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10 Must Reads for the CRE Industry Today (September 11, 2018)

Local governments are buying up dying malls, the Wall Street Journal reports. A new study has found that seniors are delaying downsizing, according to the Dallas Morning News. These are among today’s top must reads from around the commercial real estate industry.

  1. The Government May Want to Buy Your Dying Mall “Local governments across the U.S. are taking over dying shopping malls. These municipalities, concerned that vacated retail centers will blight the landscape and drag down surrounding property values, have been buying up malls they fear are being starved of capital by the private sector.” (Wall Street Journal, subscription required)
  2. Seniors Are Staying Put, Downsizing Later, Study Says “Think Nana’s going to downsize soon and sell you her house? Don't start measuring for drapes just yet. A new report from Trulia says households headed by seniors are delaying downsizing.” (Dallas Morning News)
  3. Hurricane Season Bears Down – With 7 Million Homes at Risk and a Federal Flood-Insurance Program Set to Expire “If this summer has had you trying to get to grips with hurricane season, you’re not alone. Millions of homes across the U.S. sit in harm’s way, and the resulting damage could be in the trillions of dollars, according to a 2018 report.” (MarketWatch)
  4. New York’s World Trade Center Struggles to Fill Office Space “Restoring the World Trade Center’s office market has been slow going. The emotionally fraught rebuilding of the signature 1,776-foot tall One World Trade Center skyscraper and three other towers was delayed for years by political and financial battles. More recently, leasing has been hampered by a New York office market that has been weaker than expected for this late stage in the economic cycle.” (Wall Street Journal, subscription required)
  5. Amazon Opening Checkout-Free Go Store in NYC “Amazon is now branching all the way to the opposite coast by way of expanding a rollout of its checkout-free Amazon Go physical store concept. The e-commerce giant is planning to open a store in New York City, joining Amazon Go’s that are likewise planned for San Francisco and Chicago.” (New York Post)
  6. Fred’s Shares Surge More than 60 Percent After Announcing $165 Million Deal to Sell Some Pharmacy Files to Walgreens “Walgreens will purchase files and related pharmacy inventory of 185 Fred's stores across 10 Southeast states. As part of the deal, Walgreens will pay $165 million, subject to adjustment, plus an amount equal to the value of related pharmacy inventory. The companies expect to start transferring files in the fourth quarter and complete the process in the first quarter of next year. Once complete, Fred’s will continue to operate about 162 pharmacies across nearly 600 stores.” (CNBC)
  7. Amazon Price Target Lifted to $2,300 as Wells Fargo Forecasts It Will Become the Top U.S. Apparel Seller “Citing Euromonitor data, Wells Fargo notes that Amazon was the second largest apparel seller in 2017, following Walmart Inc. But Amazon accounted for one-third of the retail growth in the second quarter, with e-commerce penetration gaining.” (MarketWatch)
  8. Why Did the New SSTB Regs Omit Real Estate? “The IRS has proposed new regulations for Section 199A that define the Specified Service Trade of Business. However, in the lengthy package, there is something missing: real estate rental properties. The regulations did not qualify when a real estate rental property is considered a trade of business.” (
  9. Real Estate Investor Aims to Develop Homes for Working Class Families “Davis’ firm is responding to the need for affordable housing by investing up to $425 million across various markets for the acquisition and refurbishment of single-family and small multifamily residences. The firm is investing $50 million to acquire upward of 500 properties in sections of Philadelphia where people are being displaced due to gentrification, such as Lower Strawberry Mansion, Mantua, University West, Newbold, Gray’s Ferry, Olde Kensington and Port Richmond.” (The Philadelphia Tribune)
  10. SoHo Rezoning Plan to Reverse Outdated Rules “The de Blasio administration plans to announce a rezoning effort in SoHo and NoHo this fall—including a strategy to minimize controversy. It may be wishful thinking.” (Crain’s New York Business, subscription required)
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