- Lone Star Raises New $5.9 Bln Real Estate Private Equity Fund “Lone Star Funds, a real estate-focused private equity firm, said on Tuesday it has raised $5.9 billion for a new fund that will invest in the debt and equity of commercial property assets in the Americas, Europe and Asia Pacific. Investors in Lone Star Real Estate Fund V include corporate and public pension funds, sovereign wealth funds, university endowments, foundations and wealthy individuals, Lone Star said in a statement.” (Reuters)
- Former Sony Building to be Flipped for a $300M Profit “Barely three years since buying Midtown Manhattan’s former Sony Building, wily investor Joseph Chetrit is poised to sell it for at least a $300 million profit, The Post has learned. Chetrit and his partners are in contract with Saudi Arabia’s Olayan Group to sell the ‘Chippendale’ tower at 550 Madison Ave. for between $1.4 billion and $1.5 billion, sources said. The real estate investor bought the building in early 2013 for $1.1 billion — putting his annual return at 27 percent, at a minimum.” (New York Post)
- In Wealthy Pocket of Connecticut, an Innovative Approach to Affordable Housing “In Fairfield County, by many measures the most economically stratified county in perhaps the most economically stratified state in the country, New Canaan has recently become something of an affordable housing leader. Not that the town had much choice in the matter. A 1990 state law meant to reverse decades of housing discrimination requires all of Connecticut’s 169 municipalities to guarantee that at least 10 percent of their housing units are affordable.” (The New York Times)
- Fertitta Brothers Set to Take Home the Jackpot in Red Rock IPO “In the casino business, the saying goes that the house always wins. In Red Rock Resorts Inc.’s upcoming initial public offering, the Fertitta brothers certainly stand to come out on top. Frank, 54, and Lorenzo, 47, are chief executive officer and director, respectively, of Las Vegas-based Red Rock, a casino operator scheduled to price its IPO on April 26. At the high end of its marketed range, Red Rock could raise $572.25 million, making it the largest IPO so far this year, according to data compiled by Bloomberg that excludes REITs, special purpose companies, and closed-end and country funds.” (Bloomberg)
- GE Opens First Phase of South Carolina Manufacturing Plant “GE has opened Advanced Manufacturing Works, a 125,000-square-foot, state-of-the-art industrial plant in Greenville, S.C., to will serve as GE Power’s first advanced manufacturing facility. To date, GE has invested $73 million in the facility with plans to invest an additional $327 million across the GE Power Greenville campus over the next several years to drive innovation and the faster development of best-in-class technologies that deliver more value for customers across the globe.” (Commercial Property Executive)
- Is Genting Looking to Flip Former Miami Herald Property? “Unable to build the luxury Miami casino and resort envisioned five years ago when they dropped $236 million for 14 acres in Biscayne Bay, gaming giant Genting Group may indeed be actively seeking to flip the property. Rumored for years, the company’s interest in selling the former site of the Miami Herald’s headquarters was confirmed recently on condition of anonymity by a developer who said he was shown the property.” (Miami Herald)
- MSG Move Would be a $5B Nightmare Dressed Like a Daydream: Transit Group “A recent report by the Rudin Center for Transportation Policy and Management that suggests relocating the arena to a nearby location would cost upwards of $5 billion, take a particularly long time and become an urban planner’s worst nightmare. The findings are part of the think tank’s study of a recently proposed overhaul of Pennsylvania Station and its extension to the James A. Farley Post Office opposite Eighth Avenue.” (Commercial Observer)
- Neiman Marcus Holds Tight to Top Standing in Luxury Retailing “It’s been a bumpy few months for Dallas-based luxury retailer Neiman Marcus. Longtime leaders in the company have left, following a layoff in October. Sales have declined in two consecutive quarters, including the key Christmas season. An initial public offering of stock that would raise cash has been on hold for months. And rumors swirl that the company could be sold again. Hasn’t Neiman’s been here before?” (The Dallas Morning News)
- Bob Evans Closes 27 Locations “Bob Evans Farms Inc. said on Monday that it is closing 27 poorly performing locations in a move expected to increase the chain’s operating income by $1 million a year. All but six of the restaurants are on property the company owns, and were closed over the weekend. But the six leased locations will be closed some time in the company’s current fiscal year. The closures follow a comprehensive evaluation of the struggling New Albany, Ohio-based chain’s unit-level portfolio.” (Nation’s Restaurant News)
- Boyd to Buy Las Vegas Hotel-Casino for $380M “Boyd Gaming Corp. has entered into a definitive agreement to acquire ALST Casino Holdco LLC, the holding company of Aliante Casino Hotel and Spa, in North Las Vegas, for total net cash consideration of $380 million, Boyd announced late last week. The upscale, resort-style casino and hotel is on the 215 Beltway within the Aliante master-planned community.” (Commercial Property Executive)
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