- Investors bought a record share of homes in 2021. See where. “Neighborhoods where a majority of residents are Black have been heavily targeted, according to a Washington Post analysis of Redfin data. Last year, 30 percent of home sales in majority Black neighborhoods were to investors, compared with 12 percent in other Zip codes, The Post’s analysis shows.” (The Washington Post)
- Blackstone to Buy Preferred Apartment Communities in $5.8 Billion Deal “Multifamily properties particularly in high-growth Sunbelt states have been one of the hottest commercial property types in recent years because businesses have been relocating to those regions. Owners have been able to raise rents well above the inflation rate throughout the Covid-19 pandemic.” (The Wall Street Journal)
- MBA CREF `22: Parties and a Sense of Normalcy (Finally?) Returning “And, there were certainly plenty of festivities to choose from on the first full day of the conference Monday. Hosts included Benefit Street Partners, Axos Bank, Ready Capital, Lument, Greystone, Société Générale, Newmark, Ladder Capital, Bank of America, Sabal and Partner ESI.” (Commercial Observer)
- Single-Family Annual Rent Growth Finishes 2021 at a New Record “U.S. single-family rent growth increased 12% in December 2021, the fastest year-over-year increase in over 16 years [1], according to the CoreLogic Single-Family Rent Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time.” (CoreLogic)
- Wynn Reaches $1.7B Deal To Sell, Lease Back Encore Boston Harbor “Under the terms of the deal, expected to close in the fourth quarter, Wynn would sign a 30-year, triple-net lease at an initial rent of $100M. That rent would increase throughout the term of the lease, starting at a 1.75% rate for the first 10 years.” (Bisnow)
- Why the Chip Shortage Is a Boon for US Markets “To address the shortage, a growing list of semiconductor manufacturers have been announcing plans for the development of some of the largest chip plants in the world, and wherever these facilities pop up, opportunities follow.” (Commercial Property Executive)
- Tim Hortons focuses its next phase of U.S. expansion on snowbirds and retirees “Cil said the new format is faster to build and has better unit economics than the old model. The new U.S. restaurants are also focused on beverages, baked goods and hot breakfast sandwiches, unlike its Canadian stores, which have been pushing into lunch and dinner.” (CNBC)
- New Funds For Black Developers Fronting Millions For Their Success “Inspired in many cases by the national conversation about race amplified in the wake of George Floyd’s killing, these investments by leading community development groups and financial institutions now measure in the hundreds of millions of dollars in total.” (Bisnow)
- Companies revert to more normal operations as COVID wanes “That’s a stark reversal from just weeks ago when the omicron variant of COVID-19 was peaking, prompting companies to double-down on mask requirements and enforce daily health screenings while delaying return-to-office plans for remote workers.” (The Associated Press)
- Kohl’s adding 400 in-store Sephora shops this year “Introduced in 2021, the Sephora shops at Kohl’s are average 2,500 sq. ft. and offer an experience that mimics the look and feel of a freestanding Sephora. The assortment includes prestige makeup, skincare, hair and fragrance brands and a rotating selection of new, emerging or trending products.” (Chain Store Age)
- Disney To Build New Residential Communities, First In Rancho Mirage, California “The first community is called Cotino, in the greater Palm Springs area where Walt and Lillian Disney had a home. It’s being developed in collaboration with DMB Development to offer a range of home types including estates, single family homes and condos, including at least one area expressly for 55+ residents.”+ (Deadline)
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