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10 Must Reads for the CRE Industry Today (October 23, 2018)

Real-estate debt funds have amassed record sums, the Wall Street Journal reports. Amazon is looking to open its first cashierless store near the World Trade Center, according to Recode. These are among today’s must reads from around the commercial real estate industry.

  1. Real-Estate Debt Funds Amass Record War Chest “Private-equity firms with real-estate debt funds have amassed record sums for construction loans, bridge loans and other types of risky debt, the latest sign that new money is piling up to lend for real estate.” (Wall Street Journal, subscription required)
  2. New York City’s First Amazon Go Cashierless Store Will Open Near the World Trade Center “Amazon’s version of a futuristic 7-Eleven store is coming to New York City, and it’s going to be located inside a shopping and office complex across from the World Trade Center, Recode has learned.” (Recode)
  3. Inside a Trump Project That Failed. Spoiler: The Trumps Still Won. “Never-before-published emails offer a window into the Trumps’ approach, this time in a failed condo project in Tampa. ‘They must think we are the dumbest people,’ Donald Jr. wrote in one.” (ProPublica)
  4. Goldman Sachs Unit Buys Its First Stake in Real-Estate Management Industry “A unit of Goldman Sachs Group Inc. that specializes in buying stakes in alternative investment managers has made its first purchase in a firm that’s dedicated to real estate.” (Wall Street Journal, subscription required)
  5. There’s a Surplus of Luxury Condos in Miami, But Three More Developers Are Building Anyway “Sea level rise? No worries. Sluggish sales in the luxury market? Not a problem. Strict requirements for construction loans and traditional bank financing? There are other ways to buy a condo. High-end real estate development has slowed to a crawl in Miami-Dade, with most builders taking a breath while the market absorbs a bounty of condos priced at $1 million and up.” (The Miami Herald)
  6. Retail Forecast: 2019 Looks Good, But Economists See Bumps Further Down the Road “Retailers will enjoy brisk economic tail winds in 2019. A strong labor market should continue to inspire liberal spending, while a robust business climate fuels higher corporate profits. At the same time, economists are starting to see early signs of an inevitable correction.” (Chain Store Age)
  7. With Post-Industrial Authenticity, Creative Office Is Philly in a Nutshell “For years after the collapse of the manufacturing industry, Philadelphia’s office market was an afterthought on the East Coast. But the city’s history and value have driven its rebirth in the past decade, and the creative office market built from the bones of industrial space is that renaissance in microcosm.” (BisNow)
  8. As Retail Flagships Fall, Can Fifth Avenue Retain Its Luster? “After the holiday shopping season, the Henri Bendel flagship store at 712 Fifth Ave. will close its doors, vacating the 86,000 square feet it has leased since 1991. The official reason for the departure, according to Columbus, Ohio–based parent L Brands Inc., is that it wants to focus on Victoria’s Secret and Bath & Body Works, the parts of its portfolio with more growth potential. But the unspoken factor was the identity crisis that many once-revered retailers are facing as online shopping has forced brick-and- mortar stores to feature more than just merchandise to stay competitive.” (Crain’s New York Business)
  9. Morningstar Hires new CMBS Head “Kurt Pollem, an executive with lending and securitization experience, has been hired to lead Morningstar Credit Ratings’ commercial mortgage-backed securities analysis, according to an announcement from the company.” (Commercial Observer)
  10. NoMad Tower Inks Zillow as First Tenant “NoMad Tower, the transformed office address previously known as 1250 Broadway, has snared Zillow Group as its first new major tenant, Realty Check has learned.” (New York Post)
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