10 Must Reads for the CRE Industry Today (March 14, 2018)

Toys R Us is drafting a court motion to move forward with liquidation, CNBC reports. Phoenix officials are working to redevelop its aging warehouse district, according to the New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Toys R Us Prepares Plan to Liquidate Its Business “Toys R Us, the iconic U.S. retailer, is in the process of drafting the court motion for its liquidation plan, a source familiar with the situation told CNBC on Tuesday.” (CNBC)
  2. A Renewal for Phoenix’s Warehouse District: Polished by Gritty “Following on the heels of other urban renewal efforts across the country, Phoenix officials are helping to transform the zone, south of downtown, into an innovation, technology and creativity hub. They are encouraging developers to salvage structures and use them to woo tenants.” (The New York Times)
  3. The Retail Storm Spreads to a Grocery Landlord “Strip malls anchored by grocery stores were supposed to be safe havens in a retail storm that is battering landlords across the U.S.” (Wall Street Journal, subscription required)
  4. 4 High-Quality REITs For Retirement “In a few days, I will be flying out to Denver to speak to investors with the American Association of Individual Investors (or AAII). One of the hot topics today is the fear of losing money, that is often the culprit that detracts from a quality lifestyle.” (Forbes)
  5. SL Green Sells Property to Prop Up Its Share Price “SL Green Realty Corp. is minding the gap. Like most other real-estate investment trusts, SL Green has suffered an 18-month slump as a gulf widens between its stock-market valuation and the value of the underlying property in its portfolio.” (Wall Street Journal, subscription required)
  6. Real Estate Economist: Home Prices Are Increasing Twice as Fast as Income Growth “Not enough for-sale signs in front yards are driving residential home prices higher, the chief economist at the Mortgage Bankers Association said Tuesday.” (CNBC)
  7. Walmart to Expand Grocery Delivery from 6 Markets to Over 100 By Year-EndWalmart announced that it will expand its online grocery delivery service to more than 40 percent of U.S. households by year-end, growing from its current availability in just six markets to over 100 metro areas during that time. That means it will be making deliveries from 800 stores in total.” (TechCrunch)
  8. 4 Ways Macy’s Is Trying to Compete With Next-Gen Retail “Parties within stores? Cashier-less checkout? Macy's is going all-out with its brick-and-mortar turnaround.” (TheStreet)
  9. 5 Women Accuse the Architect Richard Meier of Sexual Harassment “In January, Richard Meier, the celebrated architect and Pritzker Prize winner who designed the Getty Center in Los Angeles, established a graduate scholarship at his alma mater, Cornell University’s architecture school. Intended to honor the 55th anniversary of his practice, the scholarship was designed to “recruit and retain the most talented women applicants.” But four women who have worked for Mr. Meier — and another who encountered him when he was working on the Getty — have described encounters when the architect, now 83, was, in fact, not good to women.” (The New York Times)
  10. JPMorgan’s Air Rights Transaction Stirs Controversy “A large Midtown air-rights transaction that allows JPMorgan Chase to develop a taller and bigger tower on the site of its current 270 Park Ave. headquarters has inadvertently stirred up questions about an investment in these air rights made by a group that includes one of the bank’s largest customers.” (New York Post)
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