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10 Must Reads for the CRE Industry Today (Feb. 19, 2020)

The value of cell towers is expected to rise, reports the Wall Street Journal. Home furnishings retailer Pier 1 files for bankruptcy, according to CNN Business. These are today's must reads from around the commercial real estate industry.

  1. Three Cell Tower Companies Become the Hottest Play in Real Estate “Cell towers, often considered a neighborhood eyesore in the minds of the public, look like money these days to real-estate investors.” (Wall Street Journal, subscription required)
  2. Trump Commutes Corruption Sentence of Governor Rod Blagojevich of Illinois “President Trump has commuted the 14-year prison sentence of former Gov. Rod R. Blagojevich of Illinois. The decision came the same day that he pardoned Edward J. DeBartolo Jr., the scion of a prominent real estate development family and former owner of the San Francisco 49ers.” (The New York Times)
  3. Are Floating Hotels, Office Buildings the Answer to Rising Sea Levels? “More developers see waterborne structures as a way to alleviate housing shortages. For flood-prone cities like Miami, structures that rise and sink with the sea offer an alternative to waterfront construction that looks increasingly vulnerable to rising sea levels.” (Wall Street Journal, subscription required)
  4. More NYC Hotel Loans are Defaulting as Room Rates Fall “New York City has seen a spate of high-profile hotel loans go into default in recent months, and challenging market fundamentals certainly aren’t helping.” (The Real Deal)
  5. What’s the State of Commercial Real Estate In Bismarck? “Business is booming in the Bismarck and Mandan areas. Talk to any business owner and they’ll tell you there’s no shortage of available retail space.” (KX Net)
  6. Granger Rent Is the Highest in the State “People in Granger are paying more on average for rent than anywhere in the state of Indiana. That is according to new numbers by a commercial real estate tracker. Some local leaders say they are not surprised.” (WSBT)
  7. Dying Malls Seek Second Life as Entertainment Destinations “As Americans increasingly shop online and stay at home, can malls find new community appeal?” (Curbed)
  8. Pier 1 Files for Bankruptcy “Pier 1, the troubled home furnishings retailer that has closed hundreds of stores in recent years, filed for bankruptcy Monday.” (CNN Business)
  9. What’s Next for the Outer Banks’ Soon-to-be Vacant Kmart Space? “Outer Banks’ locals have a long wish list for the space in Kill Devil Hills soon to be vacated by Kmart. But if the owners of the property or the building have plans for 1901 N. Croatan Highway, they haven’t made them known.” (OBX Today)
  10. Big Box Mistakes New Investors Make “When interest rates are higher and less debt is available in the market, David Sobelman, CEO and President for Generation Income Properties, says net lease underwriting is disciplined and deals are heavily scrutinized. But when interest rates are low and debt is readily available, unsophisticated buyers come in and make mistakes.” (GlobeSt.com)
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