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10 Must Reads for the CRE Industry Today (August 2, 2018)

Wells Fargo agreed to pay $2.1 billion for its role in the housing bubble, The Associated Press reports. San Francisco officials want to ban cafeterias in newly constructed office buildings, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Wells Fargo to Pay $2.1 Billion for Role in Housing Bubble “Wells Fargo agreed Wednesday to pay a $2.1 billion fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble that ultimately led to the 2008 financial crisis.” (The Associated Press)
  2. San Francisco Officials to Tech Workers: Buy Your Lunch “Two San Francisco supervisors introduced an ordinance last week that would forbid employee cafeterias in new corporate construction. It is not clear whether the measure will pass, but it is a direct attack on one of the modern tech industry’s most entrenched traditions.” (The New York Times)
  3. The ‘Backsies’ Billionaire: Texan Builds Second Fortune From Wreckage Of Real Estate Empire He’d Sold “So now, a decade after he dodged a bullet by selling his company, Goff is back in control of it again, with a concentrated portfolio of premium properties that he says he likes well enough to hold onto through any economic downturn. Not that he thinks that’s coming—at least not yet.” (Forbes)
  4. Kroger to Launch Grocery Delivery ServiceKroger Co. is launching a grocery delivery service, its fourth e-commerce offensive in less than three months, as the U.S.’s largest supermarket chain seeks to remain relevant in a fiercely competitive grocery sector.” (Wall Street Journal, subscription required)
  5. Treasury Yield Tops 3% Again “A fresh wave of selling hit U.S. government bonds Wednesday, sending the yield on the 10-Treasury note above 3% for the first time in nearly two months.” (Wall Street Journal, subscription required)
  6. Demystifying the Real Estate Development World for Minority Youth “When Cedric Bobo and Fred Greene think back on their most meaningful moments since founding Project Destined, a nonprofit whose goal is to help minority youth become real estate stakeholders in their communities, they both tell the same story. The pair launched the nonprofit in 2016 in Detroit.” (Next City)
  7. Nashville Real Estate Snatched Up by Cryptocurrency and Crowdfunded Ventures “But beyond its facade, the Leslie Avenue fix-and-flip venture near the trendy Nations neighborhood is anything but ordinary. California cryptocurrency firm Property Coin bought the property earlier this year and will devote sale profits to boosting the value of its brand of digital cash.” (The Tennessean)
  8. Investing in Workforce Development to Stimulate Local Markets “Flynann Janisse, executive director of Rainbow Housing Assistance Corp., details the role of a competitive employment base in spurring demand for real estate.” (Commercial Property Executive)
  9. In America’s Shopping Capital, No Place to Shop “Manhattan is facing its highest commercial vacancy rate in decades, with empty storefronts becoming increasingly common in once-bustling retail corridors. Skeptics of brick-and-mortar retail will blame this problem on the so-called retail apocalypsethe idea that brick-and-mortar retailers can’t keep their doors open because of online competition. This is simply not true.” (Crain’s New York Business, subscription required)
  10. Rockpoint, Highgate Look to Sell Meatpacking Office Development for $350MRockpoint Group and Highgate Hotels are looking to sell their record-setting office development in the Meatpacking District for $350 million, sources told The Real Deal.” (The Real Deal)
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