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11 Must Reads for the CRE Industry Today (June 29, 2021)

A new white paper from FTI Consulting examines private real estate investors’ attitudes towards outsourcing fund administration. CNBC looks at how Google was able to win over critics to its megacampus in San Jose. These are among today’s must reads from around the commercial real estate industry.

  1. Outsourcing Gains Traction with Real Estate Investment Managers “More real estate fund managers are expected to outsource certain business functions in the coming years. After a long history as a cottage history, real estate investment administration – or ‘fund administration’ as it is often called – will help these managers realize efficiencies and better focus on their core objectives and strategic imperative of investment and asset management.” (FTI Consulting)
  2. How Google won over some of its biggest critics to build a megacampus in San Jose “Google’s path to its massive tech campus planning in San Jose began with activists chaining themselves to chairs inside City Hall over the city’s decision to sell public land to the tech giant. It ended with some of its biggest opponents singing its praises.” (CNBC)
  3. Ventas to Acquire New Senior Investment Group in $2.3B Transaction “The Chicago-based real estate investment trust announced on Monday it had entered into a definitive merger agreement to acquire New Senior in an all-stock transaction. The deal with New York City-based New Senior is valued at $2.3 billion and includes $1.5 billion in New Senior debt.” (Senior Housing News)
  4. Shoppers Return to American Dream Mall — Will There Be Enough Foot Traffic? “Plus, despite the dip in the retail market and landlords across the region offering discounts for space, Triple Five has been holding firm on rents at American Dream. A broker, who asked to remain anonymous, said the mall is still commanding asking rents close to ones in Manhattan, and even had deals fall apart when Triple Five refused to budge on the numbers.” (Commercial Observer)
  5. Brookfield Drops $5B On Modular Workspace And Home Company “Modulaire creates modular workspaces for private sector companies and public sector bodies like schools and hospitals, and for modular homes. It has operations in 25 countries across the UK, Europe and Australasia with approximately 259,000 modular space and portable storage units and 3,400 remote accommodations rooms.” (Bisnow)
  6. P.F. Chang’s to open 50-plus take-out locations “The concept features a smaller footprint, expanding P.F. Chang’s access to high-density metropolitan communities and proving convenient option for online ordering, takeout, catering and delivery. Eight locations are currently open, with three in Chicago and five in New York City.” (Chain Store Age)
  7. 2021 Net Lease Industrial Sales Volume & Cap Rates “Quarterly sales volume was down across all regions of the single-tenant industrial market in first quarter 2021, however, the data is a bit deceiving. Market activity greatly surpassed expectations in fourth quarter 2020 as investors rushed to close deals before year-end.” (Commercial Property Executive)
  8. After Leadership Change, What’s Next for Fannie and Freddie? “Some possibilities include ramping up loan production, increasing access to the correspondent program for smaller lenders, and expanding the use of loans with affordable and green components. ‘We’re likely to see an increased focus on affordable and green lending, a review of the multifamily caps and a renegotiation of the conservatorship agreement between the Treasury Department and the FHFA,’ said Mike Flood, a senior vice president of commercial/multifamily policy at the Mortgage Bankers Association.” (Multi-Housing News)
  9. Translating Climate Goals into Action in Real Estate Portfolios “Climate risk is increasingly atop real estate investors’ minds — particularly the transition risk associated with a societal shift toward a low-carbon economy. Many investors and asset managers have made bold commitments in regard to transitioning real estate portfolios to net-zero carbon emissions and are now developing and implementing plans to achieve these goals. But what could this transition look like in practice for property portfolios?” (MSCI)
  10. Optimism For Re-Imagined Brick-and-Mortar Rises From High-End Retail To Final Mile “As much as an undeniable, unprecedented and accelerating digital shift is underway, with consumers showing increased preferences for eCommerce purchases, the lowly retail location – which still accounts for roughly 85 percent of total sales – has been given a boost by some big-name backers.” (
  11. Colleen Wenke Talks Taconic: The CRE Heavy Hitter With an Entrepreneurial Spirit “As a firm, Taconic has always been especially bullish on New York City, and the two transitioned into their new roles at an exciting time for the industry, and for the recovery of their home base. Taconic’s diverse portfolio — which includes a significant head start and footprint in New York City’s life sciences sector — was well-positioned for a fast-moving crisis.” (Commercial Observer)
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