- Value-Added Real Estate Index Posts Net Gain of 2.98% in Q3 “The National Council of Real Estate Investment Fiduciaries on Tuesday announced the official release the NCREIF Fund index -- Closed-End Value-Add, along with its third quarter 2015 returns. The index had a net gain of 2.98% in the third quarter and a 12-month return of 19.19%. Since its inception in the third quarter of 1997, the index had a net return of 8.95% (11.38% gross of fees). The NFI-CEVA index is made up of 58 funds with $30.8 billion of gross real estate assets and $17.6 billion of net real estate assets.” (Pensions & Investments)
- Blackstone to Buy Apartments from Greystar in $2 Billion Deal “Blackstone Group LP agreed to buy 32 multifamily properties for about $2 billion from Greystar Real Estate Partners LLC as the private equity giant expands its push into the U.S. apartment market. The buildings, with a total of 10,399 units, are spread throughout the country in states such as California, Florida, Washington and New York, Greystar said in a statement Tuesday. The Charleston, South Carolina-based company, the largest U.S. apartment manager, will continue to oversee the properties.” (Bloomberg)
- Dubai Real Estate Developer Says It’s Standing by Trump “A Dubai real estate developer that is building luxury villas and golf courses in partnership with Donald Trump is standing by the billionaire presidential candidate, saying his proposal to ban Muslims from entering the U.S. will not get in the way of their business projects. Damac Properties is partnering with Trump because his organization is ‘one of the premium golf course operators in the world,’ said vice president Niall McLoughlin in a statement. ‘As such we would not comment further on Mr. Trump’s personal or political agenda.’” (BuzzFeed)
- As Office Depot Merger Falters, Staples’ Next Step Won’t Be Easy “Staples Inc. needs a Plan B as federal regulators move to block its merger with rival Office Depot Inc., analysts said Tuesday. But whatever that plan turns out to be, it won’t be as simple as pressing the big, red “Easy” button that once dominated Staples’ advertising. Staples’ next step — assuming its challenge to the Federal Trade Commission is unsuccessful — is to continue to do what it has been doing: Revamp its online operation, close stores, and seek new products and services to generate revenues, analysts said.” (The Boston Globe)
- Chanel Pays Record Price for Retail Space “French luxury retailer Chanel SA is paying a record price for retail space in Los Angeles as prime shopping locations in the nation’s major urban areas command rising premiums. Chanel is purchasing the 11,500-square-foot building at 400 North Rodeo Drive in Beverly Hills for $152 million, or more than $13,000 a square foot, according to people involved in the transaction. That tops the previous high for Southern California of about $10,400 a square foot, set in 2012, for another building on North Rodeo Drive.” (Wall Street Journal)
- Real Estate for the Ages “When Christopher Merrill first started telling potential investors ten years ago that he wanted to put their money in student housing, he raised a few eyebrows. ‘Some could only picture Animal House,’ says Merrill, who has been investing in real estate since 1993. But check out the $40 million property Merrill developed one block west of the University of Arizona campus. There is a rooftop pool, a fitness area and a business center–and 164 units with designer furniture, quartz countertops, stainless steel appliances and in-unit washers and dryers.” (Forbes)
- Controversial Immigration for Jobs Program May End “The vast majority of foreign investors using EB-5 are Chinese, more than 85 percent in 2014. They largely go through the regional centers to pool money for larger development projects. Not only are the visas issued to the investor, but also to two family members. They are included in the 10,000 cap. The concern is that there is fraud on both sides of the equation. This week the U.S. Securities and Exchange Commission announced a series of enforcement actions against lawyers nationwide, charging them with defrauding investors.” (CNBC)
- How Fundrise, Crowdfunding’s Most Celebrated Startup, Cherry-Picks its Numbers “Crowdfunding startup Fundrise calls its newest real estate investment product “the biggest technological innovation in the history of finance.” And that’s far from the only apparent exaggeration it is using to drum up investor interest in its new mortgage REIT. Fundrise is selectively using facts and figures on its website in a way that may make its product look more attractive than it actually is – at least to many of the lay investors it is explicitly targeting.” (The Real Deal)
- Tishman Speyer Lands $640M Construction Loan for LIC Residential Towers “Bank of America Merrill Lynch and Wells Fargo are providing Tishman Speyer and its joint venture partners with a $640 million construction loan on the developers’ three-tower luxury residential project in Long Island City, Commercial Observer can first report. The deal closed this Monday. While Bank of America is acting as the administrative agent on the financing, the two lenders are each funding one half of the loan.” (Commercial Observer)
- Here’s What to Expect from Retail in the New Year “From the resurgence of smaller retailers to what's next in mobile shopping, big changes are afoot in the retail industry. We caught up with top national retail execs at three of the country's biggest brokerages at this year's ICSC New York to talk about how they expect technology, economics and consumer habits to keep evolving as we head into the new year. Here's what you need to know.” (Bisnow)
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