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10 Must Reads for the CRE Industry Today (October 3, 2019)

MGM reaches a settlement with victims of the 2017 Las Vegas shooting, reports the Wall Street Journal. Bed, Bath & Beyond ups its planned store closings, according to USA Today. These are among today’s must reads from around the commercial real estate industry.

  1. MGM Resorts Reaches Settlement in 2017 Las Vegas Mass Shooting “MGM Resorts International Inc. said it has reached an agreement worth up to $800 million to settle claims related to the 2017 mass shooting at its Mandalay Bay Casino & Resort in Las Vegas. The casino company said on Thursday it reached a settlement agreement with attorneys representing substantially all plaintiffs in the litigation stemming from the deadliest shooting in modern U.S. history, which left 59 people dead, including the gunman, and hundreds of others injured.” (Wall Street Journal, subscription required)
  2. Bed, Bath & Beyond Store Closings: Retailer Increases Projected Closures to 60 “Bed Bath & Beyond Inc. is increasing the number of stores it expects to shutter in the fiscal year. The New Jersey-based home goods retailer, which also operates buybuy Baby, Harmon Face Values and World Market, says it will close 60 stores in the fiscal year across the company, up 20 from the April estimate of 40 stores. Most of the closings are expected after the holiday shopping season in early 2020, company officials said during a quarterly earnings call Wednesday. The company's fiscal year typically ends in early March.” (USA Today)
  3. Landmark Former Masonic Temple Is Now Stunning Downtown Dallas Loft Office Space “One of downtown Dallas' newest office projects is hidden inside the shell of an almost 80-year-old landmark building. The former Masonic Temple on Harwood Street served thousands of Masons in North Texas for decades. Dallas developer Todd Interests and its partner, JPMorgan Asset Management, bought the vacant fraternal organization hall last year to renovate the building.” (Dallas Morning News)
  4. These Miami Metro Areas Are the Most Expensive Places to Rent in the State “Residents in six Miami-Dade ZIP codes and two in Fort Lauderdale are paying the highest rents in the state. According to a nationwide study of 130 metro areas by RENTCafe, the most expensive area in Florida for renters is 33131, which encompasses Brickell and downtown Miami. The average rent there, according to data from September 2018-2019: $2,722 per month, up from 4.6% last year. But the second most expensive ZIP code in the state wasn’t in Miami-Dade, despite its notoriety as the nation’s most expensive city for renters in comparison to wages.” (Miami Herald)
  5. Emerging Trends That Will Shape Real Estate in 2020 “The Urban Land Institute and PwC have just released the real estate industry's widely anticipated industry forecast, Emerging Trends in Real Estate 2020. The report indicates that while real estate economists are tempering their views on economic growth in the United States, they continue to forecast steady real estate markets and returns through 2021.” (Forbes)
  6. Union Square, SF’s Shopping Hotspot, Struggles as Stores Close “For more than a century, San Francisco’s Union Square has beckoned shoppers to high-end department stores and a riotous mix of fashion sellers able to pay the area’s sky-high retail rents. It has long been the city’s glamorous retail hub, where shoppers go not only to buy but to soak up some urban sophistication.” (San Francisco Chronicle
  7. Lincoln Park Building with New Lululemon Sells “After filling an empty Lincoln Park retail space with the biggest Lululemon store in the world, the property’s owner didn’t waste any time cashing out. Acadia Realty Trust sold the retail building at 938 W. North Ave. less than three months after Lululemon opened its 20,000-square-foot flagship there. Rye, N.Y.-based Acadia sold the 31,800-square-foot building to the Feil Organization, a New York-based real estate investment firm that owns several properties in the Chicago area.” (Crain’s Chicago Business)
  8. I Spent 5 Hours at Forever 21 the Day it Declared Bankruptcy. Here’s What I Learned “There is a little bit of everything on the $5 rack at Forever 21: a pair of thigh-high combat boots, a crop-top hoodie emblazoned with the Sprite logo, tweed shorts, a phone case featuring a smiling taco. I have come here, to the Forever 21 at Potomac Mills Mall in Woodbridge, Va., 25 miles from downtown D.C., because Forever 21 just declared bankruptcy. Over the next few months, as many as 350 of its 549 stores will close worldwide; up to 178 of those closures will be in the United States.” (Washington Post)
  9. San Diego Office Market Heading for a Shift “For the third year in a row, San Diego remains a cautious market with regard to office completions. The metro welcomed a total of approximately 1.6 million square feet in 2017 and 2018, divided almost equally between the two years, and is getting ready to close 2019 with 473,000 square feet in deliveries, the lowest amount coming online in the past five years, Yardi Matrix data shows.” (Commercial Property Executive)
  10. Better Buy: Realty Income vs. Simon Property Group “To say that Realty Income and Simon Property Group are both retail-focused real estate investment trusts, or REITs, would be like saying that Apple and are both tech companies. Sure, they're in the same general field, but their businesses are very different. Realty Income is generally the more stable of the two and is largely immune to the headwinds facing the retail sector. However, you'll pay a stiff premium for it.” (Motley Fool)
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