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

Circuit City says it will relaunch online next month and eventually open showrooms, CNBC reports. The initial public offering of Howard Lutnick’s real estate firm flopped last month, the Wall Street Journal reports. These are among today’s top must reads from around the commercial real estate industry.

  1. Circuit City to Relaunch Online Next Month, with Stores on the Horizon “Circuit City has picked Feb. 15 as the day its website will relaunch, CEO Ronny Shmoel said Monday at the Consumer Electronics Show in Las Vegas. The once-bankrupt retailer also has plans to open kiosks, stores within other stores and eventually its own showrooms, consumer electronics website Twice reported.” (CNBC)
  2. Goldman Clients Are Giving Cadre $250 Million to Pour into Commercial Real Estate "Cadre, a three-year-old, New York-based online platform helping accredited investors delve into commercial real estate deals in what it claims is a far more transparent way, has received a big vote of confidence from Goldman Sachs." (TechCrunch)
  3. Howard Lutnick’s Real-Estate IPO Flops as Newmark Misses the Mark “The stock market has been hitting records lately, but you would never know that from the flop of the initial public offering of Howard Lutnick’s commercial real-estate services firm last month.” (Wall Street Journal, subscription required)
  4. Lands’ End Opening Stores Amid Shrinking Sears Footprint, Partnering with The Weather Channel “Lands’ End Inc. said Monday that it has a new store concept that will launch in Chicago this year with plans to open four-to-six other locations.” (MarketWatch)
  5. KKR Launches Aggressive New Real-Estate Fund “KKR & Co. has closed a $2 billion real-estate fund to buy properties that are more challenging than fully leased buildings in prime locations—but also offer the potential for higher returns.” (Wall Street Journal, subscription required)
  6. Whole Foods Has a ‘High Class’ Problem That’s Leading to ‘Entirely Empty’ Shelves “Some Whole Foods stores are in disarray with ‘entirely empty’ shelves and deteriorating produce, according to recent store checks by Barclays analysts.” (Business Insider)
  7. Nordstrom’s Holiday Sales Up 2.5%, Boosted by Its Rack StoresNordstrom on Tuesday joined a growing list of retailers, including Macy's, C. Penney and Kohl's, reporting a strong holiday season, boosted by greater consumer confidence, lower unemployment and increased wages.” (CNBC)
  8. Crescent, Goldman Grab Uptown Dallas Office Building for Redo “Developer and investor Crescent Real Estate has purchased an Uptown office building with plans to renovate the high-profile property. The acquisition of the 7-story GuideStone Building on Cedar Springs Road comes as the long-time tenant and owner GuideStone Financial Resources prepares to move to new location on LBJ Freeway.” (Dallas Morning News)
  9. UBS: The Fed’s Normalization Plan Could Actually Be a Win for the Economy “During his Senate confirmation hearing Fed Chair designate Jerome Powell reiterated his support for the Fed’s current plan to reduce its $4.5 trillion balance sheet following nearly a decade of quantitative easing (QE). The plan calls for allowing increasing amounts of mortgage and Treasury debt to mature without being reinvested. This would shrink the balance sheet down to about $2.5 trillion to $3 trillion over the next few years, depending on future market conditions.” (Business Insider)
  10. Mystery Buyer of SL Green’s 600 Lex Revealed “The buyer of SL Green Realty’s 36-story Midtown office tower at 600 Lexington Avenue is W. R. Berkley Corporation, a Connecticut-based insurance company making its first big office purchase in New York City, The Real Deal has learned.” (The Real Deal)
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