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10 Must Reads for the CRE Industry Today (February 9, 2017)

10 Must Reads for the CRE Industry Today (February 9, 2017)


  1. This Real Estate Giant Is Known for its Massive Acquisitions, but Is Also a Leading Lender in NYC “Which company is best known for its equity, yet was among the top 10 originators of commercial real estate financing in New York City in the first nine months of 2016, and the top five in Q3? Hint: It’s the same company whose house-rental real estate investment trust Invitation Homes recently launched a $1.5 billion IPO. It’s also the same company that repeatedly made headlines for investing tens of billions of dollars in massive CRE acquisitions such as GE Capital’s real estate holdings.” (Forbes)
  2. Whole Foods to Close Nine Stores After a Year of Sluggish Sales “Whole Foods Market on Wednesday said it is closing some stores and increasing use of customer data to improve results after cutting its full-year sales and profit forecasts after posting its sixth straight quarter of same-store sales declines. Shares in the organic and natural food grocer were down 2.1% in extended trading. "We're examining every aspect of our retail operations," Whole Foods co-founder John Mackey, said on a conference call with analysts.” (Fortune)
  3. Killing Dodd-Frank Before the Rules Are Even Fully Written “About 30 percent of the rules mandated by the sweeping reform package have yet to be implemented after years of being held up by legal action and the complexity of the task handed to regulators. After the bill was signed into law in 2010, many of the nearly 400 new rules were waylaid as they were run through the rule-making process of regulatory agencies like the Securities and Exchange Commission and Commodities Futures Trading Commission.” (CNBC)
  4. More Trouble at the Mall for Urban Outfitters “Wall Street must be in a generous mood, because shares of Urban Outfitters were rising about 2% on Wednesday even though the company posted mediocre sales results. Some analysts seized on incremental positives -- like the chain’s ability to manage its inventory -- even as core results continue to slip. Don’t expect that generosity to last long. Urban will need to show more progress at turning its brands around -- in particular, the company needs to figure out why sales continue to fall at its Anthropologie stores.” (Barron’s Next)
  5. Here’s One Name Donald Trump Will Hear When He Looks to Replace Janet Yellen as Fed Chair “It’s only natural that the name of Kevin Warsh, ex-Fed governor and now a fellow at the Hoover Institution, would come up as a potential replacement to Janet Yellen, whose term expires at the end of January 2018. During the campaign, Trump was not shy about attacking Yellen’s motivations in an unusual breach of central bank independence, accusing the current chair of keeping interest rates low to help bolster the economy under Democratic President Barack Obama.” (Business Insider)
  6. These Retailers Are Still Behind the Curve When It Comes to Online Sales “Luxury fashion retailers are gaining ground online — but they're still lagging much of the retail industry when it comes to digital sales.Despite recording a 13 percent jump last year, online still accounts for just 8 percent of the total luxury market's revenue, according to the latest report by Bain & Company. That's less than half the penetration of the broader apparel and accessories categories, according to eMarketer.” (CNBC)
  7. New York City Landlords Have Never Been This Aggressive About Filling Up Vacant Apartments “Landlords in New York City are taking unprecedented steps to get leases signed. In January, concessions like a month of free rent and brand new appliances rose to a record in Manhattan and Brooklyn, according to the real-estate appraiser Douglas Elliman. Concessions hit new highs for a fourth straight month, and the share of new leases with such giveaways was above 30% for the first time.” (Business Insider)
  8. Bass Pro Shops’ $5.5 Billion Deal for Cabela’s Inc. Is Falling Apart “The wheels look like they're coming off the merger between Bass Pro Shops and Cabela's. It appears the hurdles for successfully navigating the regulatory landscape are more hazardous than originally believed. Not only has the Federal Trade Commission sought more information about the transaction, delaying the potential closing deadline, but the regulatory request has jeopardized the sale of Cabela's financial arm to Capital One.” (Fox Business)
  9. Gulaylar Sues GGP, Thor Over Sale of 685 Fifth “The Gulaylar Group, the U.S. real estate development arm of a Turkish jewelry company, is suing a joint venture between General Growth Properties and Thor Equities over a soured $150 million deal to buy the office component of 685 Fifth Avenue. Gulaylar claims that, since the contract of sale was signed last year, GGP and Thor made material changes to the building which lowered its value by as much as $40 million.” (The Real Deal)
  10. Hines JV Acquires Mixed-Use Anaheim Campus “Hines has announced that, in partnership with a fund managed by Oaktree Capital Management LP, it has acquired Pacific Center in Anaheim. The mixed-use campus is located at the intersection of North Tustin and E. La Palma avenues. The property comprises four buildings totaling 143,000 square feet across 15.5 acres. Built between 1985 and 1991, the campus consists of Class A office, flex-industrial, and retail, also offers land for further development.” (Commercial Property Executive)
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