- KKR Co-CEOs Henry Kravis and George Roberts Step Down “Joe Bae and Scott Nuttall, who have served as the firm’s co-presidents since July 2017, will become co-CEOs, effective immediately, KKR said Monday. Messrs. Kravis and Roberts, first cousins who founded KKR with Jerome Kohlberg in 1976, will continue to serve as co-executive chairmen. Mr. Kohlberg died in 2015.” (The Wall Street Journal)
- A $40B Wall Of Hard-To-Refi Retail CMBS Coming Due “More than $40B in commercial mortgage-backed securities associated with retail properties is slated to come due over the next three years, hovering like a storm cloud over the asset class.” (Bisnow)
- ‘It’s Not Sustainable’: What America’s Port Crisis Looks Like Up Close “It has come to this in the Great Supply Chain Disruption: They are running out of places to put things at one of the largest ports in the United States. As major ports contend with a staggering pileup of cargo, what once seemed like a temporary phenomenon — a traffic jam that would eventually dissipate — is increasingly viewed as a new reality that could require a substantial refashioning of the world’s shipping infrastructure.” (The New York Times)
- Equus Acquires $1B-Plus Industrial Portfolio “Equus Capital Partners Ltd. has acquired a 7.3 million-square-foot, 74-property industrial portfolio in the Phoenix and Tucson metro areas for nearly $1.2 billion. The acquisition was made through Equus-sponsored value-added funds and a consortium of strategic co-investment partners.” (Commercial Property Executive)
- Mall Visits Declined In September, Interrupting Sector’s Recovery “The decline marks a continued interruption in the steady recovery the sector had enjoyed since the beginning of the year, which was driven by pent-up demand, the lifting of various COVID-related restrictions and the back-to-school shopping season.” (GlobeSt.com)
- New York City Office Values Take $29B Hit, Comptroller Finds “New York City’s total office real estate stock dropped 17% in value this year, according to a state report released this week. Tax appraisals of the city’s office buildings for 2022 put the worth of this sector of the property market, which spans 464M SF, at $29B less than it was after last year’s appraisals, according to the Office of New York State Comptroller Thomas DiNapoli.” (Bisnow)
Six Must Reads for the CRE Industry Today (Oct. 11, 2021)
Private equity titans Henry Kravis and George Roberts are stepping down as co-CEOs of KKR. The New York Times does a deep dive of what the supply chain crisis looks like up close at the America’s ports. These are among today’s must reads from around the commercial real estate industry.