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Institutional Investors Raise Their Targets for Real Estate Allocations

National Real Estate Investor (NREI) - 18 October 2017
A new report put together by Cornell University’s Baker Program in Real Estate and Hodes Weill & Associates, a global real estate advisory firm, found that institutional investors continue to increase their targets for real estate investments, in spite of facing some challenges.
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Value-Add Investors Weigh Capital Options

National Real Estate Investor (NREI) - 18 October 2017
The search for yield in a slowing market has investors shifting their focus to more lucrative value-add and opportunistic projects. And, so far, there appears to be plenty of capital to back those strategies. Buying stabilized assets at this stage of the market is a bit like buying a bond, notes Joe Franzetti, a senior vice president at Berkadia Commercial Mortgage. “So for buyers that are looking for out-sized returns, they are going to look at value-add situations where there is an opportunity to increase cash flow and increase value,” he says. Projects run the gamut from assets that need a facelift or expansion to a complete redevelopment or adaptive reuse.
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How effective is your resident screening provider?

National Real Estate Investor (NREI) - 16 October 2017
Any decision is only as good as the data behind it. CoreLogic® Rental Property Solutions connects you with the most comprehensive and up-to-date resident screening information. We give property owners and managers access to vital data that makes leasing decisions easier, faster and more effective. Learn more by downloading our Resident Screening Provider white paper.
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Data Center REITs Will Continue to Deliver Outsized Returns, Experts Predict

National Real Estate Investor (NREI) - 16 October 2017
In the REIT sector, data center REITs are looking more and more like all-star players as customers expand the playing field for cloud computing, e-commerce, connected devices, high-definition video, self-driving cars and other data-dependent innovations.
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Keppel, KBS Forming New REIT to Acquire $800 Million U.S. Office Portfolio

National Real Estate Investor (NREI) - 16 October 2017
Singapore-based Keppel Corp. has received approval to launch a new REIT on the Singapore Exchange and has reached a deal for that REIT to acquire 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT. The properties have not been specifically identified nor has a final purchase price been set. However, KBS currently values the portfolio at $800 million with $400 million in outstanding debt.

Why Airbnb and WeWork Are Partnering Up

National Real Estate Investor (NREI) - 13 October 2017
Road warriors traveling to New York, Washington, D.C., Chicago, Los Angeles, London or Sidney can now book lodging accommodations and workspaces simultaneously through the Airbnb business app or web channel. A partnership of Airbnb and WeWork launched an initial phase of a new bed-and-work pilot program last week in these five cities, because they are the most heavily traveled locations for business travelers. Currently, there are no plans to expand the program to additional cities.
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Suburban Offices Are Cool Again

National Real Estate Investor (NREI) - 11 October 2017
First you leave the city for a kid, a garage, and a backyard. Then you get a job in an office park—only maybe it’s an office park with yoga and food trucks. For millennials, the suburbs are the new city, and employers chasing young talent are starting to look at them anew.
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How to Increase the ROI of Today's Grocery-Anchored Retail

National Real Estate Investor (NREI) - 10 October 2017
It’s an inexorable fact of human existence that some people can adapt well to change and others struggle. It is no different in the world of real estate. Brick-and-mortar infrastructure has historically evolved based on the needs, utility and technological innovation of the populations it serves. Commercial retail is currently in the midst of a significant downturn. But grocery stores have an opportunity to increase ROI and become retail anchors of the future by adapting infrastructure to a rapidly changing consumer model.
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Forget Amazon, Says Investor Backing Brick-and-Mortar Retailers

National Real Estate Investor (NREI) - 9 October 2017
It hasn’t been a good year for traditional retailers on either side of the Atlantic. Yet multiple store closures, bankruptcies and profit warnings -- with the finger often pointed toward Amazon.com Inc. -– have created some buying opportunities in the much-maligned sector, according to the head of a $1.1 billion investment company.
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Republicans Worry About Keeping Trump's Middle Class Tax Promise

National Real Estate Investor (NREI) - 9 October 2017
Republican lawmakers in red and blue states are expressing unease over the limited details about middle-class relief in the tax framework their leaders released last month, which has raised difficult questions about how to prevent some middle-income Americans from paying more due to fewer tax breaks.
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Institutions Have Lots of Room to Grow in the SFR Space, Research Suggests

