- U.S. REITs Slide Most Since September After Jobs Report “U.S. real estate investment trusts fell the most since September after a strong employment report renewed speculation that the Federal Reserve will boost interest rates in the first half of this year.” (Bloomberg)
- Now is Not Prime Time on CMBS Channel “At a panel on the CMBS market at this year’s MBA CREF conference in San Diego, four seasoned players warned of increased deal constraints, an overly competitive marketplace and a decelerated rebound. One panelist even joked that giving a negative outlook on CMBS helps stave off competition.” (Commercial Observer)
- Facebook Buys 21-Building Campus in Silicon Valley “Facebook Inc. bought a 21-building campus in Menlo Park, California, as the social-network company expands in its headquarters city. Prologis Inc. was the seller of the 56-acre (23-hectare) industrial park at Willow Road between Highway 101 and the Dumbarton Bridge, the San Francisco-based real estate investment trust said in a statement Friday.” (Bloomberg)
- Blackstone Rides the Hospitality Wave “The Blackstone Group, the global investment and advisory firm, continues adding to its hospitality holdings with two portfolio deals announced within two days this week. The largest transaction is a 19-property portfolio of national select-service hotels acquired from OTO Development.” (Commercial Property Executive)
- Here are the 1,784 RadioShack Stores That Will Close by March 31 “In court documents posted by RadioShack, the company and its creditors detailed plans for which RadioShack stores will close and when.” (Business Insider)
- Tax Strategies to Increase Your Real Estate ROI “As a developer or real estate owner, you are constantly on the lookout for that next great deal, piece of land or property that can create value. Taxes play a big role in your success as a professional, and a firm understanding of all available opportunities and incentives can help you achieve your vision.” (RE Journals)
- New York’s Baccarat Hotel Fetches Record Valuation from Chinese Buyer “China’s Sunshine Insurance Group Co. Ltd has agreed to acquire the Baccarat Hotel in New York City for more than $2 million a room, a record valuation, according to people familiar with the matter. Sunshine is paying more than $230 million, according to a person familiar with the transaction.” (The Wall Street Journal)
- Facebook’s Expensive Midtown South Expansion “Facebook is expanding its midtown south office yet again. The social media giant, which has surpassed $200 billion in market value, will add 80,000 square feet at 770 Broadway, the large office building south of Union Square where it first took space almost two years ago.” (Crain’s New York Business)
- Historic L.A. Jewelry District Building to Become Offices Again “The seven-story building at 718 S. Hill St. has been home to jewelry makers and sellers for many years, but its location is near new apartment and retail projects that are changing the nature of downtown and giving parts of it a residential flavor.” (Los Angeles Times)
- Big Ticket Real Estate Deals Lead to Downtown Projects “According Iowa City Assessor records, 123 commercial property sales have occurred downtown since 1985 — only eight of which have topped the $2 million mark. Two of those $2 million-plus sales came in the latter half of 2014, along with a number of other large deals that could reshape the near-campus area in the years to come.” (Iowa City Press-Citizen)
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