- 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)
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