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10 Must Reads for the CRE Industry Today (September 26, 2019)

CalSTRS and Strada Investment have formed a joint venture to build apartment communities, reports Pensions & Investments. Motley Fool looks at how to invest in real estate on a budget. These are among today’s must reads from around the commercial real estate industry.

  1. CalSTRS Assigns $300 Million to Real Estate Joint Venture “CalSTRS committed an initial $300 million to a joint venture with real estate manager and developer Strada Investment Group to build apartments in the Western U.S., CalSTRS spokeswoman Vanessa Garcia said Tuesday in an email. Strada's new joint venture with the California State Teachers' Retirement System, West Sacramento, is part of the $238.3 billion fund's move toward its new collaborative model that includes more real estate direct investments.” (Pensions & Investments)
  2. WeWork Insiders Slam Ex-CEO Neumann and His Enablers: “They Created the Monster” “In interviews with The Real Deal, eight current and former WeWork executives described a circle of top staff around Neumann who enabled his actions and feared running afoul of the charismatic CEO. Those criticisms extend to a board accused of being complicit in allowing Neumann to take total control of the company and appeased Neumann’s worst management instincts rather than impose strict corporate standards.” (The Real Deal)
  3. Millennials May Be Facing Unaffordable Housing, But They’re Paying Less in Rent Than Other Generations “For millennials, the outlook on home ownership is bleak: Housing values keep rising and incomes just aren’t keeping up. But is the situation facing millennials, those ages 23 to 38, really worse than the housing environment that Gen X and baby boomers grew up in? To compare, HireAHelper analyzed U.S. Census Bureau data and isolated the years that each generation was entering independent adulthood in their 20s.” (CNBC)
  4. How to Invest in Real Estate on a Budget with These 4 Cheap Real Estate Investments “If you want to invest in real estate but don't have a lot of expendable money, you're not alone. Many new investors understand the benefits of owning real estate but don't have tens of thousands of dollars in the bank to help them get started. While having $20,000 or more will undoubtedly accelerate your real estate investing career, it's not the only option. Several affordable investments allow people to invest in real estate, even on a tight budget. Let's look at four cheap real estate investments so you can get off the sidelines and start investing.” (Motley Fool)
  5. How KKR, Blackstone, SL Green See the Real Estate Market Right Now “Amid unprecedented global political turmoil, a possible recession on the horizon and record amounts of capital looking for a shrinking number of good deals, the world's biggest real estate players are shifting their strategies to prepare for what uncertainty may lay ahead.” (Bisnow)
  6. DLA Piper Survey: Execs Feel Bullish Again “Commercial property executives are cautiously optimistic about the industry’s prospects, seeing an abundance of capital chasing deals and the rise of new investment opportunities, according to the results of the annual State of the Market Survey just released by law firm DLA Piper in conjunction with its 2019 Global Real Estate Summit in Chicago.” (Commercial Property Executive)
  7. Health-Tech Hub Matter Expands to New York “Chicago-based health-tech incubator Matter is opening an innovation center in New York. In collaboration with the New York City Economic Development Corporation and health care investment firm Deerfield Management, Matter will connect startups with life sciences companies, health care providers, academic research centers and other organizations. The expansion will ‘create East Coast opportunities for Chicago-based companies and help New York companies enter the Midwest,’ Matter CEO Steven Collens said in a statement.” (Crain’s Chicago Business)
  8. Publix is the Secret to a Successful Broward Shopping Center, Study Says “Publix isn’t just one of the most popular grocery chains in South Florida. It’s also the key to successful shopping centers in Broward, according to a new study. The 2019 third quarter report by the real estate investment/management firm 11th St. Capital analyzes vacancy rates in Broward’s 599 shopping centers over 20,000 square feet. According to the report, the market’s average occupancy rate went down over the last six months, from 89.8% to 89.7%. But the drop may be temporary.” (Miami Herald)
  9. How Homeless Shelters Affect Property Values “Nothing packs a community meeting like word that Mayor de Blasio wants to open a homeless shelter in a neighborhood. From Tompkinsville in Staten Island to ‘Billionaires’ Row’ in Midtown, many residents, especially homeowners, share the same concern: Does being close to a shelter have a negative effect on property values? The answer is yes. At least in Manhattan.” (The New York Times)
  10. Retail Vacancies in New York City Have Doubled Since 2007: ComptrollerThe amount of vacant retail space across the five boroughs nearly doubled over the past decade as retailers deal with competition from online shopping and rising rents, a report from the City Comptroller’s Office found. The report released today found that the citywide vacancy rate grew from 4 percent in 2007 to 5.8 percent in 2017, while the amount of empty space grew from 5.6 million square feet to 11.8 million square feet in that time. Nearly 1 million square feet of the jump was due to better reporting of vacant storefronts.” (Commercial Observer)
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