- Hedge Funds to Macy’s: Sell Your Real Estate “Several hedge funds have asked U.S. department store company Macy's Inc to consider options for its real estate, including selling some major sites and then leasing them back, according to several sources close to the matter.” (Business Insider)
- DoubleLine to Make Bridge Loans on Commercial Sites “DoubleLine will buy bridge loans originated by Thorofare Capital, a Los Angeles-based firm that that finances commercial real estate transactions bypassed by big lenders. The loans, often made to small developers who want to purchase and renovate underperforming properties, will range in size from $5 million to $20 million and mature in two to five years.” (Bloomberg)
- Park Avenue Office Towers Mount a Comeback “New York’s Park Avenue is on track to see something it hasn’t seen in three decades: a major new office tower. Developer L&L Holding Co. and its partners on Tuesday secured $556 million from MassMutual Financial Group to fund development of the 897-foot office tower at 425 Park Ave.” (The Wall Street Journal)
- Fox, News Corp. Have Tentative Pact for Trade Center Move “News Corp. and 21st Century Fox Inc. reached a non-binding agreement with developer Larry Silverstein to move their headquarters to a new skyscraper to be built at lower Manhattan’s World Trade Center site.” (Bloomberg)
- 9 Commercial Real Estate REITs to Buy for Big Dividends “With unemployment rates dropping this year and commercial real estate booming, it could be a good time to invest in commercial real estate REITs. In the first quarter, the FTSE NAREIT All REITs Index, a broad benchmark of the listed U.S. REIT industry including both equity and mortgage REITs, rose 4.05% for the quarter.” (The Street)
- Staten Island Mall Construction to Start in a Week “Staten Island Mall owner, Chicago-based General Growth Properties (GGP), is about to begin construction on a multimillion-dollar redevelopment of its 1.2-million-square-foot property in New Springville. Initial work on the Mall expansion is slated to begin in about a week, said David Albertson, senior marketing manager of the Mall.” (silive.com)
- Landlords: Read This before You File Your Taxes “If you own rental real estate, you may have annual tax losses, because allowable deductions exceed rental income. This can occur even with a property that throws off positive cash flow, because you are allowed to deduct the non-cash expense of depreciation. However, your ability to actually deduct the full amount of your rental losses in the current year might be at risk.” (MarketWatch)
- Toys ‘R’ Us Names Pizza Executive as New CEO “Brandon led Domino’s through its initial public offering in 2004. He also took Valassis Communications public (it was later acquired). Those IPO experiences may come in handy and might explain why Toys ‘R’ Us appointed a CEO without any experience in the toy industry.” (Fortune)
- Microsoft Reshuffles Workers, Leaves Vacancies in Bellevue “The company moved many of its employees within Bellevue’s City Center and both Bravern towers, as well as its South Lake Union office space in Seattle, a Microsoft spokesman said in a statement. Microsoft plans to vacate and sublease seven floors of office space in Bravern 1.” (The Seattle Times)
- Rainforest Café Creator Developing Puff the Magic Dragon Theme Restaurant “Schussler, who created The Rainforest Cafe, T-Rex and several other restaurant concepts, had just inked a deal with Peter Yarrow, of the music group, and songwriter Lenny Lipton for the restaurant and retail licensing rights to the group’s best-known song, Puff the Magic Dragon. The deal will let Schussler open Puff-themed restaurants with retail sections around the world.” (Nation’s Restaurant News)
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