National Real Estate Investor (NREI) - 9 October 2017
Institutional investors helped the U.S. housing market recovery by purchasing single-family rental (SFR) homes after the Great Recession, buying up at least $33 billion in holdings. Compared with the total value of the single-family housing market, that amount is just a start, and a small one at that.
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Las Vegas Shooting Unlikely to Create Long-Term Security Changes at Hotels, Experts Say

National Real Estate Investor (NREI) - 9 October 2017
As investigators work to piece together why Stephen Paddock sprayed bullets from the 32nd floor of the Mandalay Bay hotel in Las Vegas, some security experts are skeptical the mass shooting will bring significant changes to the security programs of hotels or other commercial structures. Paddock, a casino regular, opened fire into a crowd at an outdoor concert across the street from the hotel on October 1st, killing 58 people and wounding hundreds more. Paddock, who killed himself as police were closing in on him, had an arsenal of more than 20 guns and hundreds of rounds of ammunition in his suite. Police said that over time Paddock carried in at least 10 suitcases, and they discovered three video cameras, two in the hallway and one over the door’s peephole, reports The New York Times.
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U.S. Rents Are Getting More Affordable-as the Renters Get Richer

National Real Estate Investor (NREI) - 5 October 2017
Following the Great Recession, the cost of rental housing took a growing bite out of U.S. household budgets, as increasing demand for rental units pushed up prices. Now the share of households considered burdened by high rents is falling, according to a report from New York University’s Furman Center for Real Estate & Urban Policy. That’s good news. But the dynamics driving improved affordability are a mixed bag.
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Why Commercial Real Estate Lending by Big Apple's Home-Grown Banks Is Down

National Real Estate Investor (NREI) - 5 October 2017
Local New York lender Signature Bank was the leading originator of commercial real estate loans in New York City in the second quarter of 2016, and its competitor, New York Community Bank, was No. 3. A year later, both lenders are still on CrediFi’s top 10 ranking, but they’ve dropped down to the bottom half, with Signature at No. 7 and NYCB at the bottom of the pack.
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HNW Investors Love Student Housing, Though Attractive Deals Are Getting Harder to Find

National Real Estate Investor (NREI) - 5 October 2017
When it comes to real estate investments, high-net-worth (HNW) individuals and family offices have been going to school: in recent years, more of them have been adding student housing to their portfolios. However, some observers say that the interest of HNW investors and family offices in student housing is tapering off as other investors elbow their way into this asset class.
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Investors Look for Bargains in Undervalued Markets

National Real Estate Investor (NREI) - 4 October 2017
Property values have surged steadily higher in the prolonged recovery. But that high tide isn’t raising all boats as some metros are still falling short of 2007 pricing. The broader commercial real estate market has regained and surpassed values that existed at the prior peak. The major metros have seen the biggest bounce with values that are 52.5 percent higher than a decade ago, while the rebound has been more modest in non-major metros at 10.8 percent, according to the CPPI produced by Real Capital Analytics (RCA), a New York City-based research firm.
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Retail REITs Insist the Business is 'Solid,' as Wall Street Gives Them a Thumbs Down

National Real Estate Investor (NREI) - 4 October 2017
Nowadays, a mix of realism and optimism permeates the retail REIT sector, with landlords acknowledging the rocky atmosphere for brick-and-mortar retail while touting the rise of “experience” retailers that don’t rely heavily on e-commerce. On one end of the spectrum are retail REITs with a heavy concentration of older regional malls in secondary and tertiary markets. These REITs face “substantive risk,” says Alan Pontius, national director of specialty divisions at real estate services firm Marcus & Millichap.
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Five Takeaways from JLL's Primetime Panel on Retail

National Real Estate Investor (NREI) - 2 October 2017
JLL hosted a Primetime Panel in New York City on Sept. 28 to discuss the challenges and future of the retail sector with several top-ranking industry executives. Speakers included Stephen Lebovitz, president and CEO of CBL& Associates Properties of Chattanooga, Tenn., Joe Coradino, chairman and CEO of PREIT, and Greg Maloney, president and CEO of JLL’s retail division. Here are some key points from the panel, which was moderated by James Cook, JLL’s director of retail research:
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How Strong Is the Multifamily Market?

