- Fed Chair Janet Yellen: Interest Rate Hike to Come ‘Later This Year’ “As Wall Street frets over when the first interest rate hike in nine years will come, Federal Reserve Chair Janet Yellen is sticking to the script. In a speech delivered Friday to the City Club of Cleveland, the U.S. central bank chief reiterated familiar Fed talking points: The economy is improving, unemployment is dropping, inflation is getting close to healthy levels.” (CNBC)
- Blackstone Selling 1,300 Atlanta Houses in Strategy Shift “Blackstone Group LP’s Invitation Homes, after spending more than $9 billion in a U.S. property-buying spree, is starting to sell some houses as it shifts focus from rapid expansion to fine-tuning its holdings. The housing landlord has agreed to sell about 1,300 Atlanta-area residences that don’t fit its strategy, which targets communities with higher rents and quality schools.” (Bloomberg)
- For Carlton Group Chief, Another Frontier “Crowdfunding has become a hot trend in commercial-real-estate finance, so it’s no surprise that Howard Michaels is expanding the Carlton Group into that business. In his 35-year career in real estate, the New York-based real-estate finance broker and investor has been involved in most major financing trends, often at an early stage.” (The Wall Street Journal)
- Seritage Names Brian Dickman CFO After Spinoff From Sears “Seritage Growth Properties, the real estate investment trust spun off from retailer Sears Holdings Corp., named Brian Dickman as its chief financial officer. Dickman resigned as CFO of Agree Realty Corp., a Farmington Hills, Michigan-based REIT that specializes in shopping centers and single-tenant properties.” (Bloomberg)
- Secondary Property Markets in U.S. Enjoying Development Resurgence “According to a new study by CBRE, secondary property markets in the U.S. Midwest are experiencing a surge in mixed-use urban development and population growth as residents shift away from the suburbs to downtown. Five of the eleven cities in the study--Indianapolis, Cleveland, Detroit, Pittsburgh and Minneapolis--currently have more than $1 billion worth of new construction projects underway.” (World Property Journal)
- Apple Signs Major Bay Area Lease “The Cupertino-based Mac maker has reached an agreement to lease the nearly 300,000-square-foot 101 Tech campus at 2325 Orchard Parkway, multiple industry sources told me this week. The deal marks Apple’s first significant dip into San Jose’s real estate waters in decades.” (San Francisco Business Times)
- Healthcare Trust Raises BioSquare Temps “Healthcare Trust of America, Inc. made approximately $190 million in acquisitions in the second quarter, including the largest purchase – 670 Albany St., a 161,254-square-foot biomedical research facility in Boston for $101.5 million.” (Commercial Property Executive)
- Bill Creates New Hurdles for EB-5 Visa-Backed Projects “Among the modifications, the bill will raise the minimum foreign investment in a project located in a targeted area that has high unemployment from $500,000 to $800,000, and from $800,000 to $1.2 million for projects located in areas that are not designated as having a high unemployment rate.” (The Real Deal)
- Shvo, Witkoff Look to Get $800M in EB-5 Funding “The U.S. Immigration Fund, which helps arrange financing through the popular visa program, is raising a total of $800 million in mezzanine financing for four major construction projects: Michael Shvo’s, Bizzi + Partners and Howard Lorber’s 125 Greenwich Street as well as Witkoff’s 111 Murray Street, Marriott Edition Hotel Times Square and 1 Park Lane.” (The Real Deal)
- J. Crew Launching a New Concept Store in the Shops at Park Lane “They told us it was going to be a J.Crew Factory store. Now it’s something else. J.Crew Group says it has a new concept that it’s calling J.Crew Mercantile. The first one is opening later this month at the Shops at Park Lane in Dallas. There aren’t many details yet, but the company issued a short press release saying it ‘will feature a collection of value-driven merchandise with classic J.Crew style for women, men and children.’” (Dallas Morning News)
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