- Moody’s to Acquire Reis, a Leader in Commercial Real Estate Data “Moody’s Corporation and Reis, Inc. announced today that they have entered into a definitive merger agreement for Moody’s to acquire all outstanding shares of Reis in an all-cash transaction valued at approximately $278 million. The transaction has been approved by the boards of directors of both companies.” (MarketWatch)
- Banks Looking for Growth Not Helped by Housing “Banks already contending with sputtering loan growth won’t get much help from mortgages as the U.S. housing market shows signs of cooling. Evidence is stacking up that residential real estate has at least hit a soft patch. Last week, the National Association of Realtors reported that seasonally adjusted existing-home sales declined for the fourth consecutive month in July, a drop of 0.7%. The decline was particularly steep in the northeast at 8.3%.” (Wall Street Journal, subscription required)
- Final Sale: Inside Sears Hometown’s War with its Local Entrepreneurs “No one could blame Sears for closing stores that are losing money. But Heidi Wood, who used to run three Sears Hometown stores in Oregon, says the company pulled the plug on her stores even though they were profitable. Now she and the company are suing each other. ‘They are accusing me of everything from fraud to theft,’ one ex-store operator says. ‘It’s just so wrong.’” (Forbes)
- Grain Silos: From Empty Relics to Cultural Landmarks and Luxury Hotels “In the early 20th century, modernist artists and architects, including Le Corbusier, were fascinated by the tall, stark cylinders of grain elevators, which they considered an American analog to Egypt’s pyramids. The structures—round towers of concrete or steel, colloquially called silos, and used to store and sort grain—were typically built along city waterfronts or railway lines. In the U.S., more than 9,400 grain storage facilities still stand, not including those on farms, according to the Department of Agriculture.” (Wall Street Journal, subscription required)
- Macy’s Looks to Sell Medinah Temple, Move Bloomingdale’s Store “Macy’s is putting the historic Medinah Temple building in River North up for sale as the retailer continues cashing in on its valuable real estate portfolio. Cincinnati-based Macy’s will market the landmark building at 600 N. Wabash Ave. to potential buyers, with plans to move the Bloomingdale’s home furnishings store out of the space, Macy’s spokeswoman Andrea Schwartz said.” (Chicago Tribune)
- Understanding Secondary, Tertiary Markets and the Value of Their Real Estate Investment Offerings “Before we can answer that question, let’s talk about what makes a secondary or tertiary market. Real estate experts define markets in many ways, which causes infinite confusion for real estate investors. Opinions on market classification vary depending on who is asked and the criteria by which they measure, because there is no concise definition or standard practice across the industry.” (Forbes)
- The 5 Best U.S. States for the Middle Class “Middle-class families are making less money in almost every U.S. state. Median incomes have dropped nationwide since 1999, in some places by nearly 9 percent. Still, according to a GOBankingRates study that identified ‘the best and worst states for the middle class,’ it's easier to get by in certain states than it is in others. To be considered middle class, you have to earn an annual household income of "two-thirds to double the national median, after incomes have been adjusted for household size," according to Pew Research Center data.” (CNBC)
- Binswanger Sells Minority Interest to Key Employees “Following 85 years of being wholly family-owned, The Binswanger Cos. has sold a minority interest of the business to a group of its key employees. David Binswanger and his cousin, Frank “Jeff” Binswanger III, had owned 100 percent of the enterprise and are now managing directors. Sixteen Binswanger employees across the country were part of the transaction.’ (Commercial Property Executive)
- Fortress Is Doubling Down on CRE Debt “Fortress Investment Group is in the midst of raising two real estate funds. The SoftBank Capital-owned investment firm is set to close a $1.5 real estate credit fund by the end of the year, and is raising another that will buy real estate debt along with other assets, Bloomberg reported. The latter fund will also invest in loans backed for airplane leases. It’s part of Fortress’ broader strategy to expand its private credit activity.” (The Real Deal)
- American Eagle Outfitters to Ramp Up Aerie Store Expansion “American Eagle Outfitters, which on Wednesday reported its 14th consecutive quarter of same-store sales growth, is bullish on its fast-growing intimate apparel brand Aerie. In the chain’s second-quarter earnings call, American Eagle CEO Jay Schottenstein described Aerie’s performance as “nothing short of spectacular, marking nearly four years of consecutive double-digit growth.” (Chain Store Age)
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