- Regal Rallies as Health Care REIT Venture Offers Buyout “Regal Lifestyle Communities Inc. jumped the most ever after a partnership including Health Care REIT Inc., the largest retirement-housing landlord in the U.S., agreed to buy the company for about C$374.4 million ($307.5 million).” (Bloomberg)
- New Program Could Further Boost Chinese Real Estate Investment in U.S. “For the first time, Chinese buyers surpassed Canadians as the top foreign buyers of U.S. homes, new data show. Their lead over all other foreign homebuyers can only grow, say analysts, especially with a new Beijing-led program coming that will make it easier for wealthy Chinese to invest overseas.” (The Wall Street Journal)
- Commercial Real Estate Forecast after the Fed Tightens “Investment real estate has been generally appreciating in this environment of expanding economic activity and low interest rates, but what will happen when the Fed tightens? Commercial investors should be fine for the first and second year of Fed tightening. After that, look for sluggish returns.” (Forbes)
- New York REIT Shares Jump as Investor Calls for Sale “New York REIT Inc. jumped as a shareholder called for a sale of the real estate investment trust’s assets and firms controlled by investors Steven Witkoff and Michael Ashner offered to manage the company.” (Bloomberg)
- Colliers CEO Doug Frye Resigns Following Spinoff “Doug Frye, the former chief executive officer and president of commercial brokerage Colliers International, resigned from his post, according to a press release issued by the company Wednesday. Frye will be replaced by Jay Hennick, who had acted as the CEO of FirstService since 1989.” (The Real Deal)
- Rent Inflation Shows No Signs of Letting Up “Landlords keep cranking up rents, with annual inflation for consumer housing costs far outpacing price growth elsewhere in the economy, according to data released Thursday. Rents in May were up 3.5% from a year earlier, while a gauge for overall consumer prices showed no growth, the U.S. Labor Department reported.” (MarketWatch)
- McDonald’s to Shrink in U.S. for First Time in Decades “The burger chain that put “supersize” into the American vernacular is slimming down: For the first time in more than 40 years, and perhaps ever, McDonald’s says the number of U.S. restaurants it has is shrinking. McDonald’s plans to close more restaurants in the U.S. than it opens this year, according to the world’s biggest hamburger chain.” (The Associated Press)
- Top 10 Rent Growth Markets of May 2015 “May apartment occupancy hit 95.3% this year, according to a new Axiometrics report. The Dallas-based research firm notes this increase is 12 basis points above April’s occupancy and a 28 basis point increase compared to last May.” (Multifamily Executive)
- Developers Plan 2,700 Homes on South Loop Site “The joint venture between Chicago developer CMK and Australian construction company Lend Lease Group has submitted plans with the city for the 7.3-acre riverside parcel between Harrison Street and the River City condominium complex. The largest building, on the north end of the site, would rise 47 stories and include 626 units.” (Crain’s Chicago Business)
- Alexandria Breaks Ground in Seattle “Much-needed state-of-the-art laboratory/office space is coming to Seattle’s thriving life sciences sector. Alexandria Real Estate Equities Inc.’s just broke ground on the 287,000-square-foot Alexandria Center at 400 Dexter Ave. North, where Juno Therapeutics has already signed on as lead tenant.” (Commercial Property Executive)
- Vera Wang Battles with SoHo Landlord “Vera Wang, the fashion designer known for her bridal collection, claims that the landlord of her ready-to-wear shop in SoHo is trying to push her out to make way for a higher-paying tenant. In the lawsuitm, Premier Equities, the owner of 158 Mercer St., claims that Ms. Wang owes more than $272,000 in back taxes, while the designer said that the previous owner of the property had paid the taxes on the store's $45,920 monthly rent.” (Crain’s New York Business)
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