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Quintin Primo Jeff Schear/Getty Images for Primo Center for Women and Children
Quintin Primo

Nine Must Reads for the CRE Industry Today (Oct. 27, 2022)

The Real Deal profiles investor Quintin Primo. Starbucks is opening a megastore at the Emire State Building, according to Chain Store Age. These are among today’s must reads from around the commercial real estate industry.

  1. Pension Fund Appetite for Commercial Real Estate Is Fading Fast “U.S. public pension funds, after pouring new money into commercial real estate at a record rate during the first half of the year, are cooling fast on the sector and cutting back on new investments. These retirement funds made $32.6 billion worth of new financial commitments to office buildings, warehouses, hotels and other commercial properties during the first six months of 2022, according to Ferguson Partners, a professional services firm that tracks the industry. Those investments, made through financial firms and funds, were up nearly 40% from the same period in 2021.” (The Wall Street Journal)
  2. Here's Where the World’s Largest Real Estate Investor Sees Promise “Kathleen McCarthy took to the stage at the opening of the Urban Land Institute's annual fall meeting Tuesday to outline her property preferences as co-head of Blackstone Real Estate. But she spent a portion of her talk focusing on an issue more personal. As a mother, McCarthy said she understands the "juggle and struggle" for parenting executives, including those who are expected to select the world's best property investments. McCarthy often struggles to put work down in the evening to tuck her daughter into bed at night.” (CoStar News)
  3. Court Grants Injunction on LA County’s Eviction Moratorium “It’s been 965 days since Los Angeles County declared a local health emergency due to COVID-19, and landlords are still prevented from evicting tenants for not paying rent if it’s related to the pandemic. But now a federal court has ordered the county to stop enforcing the moratorium on Dec. 1, one month before it’s set to expire. The Apartment Association of Los Angeles County and the Apartment Owners Association of California (AOA) secured an order from Judge Dean Pregerson granting a preliminary injunction for the county’s eviction moratorium.” (Commercial Observer)
  4. A Dive into Industrial Sector’s Most Pressing Issues “Over the past few years, the industrial sector experienced record growth. Ever-increasing investments are pouring in, but the road ahead is not without challenges and concerns. ‘There are multiple issues that are pressing industrial users right now, including global instability, supply challenges and labor concerns. Many of these challenges are resulting in inflation, causing an increase in many of the inputs in manufacturing and distribution which, in turn, are being passed on to the consumer,’ Gregg Healy, executive vice president & head of Savills Industrial Services Group in North America, told Commercial Property Executive.” (Commercial Property Executive)
  5. After Ian, Rebuilding in Disaster-Prone Areas Is Up for Debate “More than 100 years ago, industrialist Henry Flagler traveled by train across Eastern Florida on the newly completed Over-Sea Railroad. From Jacksonville to Key West, Flagler’s railroad marked a new era for the Sunshine State — and may very well be the key to keeping Florida’s built environment afloat. Since that first train ride, rising sea levels have become a major threat to coastal Florida towns. When coupled with natural disasters, the higher water levels threaten the livelihood of coastal neighborhoods and their inhabitants (never mind the inhabitants’ actual lives).” (Commercial Observer)
  6. The Silver Tsunami’s Impact on Real Estate “Long considered a niche real estate investment, the need for senior housing is stronger than ever.” (Propmodo)
  7. Profile of Capri Investment Group’s Quintin Primo “At the Rookery building in late September, Quintin Primo III sat at the front of a crowd that included some of Chicago’s biggest developers. They’d come to hear Mayor Lori Lightfoot’s plan to finance the transformation of a stretch of LaSalle Street from a monolith of partially vacant offices into the next hot residential neighborhood. Even with guests such as John Buck, who retrofitted the Daniel Burnham-designed building, and John O’Donnell, whose two latest office projects at 320 South Canal Street and 110 North Wacker Drive have snagged some of the city’s largest tenants, it was Primo and his partner Mike Reschke who received a mayoral shout-out.” (The Real Deal)
  8. Slowing Growth for Google’s Parent Hints at Real Estate Pullback “Google parent Alphabet Inc. is pumping the brakes on hiring, a move that often foreshadows a similar easing of real estate investment, as the tech giant slows one of the largest sources of its years-long expansion. The Mountain View, California-based company said hiring efforts would be significantly lower for the remainder of 2022 and for the year ahead as it reported its fifth consecutive quarter of slowing sales growth as a result of lower advertising spending and an increasingly challenged economy.” (CoStar News)
  9. Starbucks to Go Bick in Empire State Building with 23,000-Sq.-Ft. Store “Starbucks is opening a one-of-a-kind destination in New York City. On November 16, the coffee giant will open a Starbucks Reserve Roastery at the landmark Empire State Building. The store will take over three-floors and span 23,000 sq. ft., and will be the seventh location in Starbucks’ Reserve portfolio. The Reserve concept made its debut in 2014, in Seattle. Additional locations include Shanghai, Milan, Tokyo, Chicago and New York City’s Meatpacking District.” (Chain Store Age)
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