feeding frenzy aligns with a broader trend for in-store restaurants that curiously defies the mounting bad news for brick-and-mortar retail.” (Wall Street Journal, subscription required)
- Man Group Adds Investment Director for Real Estate Debt “Bernd Kerner was named investment director on Man Group's European private debt team, a spokeswoman said. The position is new. Based in London, Mr. Kerner is responsible for sourcing, executing and managing real estate loans in euro-dominated markets. He reports to Jon Rickert, head of European private debt. ‘Having worked closely with (Mr. Kerner) over many years, I am confident his extensive knowledge of real estate financing, including the credit risks, market risks and growing regulatory requirements facing the industry, will prove invaluable to the team,’ Mr. Rickert said in a news release.” (Pensions & Investments)
- Trump Administration Says It Will Penalize Fewer Banks Who Violate FHA Regulations “The Trump administration is revising its approach to regulating lenders who provide loans insured by the Federal Housing Administration in a bid to bring banks back into this market. U.S. Secretary of Housing and Urban Development Ben Carson and Attorney General William Barr released a memorandum of understanding (MOU) outlining how their agencies will approach lenders who violate FHA regulations.” (MarketWatch)
- Prologis Research Highlights Sustainable Growth Pattern for Logistics Real Estate “Research recently issued in a report by San Francisco-based real estate investment trust company Prologis pointed to stable market conditions for the industrial real estate market, in the third quarter. The report, entitled, ‘Logistics Activity Trending Toward Sustainable Growth,’ highlighted key findings from the Prologis IBI, which is a quarterly survey of customer sentiment. The IBI pointed to what Prologis called an environment of normalization away from the unsustainably high levels of activity recorded in 2018’ (and came in at 60 for the third quarter; a reading of 50 or higher indicates growth is occurring).” (Logistics Management)
- Howard Hughes Corp. Wants South Street Project to Stay in Family “The Howard Hughes Corp.’s South Street Seaport project isn’t for sale — for now. The complex at South Street and Fulton Street, now known as the Seaport District, is not on a $2 billion list of US “non-core” assets that publicly traded Hughes plans to unload within 18 months. The news surprised analysts, who expected HHC, with a lagging share price, to put the whole company up for sale.” (New York Post)
- American Eagle Outfitters Is Showing ‘Signs of Panic’ and the Stock is Slumping “American Eagle Outfitters stock was slumping Monday afternoon, after Citigroup downgraded the teen-apparel retailer, warning that its near-term outlook looks more challenging. The back story. American Eagle shares have slipped 16% in 2019, badly trailing both the S&P 500, up 20.5%, and the struggling retail sector, as the SDPR S&P Retail ETF has still carved out 8% gains year to date. Last month the shares took a hit when the company provided disappointing guidance, which overshadowed a stronger-than-expected.” (Barron’s)
- Why Commercial Real Estate Belongs in Client Portfolios “At a time when many investors and investment professionals struggle to find attractive returns in a world of tissue-thin and even negative interest rates — and while wondering about the continuation of the record-long bull market in equities — an asset class long-favored by institutional investors stands out: commercial real estate. Typically underrepresented in portfolios of individual investors, commercial real estate can offer a mix of stability, income, and capital appreciation that many investors and their advisors are seeking.” (Investment News)
- Allbirds Co-CEO Says Company Plans to Open 20 Stores Next Year “Allbirds is planning to continue its brick-and-mortar expansion with 20 stores next year, the company’s co-founder and co-CEO Tim Brown said Monday. ‘We’ve got nearly 15 stores at the moment — 14 soon to be 15,’ Brown said. ‘We’ll add 20 stores next year. Many of them in the states — we’ve got some overseas in China and the U.K. and in New Zealand.’ The shoe company started as an online retailer out of Silicon Valley and began opening stores in only the last few years, allowing shoppers to try on the sneakers before purchasing them.” (CNBC)
- NYC Innovation Tower Reels In $749M for Redevelopment “With the assistance of AKS Capital Partners, Milstein Properties has landed a $749 million refinancing package for continued redevelopment activity at 355 Madison Ave. Milstein is in the midst of transforming the 1.1 million-square-foot tower into The Company Building, the first vertical innovation campus in New York City. AKS Capital secured the financing through Brookfield, which was one of more than a few lenders interested in accommodating Milstein’s hefty financing needs for 355 Madison.” (Commercial Property Executive)
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