- Trump Wants Plan to Cut Corporate Tax Rate to 15% “President Donald Trump has ordered White House aides to draft a tax plan that slashes the corporate tax rate to 15%, even if that means a loss of revenue and exacerbating the procedural and partisan hurdles he faces in search of his first major legislative victory, according to people familiar with the directive.” (Wall Street Journal, subscription required)
- If Albertsons Wants to Buy Whole Foods, Here’s How Much It Should Be Prepared to Pay “Let the fight for Whole Foods (WFM) begin. Shares of the organic grocer were higher by 3.44% to $36.99 on Monday afternoon, following a report from the Financial Times noting that U.S. supermarket operator Albertsons is exploring a takeover of the grocery giant. Albertsons should be prepared to pay through their nose to land Whole Foods. Credit Suisse analyst Edward Kelly recently estimated that Whole Foods could fetch $40 to $45 per share, or an equity value of $12.7 billion to $14.3 billion.” (The Street)
- 1031 Exchanges Increasingly Attractive as Prices Climb “Section 1031 of the IRS Code may seem like an arcane — and perhaps even unnecessary — subject for an adviser to be expert in. But now that property prices have risen to pre-2008 levels in most parts of the nation, it is essential to know about 1031 exchanges, according to Steve Dudash, president of Chicago-based IHT Wealth Management. ‘If you are not able to hold conversations about like 1031 strategies with your clients, you are obsolete,’ Dudash says. ‘You won’t have a job in five or 10 years.’” (Financial Planning)
- Sears Tops List of Retailers Most Vulnerable to Defaulting on Debt “Sears Holdings Corp. tops the list of retailers that are most vulnerable to defaulting on their debt in the next year, as the sector continues to be hammered by bankruptcies and high levels of credit risk, S&P Global said Monday. There have been 14 retail bankruptcies in 2017 through April 6, said the rating agency, close to the 18 that filed for all of 2016. U.S. retailers have borne the brunt of the damage, with the most recent filing coming from discounter Payless Inc., operator of Payless ShoeSource, which filed on April 4.” (MarketWatch)
- State Departments Uses Website to Promote Trump’s Mar-a-Lago Resort “Package deal! Three nights in a suite at Mar-a-Lago and what’s left of America’s dignity. President Trump’s administration has come under fire for promoting his Palm Beach resort using the State Department and its taxpayer-funded resources. A blog post from the U.S. Embassy in the U.K. published earlier this month resurfaced Monday when observers noticed the congratulatory tone it used to praise Trump’s frequent visits down to Florida.” (New York Daily News)
- These Are the Tallest Buildings in Each State “Hike to the top of the tallest building in Vermont, and you’ll barely break a sweat. The teeny, tiny Decker Towers apartment complex in Burlington is the tallest building in the Green Mountain State. Imagine the view from the top of the tallest building in America -- the 104-floor, 1,776-foot One World Trade Center in New York City -- and those people at the base of Decker Towers would look like ants. HighRises.com compiled a list of the tallest building in each U.S. state, and the results are rather varied.” (MarketWatch)
- Real Estate Investors Enters Pennsylvania’s Senate Race “There’s a new face in the crowd that’s vying to challenge the re-election bid by Pennsylvania’s Democratic U.S. Sen. Bob Casey. Real estate investor Jeffrey Bartos announced Monday that he’ll seek the Republican Party nomination to challenge Casey in 2018. The 44-year-old Bartos lives in Montgomery County and has never run for office before. Those already announcing their candidacy or filing paperwork with the Federal Election Commission include Republican state Reps. Rick Saccone and Jim Christiana, Republican Andrew Shecktor and Libertarian Dale Kerns.” (Associated Press)
- Optimism Improves Among CRE Execs, Despite Uncertainty “The U.S. CRE market is looking at a rising level of confidence, stiffer competition from single-family residential for the nation’s housing dollar, and concerns over rising prices and falling cap rates, according to the eighth annual Akerman U.S. Real Estate Sector Report, released last week. Since the U.S. presidential election, the report from U.S. law firm Akerman LLP indicates that 53 percent of investors and lenders are more optimistic about the 2017 outlook for the U.S. CRE market, compared to last year’s 38 percent.” (Commercial Property Executive)
- Here Are the Hundreds of Storefronts That Are Sitting Empty in New York City “If you walk through Manhattan's SoHo neighborhood, you'll likely find upscale coffee shops or clothing stores. But on almost every block, you'll also see abandoned storefronts sporting ‘For Lease’ signs. A new site called Vacant New York highlights the city's vacancy problem in detail. Launched in 2016 by freelance software developer Justin Levinson, the site features an interactive map that shows almost every unoccupied storefront in Manhattan.” (Business Insider)
- Terreno Realty Acquires 1MSF South Bay Industrial Property “Terreno Realty Corp. acquired a one million-square-foot industrial property in the South Bay submarket of Los Angeles for $31.4 million. According to Yardi Matrix, the property was owned by Comstock Homes. The estimated stabilized cap rate of the property is 3.9 percent. Located at 11840 and 11852 Alameda St. and 2800 Lynwood Road, in Lynwood, Calif., just off Interstate 105 and between Interstates 110 and 710, the facility is around 15 miles south of Los Angeles.” (Commercial Property Executive)
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