- Petty Thieves Plague San Francisco. ‘These Last Two Years Have Been Insane.’ “Among the 25 largest U.S. cities, San Francisco has had the highest property-crime rate in four of the most recent six years for which data is available, bucking the long-term national decline in such crimes that began in the 1990s. Property crimes declined in San Francisco during the first year of the pandemic, but rose 13% in 2021. Burglaries in the city are at their highest levels since the mid-1990s. There were 20,663 thefts from vehicles last year—almost 57 a day—a 39% increase from the prior year, although still below the record of 31,398 in 2017, according to the police.” (The Wall Street Journal)
- Kohl’s Confirms It Has Received Multiple Preliminary Buyout Offers “Kohl’s on Monday confirmed it has received multiple preliminary offers from parties interested in acquiring the department store chain. Kohl’s said in a press release the proposals are non-binding and without committed financing. The company’s board of directors has hired bankers at Goldman Sachs to coordinate with bidders. Hudson’s Bay Company, the Canadian department store operator owned by HBC, is one of the bidders, a person familiar with the talks told CNBC.” (CNBC)
- Off-Market Deals Are Part of the Institutional Playbook “Off-market transactions are hardly a new concept. Thomas Foley, Archer co-founder and CEO, tells GlobeSt.com, ‘Off-market transactions have always been a popular source of deal flow. Many firms talk about off-market deals like some elusive unicorn, but they are quite common.’ But in recent years, they have soared in popularity. That is because both buyers and sellers are seeing the benefits of these deals, and institutional investors in particular are incorporating off-market deals into their playbook.” (GlobeSt.com)
- Multistory Warehouses Require Multistory Rents “New York is starting to get comfortable with the idea of growing its industrial warehouse space vertically instead of horizontally. Several multistory warehouses, which are common in Asia, are under development in the Bronx, Brooklyn and Queens. Rising on 14 acres in an Opportunity Zone in the Hunts Point neighborhood is the Bronx Logistics Center, a 1.3 million square foot multistory warehouse scheduled to be completed by the end of this year.” (GlobeSt.com)
- Don Peebles Hope to Build the Most Inclusive Skyscraper in Manhattan “On the West Side of Manhattan, just across from the Jacob K. Javits Convention Center, sits a 1.2-acre site. A piece of land of that size is like gold dust in Manhattan — and Don Peebles has big plans for it. And he has named it Affirmation Tower. A development team comprised of Peebles’ Peebles Corporation; Cheryl McKissack Daniel, president and CEO of McKissack & McKissack; Craig Livingston, managing partner of Exact Capital; and Steven Witkoff, chairman and CEO of Witkoff, have proposed a 2 million-square-foot mixed-use development for the vacant site.” (Commercial Observer)
- Investor Home Buying in the Bay Area Is Not at a Record High—But It’s Rapidly Growing in These Zip Codes “Pricey California markets don’t attract as many investors as cities like Atlanta.” (San Francisco Chronicle)
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