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11 Must Reads for the CRE Industry Today (June 8, 2022)

Randy June 7, 2022 3 Views
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  1. Commercial Property Sales Slow as Rising Interest Rates Sink Deals “Hotels, office buildings, senior housing and industrial properties recorded big drops in sales. Sales of other property types, such as retail and apartments, rose in April, but analysts and brokers said activity may be now slowing in those sectors, too, as rising interest rates keep some investors from making competitive offers.” (The Wall Street Journal)
  2. The Great SPAC Attack in Proptech Retreats. Now What? “After a record-setting first quarter this year that saw $4 billion invested in proptech, according to a report from ​​investment bank Keefe, Bruyette & Woods, activity has cooled and the market has fallen, hitting proptech SPACs particularly hard, including OpenDoor and SmartRent, which both saw their share prices drop. Fifth Wall, the proptech-focused VC firm, canceled two planned SPACs early this spring, and proposed federal disclosure rules governing SPACs only made the situation worse, and banks more jittery.” (Commercial Observer)
  3. Distressed downtown office properties go up for sale “The building at 300 W. Adams St. and a block of offices above the JW Marriott Chicago are both expected to fetch bids below the value of the debt on the properties as the pandemic clouds the outlook for the office sector.” (Crain’s Chicago)
  4. Why is Rams owner Stan Kroenke buying so much of Woodland Hills? SoFi Stadium gives a hint “Rams owner Stan Kroenke has acquired a high-rise office building in Woodland Hills near a former shopping center he bought a few months ago, strongly signaling that the billionaire businessman wants to build a second sports-centric development like that around SoFi Stadium.” (Los Angeles Times)
  5. Feeding Office Employees May Be a More Effective Use of Real Estate in the Era of Hybrid Work “You’d be hard-pressed to find an office kitchen without a stockpile of granola bars because most offices don’t provide full-fledged meals to their employees. So, employees returning to the office are expected to bring their lunch or buy it. But, the employees who opt to buy their lunch are in for a rude awakening.” (Propmodo)
  6. Kohl’s Enters Exclusive Talks to Be Sold to Vitamin Shoppe Owner “Franchise Group, which owns brands including Vitamin Shoppe, had offered around $60 a share for Kohl’s, the company said, confirming a prior report by the Journal. It has been vying for the company in competition with private-equity firm Sycamore Partners, which put in a bid in the mid-$50s a share, people familiar with the matter have said.” (The Wall Street Journal)
  7. ICSC Vegas 2022 Recap “After a two-year hiatus, the ICSC convention for retailers, shopping mall owners, and real estate companies returned to Las Vegas. With more than 22,000 attendees and 750 booths, the excitement surrounding the conference signaled resiliency from the retail industry.” (Colliers Knowledge Leader)
  8. Target Inventory Warning Portends Retail Bloodbath “The company said in its latest earnings call on May 18 that it was holding too much merchandise that consumers no longer wanted—such as large appliances and furniture. Consumers are still spending on groceries and household essentials, while diverting discretionary dollars to things they need as they resume going to the office, traveling, attending concerts and so on—such as luggage, cosmetics and dressy clothes.” (The Wall Street Journal)
  9. Is Richard Weintraub L.A.’s Most Versatile Developer? “It was the spring of 2009, and the Malibu Lumber Yard had been something of a neighborhood institution for decades. Now, its $25 million reincarnation would keep the name — and its wood theme — but replace the two-by-fours and hammers with gelato and $300 Tory Burch sandals.” (The Real Deal)
  10. Corporate landlords’ profits have surged despite eviction ban fears “Property owners that opposed a federal ban on evictions in the early days of the COVID-19 pandemic claimed the restrictions would leave them on the hook for billions of dollars in losses. For many corporate landlords, however, 2021 tuned out to be a year of record profits, according to a watchdog group.” (CBS News)
  11. Shopping Malls Are Being Converted into Micro-Distribution Hubs “Fillogic tends to the needs of all mall owners, retailers and transportation providers through an aggregated B2B logistics and technology platform. It uses existing infrastructure to operate and provide logistics and technology solutions to increase efficiency and make last-mile delivery more cost-effective.” (Manufacturing Business Technology)
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