- Fed’s George Sees More Rate Hikes Despite Trump: Interviews “The Federal Reserve should raise U.S. interest rates further this year and probably next year as well, despite President Donald Trump’s displeasure at tighter policy, Kansas City Federal Reserve Bank President Esther George said in interviews aired on Thursday. ‘Based on what I see today, I think two more rate hikes could be appropriate,’ along with several more next year as the Fed aims to move interest rates to a neutral setting of about 3 percent, George told Bloomberg TV.” (Reuters)
- CalSTRS and 3650 REIT Form $500M U.S. Property Lending Venture “California State Teachers’ Retirement System (CalSTRS) has formed a $500m (€432.8m) lending partnership with a newly formed commercial real estate portfolio lender. 3650 REIT, which was launched in April, said the joint venture with CalSTRS will initially invest $200m and expects to increase the investment to $500m in future. CalSTRS director of real estate Mike DiRé, told IPE Real Assets that the ‘joint venture investment with 3650 REIT is in keeping with the implementation of the CalSTRS Collaborative Model across all asset classes.’” (IPE Real Assets)
- What Everyone Should Know Before Investing in Real Estate “Real estate is a tricky business with a lot of ins and outs that can be difficult to navigate. Getting informed is the key to battling information overload and fatigue. We wanted to know more about what first-time investors should consider when looking for properties to put money into. We asked members of the Forbes Real Estate Council for their best tips for investors setting out after their first deal. Consider this advice if you're in the market for your first property investment.” (Forbes)
- What Killed Toys ‘R’ Us? It Wasn’t Only Amazon “When Toys ‘R’ Us sought bankruptcy protection last September, there was good reason to believe the iconic retailer would work through its problems and emerge a leaner but viable company. Its suppliers were confident enough they continued to fill its shelves with toys. On March 15, however, to the surprise of most people involved, the 70-year-old company announced it was shutting for good. Some 33,000 workers lost their jobs. Vendors now face at least $350 million of losses. The toy maker Mattel Inc. took a big hit to its bottom line.” (Wall Street Journal, subscription required)
- The Fight for Universal Rent Control in New York “NYCC is one of 13 tenant and homeless advocacy groups organizing through a new coalition, the Upstate Downstate Housing Alliance. In April, the alliance released a report casting affordable housing as a statewide issue. Close to half of New York state’s residents rent across three million households, the report found. And of those three million households, nearly half are rent-burdened, or spending more than a third of their income on rent. Meanwhile, hundreds of thousands of stabilized apartments—where tenants have the right to an annual lease renewal at an incremental increase—have lost their regulated status.” (Curbed)
- Children’s Place Turnaround Continues with Highest Comp Gain Ever “A slimmed down The Children’s Place blew past analysts’ estimates in its second quarter amid increased traffic at its mall stores. The Children’s Place has shrunk its portfolio in recent years. In 2013, it announced a ‘fleet optimization’ initiative to shutter 300 stores by 2020. Since then, the retailer has closed 191 stores. Net income totaled $7.5 million, or 45 cents a share, in the quarter ended Aug. 4, down from $14.3 million, or 79 cents a share, in the year-end period.” (Chain Store Age)
- Architecture Billings Index Continues to Slow Mid-Summer “According to a new report from the American Institute of Architects (AIA), U.S. architecture firm billings growth slowed again in July 2018 but remained positive overall for the tenth consecutive month. AIA's Architecture Billings Index (ABI) score for July 2018 was 50.7 compared to 51.3 in June 2018. Any score over 50 represents billings growth. While July's ABI shows that aggregate demand for architecture firm services continues to increase, much of that growth came from one region--the South.” (World Property Journal)
- Long-Stalled Target Shopping Center in Hollywood Can Proceed, Appeals Court Rules “A California appeals court on Thursday sided with the city of Los Angeles in a long-running legal fight over a half-finished Target shopping center in Hollywood, reversing a lower court’s ruling that halted construction of the project. The 2nd District Court of Appeal ruled that the city complied with state environmental law and did not abuse its discretion by changing local zoning laws to allow the project.” (Los Angeles Times)
- Ivanhoe Cambridge Plans $450M Industrial Project in Inland Empire “Ivanhoé Cambridge has acquired from CapRock Partners two large parcels of land in Ontario, Calif., which will be developed as Colony Commerce Center, a more than $450 million Class A industrial project, the two companies announced. CapRock Partners will develop the 11-building, two-phase project on behalf of Ivanhoé Cambridge. The purchase price was not disclosed. The project, in Southern California’s Inland Empire, will consist of almost 3 million square feet of leasable space and offer building sizes as large as 1 million square feet.” (Commercial Property Executive)
- Real Estate Is Hot in Detroit. But its Top Owner, the City, Isn’t Selling “William Gill wants to buy a fixer-upper home in Detroit and has his sights set on the neighborhood of North Campau. Far removed from the trendy areas of Midtown and downtown, the neighborhood near Interstate 75 and Hamtramck is close to his job as a hi-lo driver and his daycare for his children. Unfortunately for Gill, most of the homes in the neighborhood have a single owner: The Detroit Land Bank. And it isn’t selling. The city agency owns 60 percent of all the properties in the neighborhood, 144 total, and is selling two.” (Michigan Radio)
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