- In a Retail Storm, Mall Owners Seek Refuge in the Courts “When all else fails, sue. Decades of overbuilding have saddled property markets with too many malls even as online shopping and changing consumer preferences are reshaping the retail sector. Now landlords, tenants and investors are looking to the courts for relief.” (Wall Street Journal, subscription required)
- Republican Tax Plan Poised to Benefit Landlords “While regular homeowners may be worrying that the Republican tax plan will raise their monthly costs, investors in single-family rental homes see the proposal as a potential boon to business.” (CNBC)
- A Decade Out From the Financial Crisis, Fannie Mae Has Bounced Back in a Big Way “Fannie Mae is back in the black and going entrepreneurial. Yes, the same Fannie Mae that U.S. taxpayers bailed out during the financial crisis. The company is now profitable and has paid $50 billion more than the original $116 billion bailout it received from the U.S. Treasury.” (Fortune)
- Kellogg Is Going All In on Cereal Cafes “Kellogg Co. is hoping that Instagram-obsessed millennials can help make cereal cool again. The food giant, struggling to break out of a four-year sales slump, is opening a cavernous new cereal cafe in Manhattan’s Union Square -- doubling down on a concept that it started in Times Square last year.” (Bloomberg)
- Sterling Bay in Advanced Talks to Buy Groupon Building in Chicago “Sterling Bay, one of Chicago’s most active real-estate developers, is in advanced talks to buy Groupon ’s headquarters for more than $515 million from Sam Zell’s Equity Commonwealth, according to people familiar with the matter.” (Wall Street Journal, subscription required)
- New Rental Tower Rises Where Sonny Rollins Once Lived “That tenement building is gone now. It was demolished in 2015, decades after nearly all of the neighborhood had been bulldozed in the late 1960s in a failed urban renewal effort that reduced much of the area to parking lots and displaced around 2,000 people. But now the entire area is being redeveloped as Essex Crossing, a $1 billion mixed-use project.” (The New York Times)
- Land and Buildings Reiterates HBC’s Real Estate Portfolio Is Undervalued “Activist investor Land and Buildings on Tuesday reiterated that Canadian department store operator Hudson’s Bay Co’s real estate assets were worth substantially more than the company’s current market valuation.” (The Globe and Mail)
- Realtors Make Last Minute Push on Tax Reform, Warn of “Hardship to Millions” “The largest voice for brokers in Washington is not finished lobbying on tax reform. The National Association of Realtors, by far the highest-spending real estate lobbying group, on Tuesday announced its final campaign to preserve homeownership incentives and brokerage business benefits in the new tax plan. (The Real Deal)
- Charming Charlie Files for Bankruptcy “One week after announcing that it planned to close underperforming stores, the other shoe has dropped at Charming Charlie. The jewelry and accessories retailer on Tuesday announced that it has filed for Chapter 11 bankruptcy protection. The move was not unexpected.” (Chain Store Age)
- Iron Mountain Forges U.S. Expansion with $1.3B Deal “Iron Mountain, a leading storage and information management services company, continues its expansion into the data center market with the planned $1.3 billion acquisition of the U.S. operations of Phoenix-based IO Data Centers LLC.” (Commercial Property Executive)
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