- Education Realty Trust Confirms Sale to Greystar Real Estate Affiliate “Education Realty Trust Inc., a college-housing real-estate investment trust, said it is selling itself to a Greystar Real Estate Partners affiliate for $41.50 a share in cash. Monday’s announcement confirms a report in The Wall Street Journal earlier this month that said Greystar was looking at buying the firm and had offered that price.” (Wall Street Journal, subscription required)
- Party City to Open Toy City Stores in Wake of Toys ‘R’ Us Demise “Party City said Monday it will open roughly 50 Toy City pop-up stores later this year as Toys R Us finishes closing its last round of stores this week, having filed for bankruptcy protection this past September. The company said it will roll out the temporary locations alongside its Halloween City pop-up shops in "optimal" markets where Party City found "attractive leasing opportunities." Many retailers in the U.S. have been able to negotiate rents and lease terms of late, with a glut of vacant storefronts on the market.” (CNBC)
- Today’s Best Resources for Finding Renters and Deals “The internet has changed the game for real estate investors. Once upon a time when there was no such thing as the internet, it was very difficult to find suitable tenants to fill your vacant units. Mom and pop investors resorted to labor-intensive, strategically placed signs and classified ads. I've built a rental portfolio to over 1,200 units in both single- and multifamily space, and the following are currently the best forms of effective and cost-efficient marketing to display your available rentals to the public.” (Forbes)
- Kushner Looks to Invest $2B in Hospitality Sector “Kushner is looking to build “a portfolio of a couple billion dollars of hospitality assets over the next several years,” the company’s first head of hospitality, Will Obeid, told Commercial Observer. Plans call for investing in hotels in primary and secondary markets throughout the country. ‘We are pursuing resort markets, we’re pursuing convention center hotels, we’re pursuing urban hotels,’ Obeid said. ‘These are full-service hotels.’” (Commercial Observer)
- SL Green to Buy Stake in 245 Park Avenue from HNA Group “SL Green Realty Corp. is buying a stake in the office building at 245 Park Avenue from HNA Group Co., a Chinese conglomerate that has been under pressure to sell its assets, according to people familiar with the deal. The price SL Green is paying and the size of the stake couldn’t be determined. SL Green will have operating control of the property and a preferred position in the joint venture, according to a person familiar with the deal.” (Wall Street Journal, subscription required)
- Marriott Breaks Ground on $600M HQ Campus “Joint venture partners The Bernstein Cos. and Boston Properties have broken ground on the new Marriott International headquarters complex in downtown Bethesda, Md. The more than 785,000 square feet of office space in the 22-story LEED Gold headquarters building will support about 3,500 employees. Amenities will include a childcare center, a fitness center and a cafeteria.” (Commercial Property Executive)
- Gambling Will Be the Death of Atlantic City “Here come just what the gambling millions haven’t prayed for: two mammoth new Atlantic City casinos opening on June 28. Beyond offering snake eyes to Big Apple players, the simultaneous launches raise the question: Can Atlantic City, a slum with high crime and high unemployment — plus a beach and boardwalk grafted on — be saved from irrelevance and further decay?” (New York Post)
- How Retail Real Estate Continues to Change “The changes in consumer shopping behavior continue to create upheaval in the business of retail real estate. As certain kinds of space become less valuable or obsolete, the arrangements that landlords and tenants make has had to adapt. I recently sat down with four partners fromGoulston & Storrs, a law firm with one of the largest retail real estate practices in the U.S., and I asked them what they’re seeing in the market right now.” (Forbes)
- The Gospel of Container-Based Modular Design “While architects have foreseen the rise of container-based modular design for a while now, it’s only recently that developers have started putting the concept into practice. The commercial real estate business is becoming more and more environmentally conscious and specialists agreed on one thing—it’s time to start building smarter and greener. Today, an increasing number of developers turn to alternative construction methods, leaving costly traditional ways behind.” (Commercial Property Executive)
- Could a Simple Change of Name Get Real Estate Investment Trusts Off the Ground in China? “’So far, China hasn’t produced a real Reit, just quasi-reits. Why? For a long time, the Chinese translation has been incorrect, and our understanding of Reit is too narrowly defined. As long as Reit is mentioned we think of financing to developers. We have failed to see the full function of Reits,’ Hong Lei, chairman of Asset Management Association of China (AMAC), told a Reits forum at Peking University on Tuesday.” (South China Morning Post)
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