- Macerich Rejects Unsolicited Bid from Rival Mall Owner Simon Property “Macerich Co. rejected the takeover proposal from Simon Property Group Inc., saying the unsolicited $16 billion bid substantially undervalues the company. In addition, Macerich’s board approved two governance changes aimed at making it harder for it to be taken over.” (The Wall Street Journal)
- The Shopping Center REIT Showdown: March Madness Continues “We're now moving on to the shopping center sector, where we have 16 REIT finalists gearing up for the battle of the best "brick-and-mortar" REITs. While my bracketology tournament is aimed to filter out the most reliable dividend payers, remember that the winner is not necessarily the cheapest. However, at the end of article, I'll also provide you with the ‘best buy’ award, in which the winner will be cited for being the most elusive team.” (Seeking Alpha)
- Investcorp Acquires U.S. Real Estate Portfolio for $300 Million “Investcorp Bank BSC, a Bahrain-based manager of alternative assets, bought a portfolio of residential properties in the U.S. for about $300 million The company’s real-estate unit bought assets in Washington DC, Orlando, San Diego and Baltimore, taking the value of property bought this year to $850 million.” (Bloomberg)
- Sitt Sees Flight to Quality in U.S. by Foreign Investors “Joseph Sitt, chief executive officer of Thor Equities LLC, talks about Chinese investment in U.S. commercial real estate and the outlook for continued foreign investment.” (Bloomberg)
- Toys R Us Officially Leaving Flagship Times Square Location “Giant toy retailer Toys R Us decided not to renew its lease for the 110,000-square-foot flagship store in the Times Square area, Commercial Observer has learned. And it may be moving to a retail space in the neighborhood. The asking rent on the ground floor in the 150,000-square-foot building is $2,500 per square foot, $150 per foot on the lower level and $350 a foot on the second floor, the broker said.” (Commercial Observer)
- Changing of Guard at Willis Tower Highlights Turbulent Period for Chicago Real Estate “Recent months have been an atypically turbulent time for trophy towers and other notable structures throughout Chicago’s built environment. On the South Side, there’s been controversy over a prospective location for the Obama presidential library, with a U. of C.–led bid requiring acquisition of park land.” (MarketWatch)
- The Housing Recovery That Never Was “Real estate has recovered in the sense that home prices have regained their pre-bubble levels. The real estate market on average is fairly priced once again, but the home-building industry — the sector of the economy that fueled past recoveries and provides good-paying, middle-skilled jobs to blue-collar America — is still stuck in the doldrums.” (Fortune)
- Sell $3B in Real Estate to Fund New Hudson River Rail Tunnel, Top Dem Tells Port Authority “State senate president Steve Sweeney called on the Port Authority to sell at least $3 billion in real estate to help fund construction of a new Hudson River rail tunnel. Sweeney, who made the public call at a Newark Penn Station press conference today, said he spoke to Port Authority chairman John Degnan about the idea.” (NJ.com)
- Aiming to Ride Tech Wave, Developers to Sell West Loop Apartments “The developers of a 149-unit apartment project in the West Loop have put the property up for sale, betting that its proximity to Google's future Chicago offices and other technology companies will attract hefty bids from investors. The property is close to the city's emerging technology sweet spot, four blocks from the Google project and about eight blocks west of Gogo, Uber Technologies and Twitter's new offices.” (Crain’s Chicago Business)
- WeWork, Vornado Alter Plans for Co-Living Space “Last year, WeWork announced plans to partner with Vornado to launch its first residential brand, WeLive, at 2221 S Clark St in Crystal City. Now they’re taking it a step further, combining the two brands under one roof.” (Bisnow)
0 comments
Hide comments