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13 Must Reads for Real Estate Investors (Sept. 15, 2023)

Bisnow analyzes what types of buildings Amazon will target as part of its same-day delivery expansion. Crowdfunding platform Yieldstreet settled SEC fraud charges, reported The Real Deal. These are among the must reads from around the real estate investment world as the week ends.

  1. Amazon's Major Same-Day Delivery Expansion Will Likely Target These Kinds Of Buildings “The vast majority of those buildings, roughly 80%, are in properties built since 2015, and 90% are between 100K SF and 250K SF, according to the analysis. While many of Amazon's larger fulfillment centers are build-to-suit buildings where it is the only tenant, 40% of the buildings where Amazon leases same-day centers have other tenants.” (Bisnow)
  2. Crowdfunding platform YieldStreet settles SEC fraud charges “As fraud allegations rock real estate crowdfunding, YieldStreet, a New York-based player in the space, settled SEC charges that it failed to give investors key information about risks. The omission may have cost investors millions of dollars, according to an SEC filing. YieldStreet agreed to pay $1.9 million in the settlement but did not admit to wrongdoing.” (The Real Deal)
  3. Real Estate Needs to Embrace the Missing G of ESG “As much as I love the fact that the business world is being more thoughtful about the environmental and societal impacts of their operations, I think the meaning that we have given the term is inadequate for what it is supposed to encompass.” (Propmodo)
  4. Blackstone Taps New Credit Boss in Bid for $1 Trillion Goal “The firm is consolidating groups that invest in corporate credit and asset-based finance as well as a business that manages money for insurers under one chain of command. It promoted insurance chief.” (Bloomberg)
  5. Alaska Retirement to create new real estate allocations for non-core and debt “ARMB also plans to increase infrastructure exposure from 15% to 20%.” (IPE Real Assets)
  6. 8 US REITs, 1 Canadian REIT announce dividend hikes in August “The dividend hike announcements in August have brought the year-to-date total to 59 US REITs, or slightly above one-third of the entire US REIT industry.” (S&P Global Intelligence)
  7. How Will AI Impact Data Center REIT Investment? “As the technology continues to grow and its applications widen, the infrastructure to support it also needs to advance. Data centers are the backbone on which AI will evolve and be deployed.” (Commercial Property Executive)
  8. Hudson Pacific, Blackstone CMBS Soundstages Loan at Risk From Hollywood Strikes: Barclays “Hudson Pacific Properties’ (HPP) suspension of a quarterly dividend on its common stock due to the ripple effect of Hollywood strikes will mean only ‘limited’ risks for a 2021 commercial mortgage-backed securities (CMBS) deal the studio operator executed with Blackstone (BX), according to new analysis from Barclays (BCS).” (Commercial Observer)
  9. This Property Executive Looks To Turn Recreational Vehicle Demand Into REIT Storage Powerhouse “His new endeavor involves storage properties for recreational vehicles and other so-called big toys. He founded RecNation Storage in October 2020, and the company has raised over $800 million of capital commitments to provide space to house RVs and boats.” (CoStar)
  10. Amazon’s Makeover of Lord & Taylor Building Shows Challenge of Office Conversions “Turning a Fifth Avenue department store that is more than a century old into a modern office came with plenty of challenges. Amazon had to add bathrooms, kitchens, new elevators and stairs wide enough for a rush of office workers. “ (The Wall Street Journal)
  11. Wells Fargo CFO talks shedding real estate, cutting more staff “Wells Fargo & Co. sees more opportunity to trim expenses by unloading more real estate and cutting additional employees, Chief Financial Officer Mike Santomassimo told investors.” (San Francisco Business Times)
  12. Former Buildings Chief Accused of Trading Favors for $150,000 in Bribes “The district attorney, Alvin L. Bragg, said in a statement that Mr. Ulrich had accepted or solicited the bribes over just two years. And a court filing said that Mr. Ulrich had engaged in conduct antithetical to his oath of office ‘on an almost daily basis.’” (The New York Times)
  13. CalPERS ploughs $1.9bn into Blackstone and Mesa West real estate debt funds “Blackstone Real Estate Debt Strategies V gets $1.5bn and Mesa West gets $350m.” (IPE Real Assets)
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