- Jehovah’s Witnesses’ Lock Down Deal for $700M Brooklyn Plot “The Jehovah’s Witnesses appear to have achieved a handshake with their BFFs: Jared Kushner, Aby Rosen and LIVWRK. The pricing is roughly $700 million for the Witnesses’ 733,000-square-foot world headquarters at 25-30 Columbia Heights and a 1.1-million-square-foot as-of-right development site at 85 Jay St. The same group purchased 1.2 million square feet in Dumbo Heights for $375 million in 2013 from the Witnesses and are now leasing to such companies as WeWork and Etsy.” (New York Post)
- Yahoo Bids Could Top $8 Billion Given Value of Patents, Real Estate “Even though Yahoo is the Internet’s second-biggest player in terms of user reach, most of the company’s value lies in assets outside its core ad business, including its massive patent portfolio, real-estate holdings and royalty payments from Yahoo Japan. Two ‘under-appreciated’ Yahoo assets are its 1 million square feet of buildings and real estate, which could be worth around $1 billion, and perpetual royalty payments the company receives from Yahoo Japan, in which Yahoo owns a 35.5% stake, worth nearly $1 billion, according to Peck.” (Variety)
- When Real Estate Corruption Leads to Unjust Cities “Land in cities is an increasingly desirable and valuable commodity, and especially where it is scarce, it opens up new avenues for corruption and distortion of markets. And corruption and money laundering in the world of real estate also hurts ordinary people as well as the public purse. New York rents might be less astronomical were it not for the money pouring into ultra-luxury high-rise condos whose owners almost never set foot in them.” (Next City)
- Triple-Digit Rent Increases Projected for Los Angeles, Orange and San Diego Counties by 2018 “Despite a substantial increase in multifamily construction, the 2016 USC Casden Multifamily Forecast finds that higher demand for apartments across Southern California will keep vacancies low and drive significant rent increases over the next two years. The forecast, which is produced annually by the University of Southern California Lusk Center for Real Estate and prepared this year by Beacon Economics, offers detailed analysis of the 52 submarkets that comprise four regional markets and two-year projections for each market’s average rent and vacancy rate.” (MultifamilyBiz)
- Protect Your Real Estate Assets from the Ravages of Divorce “Ever been divorced? Are you in the middle of one now? Divorce is dark and unpleasant. The financial pain of marital separation is especially acute when major assets such as a home are involved. Below, we explain ways to mitigate the suffering by keeping your real estate portfolio relatively intact. In this risky broader market, real estate still affords outsized capital appreciation, especially as home prices continue rising. Don't let a divorce undermine your long-term wealth-building strategy.” (The Street)
- Sam Zell Says U.S. Economy “Doing Pretty Well,” but Cycle “in the Ninth Inning” “Zell struck a relatively more optimistic tone Wednesday morning at New York University’s annual REIT Symposium — saying that while he thought his prediction was ‘realistic’ at the time, the U.S. economy ‘at the moment is doing pretty well.’ But there is also global economic uncertainty to account for, and ‘you have to look at the U.S. as part of a connected and globalized world,’ the 74-year-old billionaire said before a crowded audience at The Pierre’s Grand Ballroom in Midtown.” (The Real Deal)
- CalPERS Picks 2 Finalists in Real Estate Consultant Search “CalPERS selected Courtland Partners and incumbent Pension Consulting Alliance as finalists in the pension fund’s search for a real estate consultant, show documents released in connection with the investment committee’s meeting scheduled for April 18. The selected consultant’s contract will run for five years, beginning in April 2017. The documents show investment staff of the $290.7 billion Sacramento-based California Public Employees’ Retirement System gave Courtland Partners the highest ranking.” (Pensions & Investments)
- Wheeler Real Estate Acquires 14 Grocery-Anchored Retail Centers for $41M “Wheeler Real Estate Investment Trust Inc. recently acquired a portfolio of fourteen retail properties spread across South Carolina and Georgia. The portfolio consists of 603,142 gross leasable square feet, and has a combined occupancy rate of 92 percent, with anchor tenants such as Harris Teeter, Bi-Lo and Piggy-Wiggly, among others. At the beginning of April, Wheeler Real Estate increased its $45 million revolving credit line with KeyBank National Association to approximately $67.2 million.” (Commercial Property Executive)
- Walmart Expands Pickup Service as Amazon Grocery Fight Heats Up “Walmart is expanding its curbside grocery pickup to eight more markets as it seeks to use its huge fleet of stores as a way to combat Amazon.com’s growing delivery service. The largest U.S. retailer and grocer with 2015 food sales of some $165 billion, has not tried to take on rivals like Amazon, Google, and smaller companies like Instacart and Postmates directly with grocery delivery to shoppers’ homes. Instead, Walmart has opted to use its fleet of stores to allow free same-day pick up of food orders placed on its website before 10 a.m.” (Fortune)
- Luxury Rental Plan Abandoned in Manhattan “Manhattan-based Extell Development is drawing back from its original plan to list 38 units at its One57 tower for lease after concluding the market for luxury condos is better than for high-end rentals. Amid a recent abundance of supply, demand for luxury rentals have slipped causing the company to choose to sell them instead. Located on the 32nd through 38th floors of the West 57th Street skyscraper, the condominiums will be priced from $3.45 million.” (Multifamily Executive)
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