- Commercial Mortgage Debt Outstanding Jumps to Record High in Q4 “The last three months of the year marked the largest quarterly increase in mortgage debt outstanding on record, as every major capital source increased their holdings. The 7.4 percent annual increase in outstanding debt compares to a 19.5 percent increase in underlying property values.” (Commercial Property Executive)
- Simon, Brookfield Using 'Different Playbook' In Attempt To Buy Kohl's “Even though JCPenney's real estate structure reduced its exposure on Simon and Brookfield's tenant portfolios, its anchor status at the landlords' malls left them vulnerable to inline tenants triggering release clauses in their leases if the department store went dark. That made the investment at least partially a defensive one, but the same logic would not apply to Kohl's, which operates mainly on standalone sites and outparcels of regional and power shopping centers.” (Bisnow)
- Industrial Rents Are Projected To Tick Up 30% In These Key Markets “Cushman & Wakefield anticipates maritime port proximate markets to see some of the highest nominal rent upticks across the US, with primary or gateway industrial markets also expected to post strong growth.” (GlobeSt.com)
- The Trumps’ Washington Hotel Sale Is Poised to Close Next Week “The sale could close as early as next week, according to people familiar with the matter. The new owner plans to temporarily shut down the hotel, remove the Trump name, and reopen it in June as a Waldorf Astoria hotel, these people said.” (The Wall Street Journal)
- Landlords call for up to 6.5% rent hike on stabilized apartments “Like in previous years, the group stressed that the board’s figures fail to fully illustrate landlords’ financial woes. Owners have long contested that the board’s annual income and expense survey, which is used to determine the recommended rent increases, is based on two-year-old data that fails to account for mortgage payments and excludes buildings with fewer than 11 units, which landlord groups claim are more likely to be rent-stabilized.” (The Real Deal)
- US home prices rose by nearly 20% year-over-year in February “Phoenix, Tampa and Miami reported the highest year-over-year gains among the 20 US cities tracked by the index. Phoenix led the way for the 33rd consecutive month with home prices rising 32.9% from the year before. It was followed by Tampa and Miami, which saw 32.6% and 29.7% gains, respectively.” (CNN)
- Second Starbucks and Amazon Combo Store to Open in NYT Building in May “Starbucks and Amazon will unveil their new 3,100-square-foot store May 20 in the old Dean & DeLuca space at the base of the 52-story New York Times Building at 620 Eighth Avenue, between West 40th and West 41st streets, a source with knowledge of the deal said.” (Commercial Observer)
- First Look: Amazon Go opens new suburban format “Amazon is expanding the portfolio of its Amazon Go checkout-free convenience concept with a new format for suburban locations. The new format, which is still called Amazon Go, is now open in Mill Creek, Wash. Initially announced in January 2022, the store measures approximately 3,250 sq. ft. in front-of-house and 6,150 square feet overall.” (Chain Store Age)
- How a White Plains judge became a favorite refuge for NYC developers “Big companies in dire straits have been known to lease offices in the quiet city to qualify to restructure there. Historically, they have known which bankruptcy judge they will get, because Westchester County only had one: Robert Drain.” (The Real Deal)
- Why CoStar Group Was Climbing Today “Overall revenue increased 13% to $516 million, beating estimates at $512.5 million. The company noted strength in Apartments.com, which saw a 36% sequential increase in sales, and net new bookings in the quarter jumped 31% year over year to $68 million.” (The Motley Fool)
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