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10 Must Reads for the CRE Industry Today (Dec. 22, 2021)

Logistics player GLP is preparing an IPO for its investment arm in 2022, reports The Wall Street Journal. Developers are taking a second look at vacant mills, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Property Logistics Specialist GLP Plans IPO for Investment Arm “GLP Pte. Ltd., the global specialist in logistics real estate, is gearing up for a U.S. initial public offering of its investment arm next year, a person familiar with the matter said. GLP has hired underwriters for a potential listing of its fund-management business and could file IPO paperwork confidentially with the U.S. Securities and Exchange Commission soon, this person said, adding that the public company is likely to manage about $100 billion of assets when it launches.” (The Wall Street Journal)
  2. Pandemic Turns Florida’s West Palm Beach into Office Boomtown “An influx of financial firms from New York and other locations is fueling an office-leasing boom and new development in West Palm Beach, Fla. Related Cos. said Tuesday that it plans to build two office properties in the city with a price tag of about $750 million. The two projects and two other Related developments are set to increase the total office space in the city’s central business district by more than 50% to 4.3 million square feet, from 2.8 million square feet last year, according to data from CBRE Group Inc.” (The Wall Street Journal)
  3. Renovated Mills Offer a Perk in the Age of Social Distancing: Space “The Wool Factory is part of a larger effort by developers to convert grain, textile and water mills that came of age during the Industrial Revolution. Across the nation, they are turning them into vibrant destinations after years of vacancy following a manufacturing decline. Mills have been transformed into apartments and offices for decades, but developers in Maryland, South Carolina, Missouri and elsewhere are now turning them into hot spots that appeal to consumers craving surroundings more inspiring than typical cookie-cutter buildings.” (The New York Times)
  4. LA Center Studios and Sound Stage Development for Sale: Sources “With surging demand for studio space from the top streaming tenants and the country’s biggest investors, the owners of Los Angeles Center Studios are looking to sell their production campus just west of downtown, sources told Commercial Observer. The campus spans about four and a half city blocks at 450 South Bixel Street on the west side of the 110 Freeway. It opened in 1999 and has produced shows like “Mad Men” and “Law & Order,” and films like “Mr. and Mrs. Smith” and “Inception.”” (Commercial Observer)
  5. Modiv Files for $84 Million U.S. IPO “Modiv has filed to raise $83.5 million in an IPO of its Class C common stock. The REIT owns and operates office, industrial and retail properties in the United States.” (SeekingAlpha)
  6. Feeling Powerless, Families Bring Elderly Home in a Pandemic “Patients, many frail and unable to communicate their needs, were walled off from the family members who could advocate for them, even as staffing shortages and pandemic restrictions sharply reduced care. COVID has killed more than 140,000 residents of U.S. nursing homes, with deaths from other causes also far surpassing previous years. And Ryder and others like her -- standing at nursing home windows watching the condition of their loved ones deteriorate -- felt powerless to do anything about it. ‘It was fear for her safety, for her wellbeing -- this is your mother!’ says Ryder, herself the parent of two 20-somethings. ‘I mean, I don’t know if you have kids. But can you imagine being at work and the school calls and says ‘We’re going to lock the school and we’re going to keep your kids for their own safety’?’” (The Associated Press)
  7. The Race Is On Between Multifamily Rental Increases and Inflation “Rents are soaring, but so is the cost of apartment development and management.” (Bisnow)
  8. Drugstore Chain Rite Aid to Close at Least 63 Stores in the Coming Months “Drugstore chain Rite Aid said Tuesday it plans to shutter at least 63 stores as it reassesses how many locations it needs in the United States. The company said the closures were identified as part of an ongoing review and it anticipates it will find additional shops to close in the next several months. Rite Aid said its goal is to reduce costs, boost profitability and have a ‘healthy foundation.’” (CNBC)
  9. CSA First Look: Toys “R” Us Opens at American Dream “Toys “R” Us has officially opened the doors to its first U.S. store under its new owners. The iconic toy retailer on Dec. 19 opened a two-level, 20,000-sq.-ft. store at American Dream, the massive, tree million sq.-ft.-plus entertainment and retail center in East Rutherford, New Jersey.  Billed as a global flagship, the new outpost features some 10,000 items, merchandised by brand or play pattern (dolls, arts and crafts, etc.)” (Chain Store Age)
  10. The $1 Pizza Slice Becomes Inflation’s Latest Victim “For two decades, 99 Cent Fresh Pizza, a New York City chain, has charged $1 for a slice of cheese pizza, luring anyone who needed to fill up for cheap in a notoriously expensive city, from construction workers to students to late-night partyers. But the pandemic has thrown its business model, which relies on heavy foot traffic in office districts and tourist hubs, into an existential crisis. With inflation rising at its fastest pace in a generation, prices for just about everything — from pizza boxes to pepperoni, flour and oil — have skyrocketed.” (The New York Times)
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