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13 Must Reads for Real Estate Investors (July 28, 2023)

Google may be at the end of reducing its real estate footprint, reports CoStar. Non-Traded REIT fundraising rebounded to $597 million in June, according to Robert A Stanger & Co. These are among the must reads from around the real estate investment world to end the week.

  1. Google Parent Hints That Cuts to Real Estate Footprint Are Beginning To Slow “Mountain View, California-based Alphabet spent far less on real estate-related impairment charges in the second quarter compared to the first three months of 2023, indicating that downsizing efforts may be in the rear-view mirror as it now focuses on more profitable growth in the face of ongoing economic concerns.” (CoStar)
  2. Sale-Leaseback Investors See ‘Buyer’s Market’ as Interest Rates Rise “The credit crunch is reversing years in which corporate sellers had the upper hand in sale leaseback negotiations, as a booming real-estate market enabled them to ask higher prices for their properties while abundant cheap debt gave them other financing alternatives, according to the fund managers and consultants.” (The Wall Street Journal)
  3. Non-Traded REIT Fundraising Rebounds to $597 Million in June, BDCs Raise $1.3 Billion “Non-traded REIT fundraising rebounded 39% to $597 million in June, as compared to the 2023 monthly low of $428 million in May, according to the latest data provided by investment bank Robert A. Stanger & Co.  REIT fundraising was buoyed by the issuance of operating partnership units in exchange for DST interests by multiple REITs.” (The DI Wire)
  4. CoStar Stock Drops After It Lowers Revenue Projections Due To Slow CRE Market “While the company on Tuesday reported 13% year-over-year revenue growth, bringing in $606M in the second quarter, it also lowered its revenue projections for the remainder of the year, a drop it attributed to slow sales volume in the commercial real estate market and the effect on its property sales platform, Ten-X.” (Bisnow)
  5. Biden administration moves to boost housing supply, improve renter protections “The White House last week announced plans with the Department of Housing and Urban Development (HUD) to reduce or eliminate high application charges for renters and other so-called junk fees that can jack up consumers' costs by 20%.” (Reuters)
  6. How hedge funds would trade global real estate woes “Jonathan Mizrachi, co-head of commercial real estate, believes there are bargains to be found in commercial mortgage backed securities (CMBS), or bonds which hold mortgages grouped together by their credit risk.” (Reuters)
  7. DC Plans Need More PE, Real Estate, Other Illiquid Assets, Group Says “Defined contribution plans could learn a thing or two from the evolution of defined benefit plans over the past two decades — namely, from their growing openness to investing in private equity and other illiquid assets, according to a new report.” (Financial Advisor IQ)
  8. Politically-connected CT developer faces prison for real estate frauds that cost tens of millions “At the center of two of the deals was a scheme Matthews admitted using that raised money under a State Department visa program allowing foreign nationals legal entry to the U.S. by investing at least $500,000 in U.S. development projects that employ 10 or more people.” (Hartford Courant)
  9. The Hottest Real-Estate Play Is in Your Neighborhood “Another sign of strength in the market: Landlords aren’t having to split large anchor spaces—typically those greater than 10,000 square feet—to find occupants. While this was common in 2017 and 2018, Schmidt said a larger proportion of big-box spaces are able to find single tenants.” (The Wall Street Journal)
  10. Why Blackstone Was Able To Turn Simply Self Storage Into an Extra $1 Billion in Under Three Years “The sale by the unit of private-equity giant Blackstone Group comes in the wake of a strong uptick in the desire for self-storage properties during COVID-19 as people moved or downsized and needed a place to store their belongings.” (CoStar)
  11. Commercial Real Estate Storm Sets Up Once-In-a-Generation Investment Opportunity “Nevertheless, it is important to note that office space represents less than a fifth of the vast commercial real estate universe, which also includes retail, industrial, and multifamily properties. While urban downtown office space demand has been adversely impacted by the shift to work-from-home, the other commercial segments are in no way facing a long-term structural crisis.” (Real Clear Markets)
  12. Look To Hospitality For The Future Of Commercial Real Estate And In-Office Work “Adapting to meet consumer needs has not been a part of the commercial office model. While the business world has changed, the office model hasn’t yet needed to evolve to keep up.” (Forbes)
  13. Zara Billionaire Founder’s Real Estate Fortune Hits $20 Billion “The property portfolio owned by the Inditex SA founder was valued at €18.1 billion ($20.1 billion) in 2022, up from €15.3 billion in 2021, according to a statement Thursday from Pontegadea, the firm that manages Ortega’s fortune. Ortega’s real estate portfolio is the largest among Europe’s ‘super-wealthy’ individuals.” (Bloomberg)
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