10 Must Reads for the CRE Industry Today (January 27, 2015)

10 Must Reads for the CRE Industry Today (January 27, 2015)


  1. CEO of Warehouse REIT Said He Isn’t Afraid of China “The fundamentals of real estate still hold up, even when there is an elephant in your warehouse. Supply and demand are favoring the U.S. industrial space, despite fears of China's slowing economy sucking the wind out of the sector's sails. Prologis, the largest warehouse REIT in the nation, reported strong fourth-quarter funds from operations on Tuesday, beating expectations by 2 cents per share. Revenue of $643.2 million was considerably higher than expected, up 43 percent from one year ago.” (CNBC)
  2. Daniel Doctoroff Takes His Business to Hudson Yards “Daniel L. Doctoroff, the powerful former deputy mayor who pushed to add glittering offices and apartments to industrial areas in New York, giving much of the skyline its current look, is moving to a neighborhood of his making.” (The New York Times)
  3. How to Appeal Your Real Estate Tax Assessment “Real estate taxes are a reality. They are tools used to finance school systems, state and local governments and other key aspects that keep our daily lives humming along. But how are they calculated? What is the assessment process? The answer is it varies by state and the ins and outs of the methodology may result in some surprising, little-known facts that can help you understand the appeals process, ensure your tax bill is accurate and save you money in the long run.” (The Washington Post)
  4. Real Estate Secondary Market Heats Up in 2015, Led by CalPERS—Report “There were $8.2 billion in global real estate transactions on the secondary market in 2015, up 71% from $4.8 billion the year before, said a report by Landmark Partners, an alternative investments manager that invests on the secondary market. The growth is mostly from sales of real estate limited partnership interests by domestic public pension funds, which accounted for 63% of the transactions in 2015, compared to 7% of sales by non-U.S. pension funds.” (Pensions & Investments)
  5. Barclays Predicts “Turbulence” for Office, Retail REITs in 2016 “Barclays has predicted “turbulence ahead” for U.S. real estate investment trusts in 2016, downgrading the likes of Vornado Realty Trust, General Growth Properties and Rouse Properties and citing headwinds like ‘rising interest rates’ and ‘geopolitical uncertainty.’ The London-based banking giant downgraded Vornado to ‘equal weight’ from a previous rating of ‘overweight,’ citing ‘softer rental growth in its core markets’ despite still viewing the Steven Roth-led firm as ‘a high-quality, well-run company that is one of the bellwethers of the REIT universe.’” (The Real Deal)
  6. Investor Wants to Dissolve Crowdfunding Pioneer iFunding “Crowdfunding startup iFunding got hit with its second lawsuit since December, after investor Michael J. Turner filed a complaint seeking to liquidate the company. According to the complaint, filed in a Delaware state court, Michael J. Turner Enterprises, a Connecticut-based contractor, invested a total of $100,000 in the company in 2012 and 2013 in return for a 20-percent ownership stake. iFunding, which allows small-time savers to invest in real estate projects through an online platform, was then in its infant stages.” (The Real Deal)
  7. Lack of Large Block Space Constraining Some U.S. Office Markets in 2016 “According to a new report from CBRE Group, the improving U.S. economy and corresponding increase in office demand - along with new construction activity that has been slow to commence compared with previous cycles - has resulted in a diminishing number of available large blocks of office space in many markets across the U.S., creating challenges for occupiers seeking large footprints. While construction activity has begun to increase recently new supply will not necessarily spell relief in all markets.” (World Property Journal)
  8. Blackstone still keen to invest in Australian commercial property “The world’s biggest real estate investor, Blackstone, does not see the Australian commercial property market as overheated and expects increasing global volatility to create new investment opportunities, according to Ken Caplan, its New York-based global chief investment officer for real estate.” (The Australian)
  9. Hyatt Centric Goes Global, Adds More U.S. Sites “Nearly a year after adding the Hyatt Centric lifestyle brand to its hospitality offerings, Hyatt Hotels Corp. is expanding its reach with two international hotels. The first will open in mid-2016 in Montevideo, Uruguay, and the second will be developed in Tokyo.” (Commercial Property Executive)
  10. Dov Charney’s bid to buy American Apparel nixed by judge “A Delaware bankruptcy judge on Monday approved a reorganization plan for American Apparel that shuts out the company’s founder — setting aside a last ditch effort by the controversial businessman to return to the helm of the company he founded 26 years ago.” (New York Post)
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