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Six Must Reads for the CRE Industry Today (April 12, 2021)

Forbes explores Oracle founder Larry Ellison’s $1 billion real estate portfolio. Real estate data firm CoreLogic is raising $4 billion in debt to finance its buyout, reports Bloomberg. These are among today’s must reads from around the commercial real estate industry.

  1. Inside Larry Ellison’s $1 Billion Real Estate Portfolio “Ellison has steadily plowed his riches into real estate, amassing a portfolio worth well above $1 billion, Forbes estimates. The crown jewel of his empire: owning 98% of Hawaii’s sixth-largest island, Lanai, which he bought from Dole Food chairman David Murdock in 2012 for $300 million.” (Forbes)
  2. Building the last mile: E-commerce powers industrial real estate “Some of the strongest regions for industrial expansion are the South, especially around Atlanta and the Dallas–Fort Worth area, the Southeast, the Los Angeles metro area, Chicago, central New Jersey and along Pennsylvania’s I-81/I-78 corridor, according to CBRE’s industrial outlook for 2021.” (Marketwatch)
  3. Real Estate Data Firm CoreLogic to Sell $4 Billion Buyout Loan “CoreLogic, known in the real estate industry for its home-price indexes, plans to sell a $4 billion offering to help finance its buyout by Stone Point Capital and Insight Capital. It’s the largest acquisition-related loan since Zayo Group Holdings Inc. issued a $4.75 billion deal in February 2020. CoreLogic’s loan commitment deadline is among about a dozen due next week while two lender meetings are on deck.” (Bloomberg)
  4. Meet the New Jersey Woman Who Owns Over $200 Million in Real Estate and Several IHOP Franchises “New Jersey entrepreneur Adenah Bayou has built her American dream by acquiring a multi-million dollar real estate portfolio and restaurant ventures. Bayou came to the United States at the age of 13. She escaped the civil war in Liberia and set out on a mission to create a better life for herself.” (Black Enterprise)
  5. NYC’s Hotel Penn to Be Razed as Vornado Plans Stock Spinoff “Vornado Realty Trust plans to create a tracking stock centered on its development projects around Manhattan’s Pennsylvania Station, which will include a new tower the company intends to build in place of the Hotel Pennsylvania.” (Bloomberg)
  6. Millennials are ready to take over the real estate market “Homebuyers are entering a competitive market, with inventory down and home prices surging across the board. Low mortgage rates give buyers more power, but there has to be a home to buy to take advantage of current deals.” (Axios)
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