- Zara Founder’s Real Estate Assets Top 6 Billion Euros in 2015 “Amancio Ortega, Europe's richest man and founder of global fashion group and Zara owner Inditex, held more than 6 billion euros ($6.6 billion) in prime real estate assets at the end of 2015, corporate filings showed on Tuesday. The famously-reclusive magnate's real estate investment arm, Pontegadea Inmobiliaria, booked assets of 6.06 billion euros at the end of 2015, up 8.3 percent from the previous year, making it one of the biggest property companies in Spain.” (Reuters)
- California Commercial Real Estate Boom May Be Topping Out “California commercial real estate continues its boom, but as U.S. economic growth slows there are signs of a topping out. That was the conclusion of a report released Wednesday by the UCLA Anderson Forecast, which surveys real estate industry leaders every two years. The latest survey in June ‘provides the first indication of a topping out in office and retail markets,’ said Jerry Nickelsburg, adjunct professor of economics at the UCLA Anderson School of Management.” (Times of San Diego)
- This Is What $1,500 in Rent Gets You in America’s Biggest Cities “When it comes to renting a home, whether it’s an apartment or house, there are many things you likely consider, from how much natural light it gets to if pets are allowed. And you probably think about several aspects of the location, like how safe the area is, how close it is to work and what important amenities are nearby. You probably also have an idea of how much room you’d like to get in exchange for that monthly rent check. But what if you could pay the same amount and get more space, would you do it? Only caveat: You may have to move to a new city.” (MarketWatch)
- Primark’s U.S. President Discusses Expansion Plans “Martinez, 54, headed Primark's operations in Spain and Portugal, before moving with his wife and three children to Boston a year ago to oversee the opening of the first U.S. store there. Right now, Primark is embarking on careful U.S. expansion, and it isn't looking for sites beyond its initial planned rollout of 10 U.S. stores. The only other New Jersey Primark store planned will be at the American Dream shopping and entertainment project in the Meadowlands. Martinez said he likes hearing from other malls.” (NorthJersey.com)
- What Landlords Can Write Off on Their Taxes “Putting up with tenants can be a real pain, but that negative consideration is offset by surging real-estate markets and rental rates in many areas — and favorable tax rules. In fact, favorable tax rules are a big reason why so many fortunes have been made in real estate. This column is the first of three on the most important tax issues that landlords, and potential landlords, need to understand.” (MarketWatch)
- Manhattan Office Market Stumbles During the First Half of 2016 “The commercial real estate market is showing growing signs of weakness. In the first half of the year, office leasing in midtown Manhattan plummeted by 18.7% to 8.6 million square feet from the same period last year, according to a report from Cushman & Wakefield Tuesday. That led to a borough-wide drop of 11.2% to 13.6 million square feet from the first half of 2015. Meanwhile, sales of raw land for development in Manhattan, frequently an early indicator of the health of the market as a whole, will be in even worse shape.” (Crain’s New York Business)
- Meet Kasita: The Micro-Housing Start-Up That’s About to Revolutionize Real Estate “You can tell immediately that Jeff Wilson, the 42-year old founder of Kasita, an Austin-based micro-housing start-up, has been courting venture capital. He has his sales pitch nailed—which is pretty impressive for a former university dean and professor who used to live in a dumpster. When I ask Wilson what fundamental problem his company is solving he tells me without flinching: ‘Kasita is on the verge of disrupting the urban housing market in ways not seen in real estate and development in 150 years.’ Wilson’s confidence may just be spot on. And perfectly timed.” (Forbes)
- Target’s Expansion into Cities May Mean More Smaller Stores “Target executives are starting to think small. With 1,790 stores spread across the country and sales growth in each of the last two years at under 2 percent, the discounter is accelerating plans to roll out more petite, urban stores. With 20 smaller stores already open, the Minneapolis-based chain expects to roll out 14 more this year — including one in the New York City neighborhood of Forest Hills, Queens, which will open on Wednesday.” (New York Post)
- Can Developers Win in the Lending Game? “Over the past year, New York’s real estate industry has seen a real peer-to-peer lending boom. A flurry of development firms have launched mezzanine and other debt platforms since mid-2015, blurring the line between lenders and borrowers. The most recent newcomers to the developer-lender arena include Kushner Companies TRData LogoTINY, RXR Realty, Moinian Group and RFR Realty, which joined earlier incumbents such as SL Green Realty Corp., and observers say more will likely follow.” (The Real Deal)
- How Do Whole Foods’ New 365 Grocery Stores Compare to Trader Joe’s? “Yeah, yeah, very funny—Whole Foods Market might have had enough of the ‘whole paycheck’ jokes already, OK? That's presumably why the chain, widely credited for bringing organics to the mainstream back in the day, is rolling out an offshoot of new, budget-friendly ‘365 by Whole Foods Market’ stores, the second of which opened this week in the Portland, Ore., area. Depending on your point of view, the new 365 by Whole Foods Market store is kind of like a scaled-down Whole Foods Market, or a Trader Joe's on steroids. But how does 365 stack up to these others pricewise?” (Today Food)
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