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Travis-Kalanick. Justin Sullivan/Getty Images

11 Must Reads for the CRE Industry Today (October 21, 2020)

Uber founder Travis Kalanick is acquiring vacant restaurants and auto body shops for his ghost kitchen venture, reports the Wall Street Journal. U.S. single-family homebuilding permits rose to a 13-year high in September, according to Reuters. These are today’s must reads from around the commercial real estate industry.

  1. Uber Founder Turns Real-Estate Mogul for Ghost Kitchen Startup “The former chief executive of Uber Technologies Inc. has been quietly assembling a mini real-estate empire over the past two years, acquiring closed restaurants, auto-body shops and warehouses for use in his new ghost kitchen venture.” (Wall Street Journal)
  2. Commercial REITs for Small Investors See Increasing Demand “A new type of commercial real-estate fund that targets small investors is raking in money again after demand cooled during the early months of the coronavirus pandemic.” (Wall Street Journal)
  3. U.S. Single-Family Homebuilding, Permits Surge to More than 13-Year High “U.S. single-family homebuilding raced to a more than 13-year high in September, cementing the housing market’s status as the star of the economic recovery amid record-low mortgage rates and a migration to the suburbs and low-density areas in search of more room for home offices and schooling.” (Reuters)
  4. Second Wave: What Real Estate Can Expect if NYC Goes Through Another Lockdown “Commercial real estate sweats another possible COVID-19 lockdown of New York City.” (Commercial Observer)
  5. Whoever Wins the Presidential Election, It Won’t Upend Commercial Real Estate Returns “Whoever wins the presidential election next month, the outcome won't affect the longterm returns on commercial real estate investment.” (Commercial Observer)
  6. HBC Launches New CRE Investment Business “North America’s oldest retailer has created HBC Properties and Investments to manage its 40 million-square-foot portfolio.” (Commercial Property Executive)
  7. Marcus & Millichap Buys Mission Capital “The acquisition of the debt and equity brokerage adds a firm that has closed $65 billion in deals since its founding.” (Commercial Property Executive)
  8. Does Brookfield’s Balance Sheet Fully Reveal the Health of its Real Estate? “An analysis of Brookfield Property Partners' real estate valuations and whether they fully reveal the firm's exposure to the pandemic.” (The Real Deal)
  9. Prominent New York Hotel Developer Chang’s Businesses Received Millions in PPP Loans “Companies controlled by one of New York’s most prominent hotel developers received millions of dollars in loans from a government program intended to support small businesses as the coronavirus hammered the economy.” (CNBC)
  10. An Unused Carnival Cruise Ship Could Soon Become a Floating Office Where Techies, YouTube Influencers, and 'Digital Nomads' Can Live and Work Remotely “A company wants to take a Carnival cruise ship, rendered useless by the COVID-19 pandemic, and turn it into a floating office for tech workers as the industry shifts to remote work.” (Business Insider)
  11. Wendy Silverstein on WeWork, New York REIT and Women in CRE “Vornado veteran talks to TRD about her more than 30 years in finance and real estate, working for Adam Neumann, and starting her new firm Silver Eagle.” (The Real Deal)
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