Commercial Real Estate
Top stories summarized by our editors
5/24/2018

Westfield's takeover by Unibail-Rodamco has been approved by Westfield's shareholders despite the erosion in the deal's original $16 billion value. Steven Lowy of Westfield says the deal could lead to more merger and acquisition activity in the industry, especially there is a "dislocation at the moment between REIT pricing and the underlying value of the assets."

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Steven Lowy, Unibail-Rodamco
5/24/2018

Boston, Los Angeles, New York City, San Francisco and Washington, D.C., play an outsize role in the performance of four of the largest apartment REITs, according to Morningstar. The company does not believe that slowing fundamentals in New York and D.C. will significantly affect major REITs, although some market watchers disagree.

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Morningstar Advisor
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Morningstar
5/24/2018

It could take years for retail owners to fill the spaces left empty by departing Sears and J.C. Penney stores, says Green Street Advisors' Dirk Aulabaugh. Hotels and apartments are two asset types that landlords such as Simon and PREIT are considering.

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CNBC
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JC Penney, Dirk Aulabaugh, Sears, Simon
5/24/2018

Prologis' 2015 sale of a 21-building warehouse portfolio near Facebook's headquarters in Menlo Park, Calf., to the social media giant netted the REIT about $300 million. Facebook is tearing down the buildings to develop more office space.

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Facebook, Prologis, Menlo Park
5/24/2018

Sales of existing homes hit a seasonally adjusted annual rate of 5.46 million units last month, a 2.5% decrease, surpassing the 0.2% drop economists had predicted. Sales dropped 1.4% year over year.

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Reuters
5/24/2018

This week's ReCon event in Las Vegas emphasizes department stores less and restaurants, hotels and apartments more as property owners look for ways to diversify offerings. Companies are focused on filling vacated department store spaces with nonretail options and mixed-use spaces.

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USA Today
5/24/2018

Westwood Financial has acquired Boardwalk at Andersen Springs in Chandler, Ariz., and Decatur Crossing in Decatur, Ga., in a transaction totaling $66.2 million. Both properties are anchored by Sprouts grocery stores.

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Westwood Financial
5/24/2018

Crestwood Plaza is now a pile of dirt after UrbanStreet demolished the Crestwood, Mo., retail center, with plans to redevelop the site. However, the company has yet to offer insight into its plans; one city official expects the necessary permit for flattening the piles of dirt left behind to be issued by July.

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Crestwood Plaza
5/23/2018

REIT magazine spoke with five analysts to get their insight on how interest rates, tax reform, valuations and other trends are shaping sentiment, and what investors should focus on in times of uncertainty. Read the interview.

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reit.com
5/23/2018

Mergers and acquisitions in commercial real estate are being fueled by private equity's dry powder for investment waiting in the wings, REITs' lower net asset values, deregulation and tax law changes, among other factors. "It's likely that 2018 will see an uptick in investment activity as these big deals tend to add up very quickly," says Rene Circ, director of CoStar Portfolio Strategy.

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Rene Circ