National Real Estate Investor (NREI) - 1 October 2017
Many in the industry believe it will. In fact, a new survey commissioned by Freddie Mac found that 60 percent of multifamily industry participants expect the market to grow over the next 3-5 years, while only about 15 percent see it slowing down. Driving this is a combination of demographic trends, population growth and changing consumer preferences, which has boosted demand to levels we have not seen in a generation or more. Baby boomers are looking to downsize, while many millennials want to start new households. New renter households have increased by 9 million in the past 10 years – the largest decade increase on record. Consumers are also showing a growing preference for renting, with Freddie Mac’s recent renter research finding that an increasing number are planning to rent their next home.
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Stricter Building Codes Saved Florida's Commercial Buildings from Irma's Wrath

National Real Estate Investor (NREI) - 29 September 2017
A little over two weeks after Hurricane Irma made landfall in Florida, it’s business as usual for commercial real estate brokers on the ground. “We had downed trees and inconvenient electrical outages, but other than some roof damage, it turned out to be pretty much a non-event on the commercial side,” says John Dunphy, senior vice president in the Tampa office of real estate services firm JLL. “We escaped the worst of it, but the farther you get into Polk County and in Orlando and Jacksonville the story may be different.”
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Five Takeaways from the NIC Fall Conference, Day Three

National Real Estate Investor (NREI) - 29 September 2017
The National Investment Center for Seniors Housing & Care (NIC) closed its fall 2017 conference on Thursday, with more in-depth analysis of the forces driving the seniors housing market and advice on how to navigate today’s environment. Here are some takeaways from Thursday’s sessions:
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Cohn Says Trump Intent on Ending Carried Interest `Loophole'

National Real Estate Investor (NREI) - 28 September 2017
President Donald Trump is still intent on eliminating the carried interest tax break even though it wasn’t specified in his tax framework, White House Economic Adviser Gary Cohn said. “The president remains committed to ending the carried interest deduction,” Cohn said in an interview on CNBC on Thursday. “As we continue to evolve on the framework, the president has made it clear to the tax writers and Congress. Carried interest is one of those loopholes that we talk about when we talk about getting rid of loopholes that affect wealthy Americans.”
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Trump Will Head to Indiana for Tax Plan Said to Whack NY and NJ

National Real Estate Investor (NREI) - 25 September 2017
President Donald Trump and Republican leaders inched closer to releasing their tax framework this week, as details leaked to lobbyists suggested it would dramatically cut taxes for corporations and the wealthy, provide a measure of middle-class tax relief and punish some households in Democratic-leaning states like New York and New Jersey. The White House said Trump will travel to Indiana Wednesday for a late-afternoon speech that’s expected to focus on the tax-overhaul effort. Early Monday morning, he tweeted that he has “important meetings taking place today. Big tax cuts & reform.” The only meetings listed on his schedule were a lunch with Vice President Mike Pence and dinner with “grassroots leaders” -- a group that will include several conservative organizations.
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Family Offices Want to Play it Safe When Making Real Estate Bets

National Real Estate Investor (NREI) - 25 September 2017
Family offices have seen a slight dip in real estate allocations, but new data suggests they’re still sold on the asset class as an investment target. In a global report from UBS and Campden Research, family offices indicated they’re “rather optimistic” about the future of real estate as an asset class, “despite a somewhat weaker performance in 2016.” Forty-five percent of those surveyed planned to maintain real estate investments going forward, with 40 percent eyeing an increase in such investments.
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Williams-Sonoma Is Built for Home-Goods Musical Chairs: Gadfly

National Real Estate Investor (NREI) - 22 September 2017
There have been signals recently that the home-furnishings business is on the brink of major churn. Bed Bath & Beyond Inc. suffered its worst one-day stock decline since 2012 after a weak earnings report this week raised doubts about the chain's ability to stay relevant. You can see other brick-and-mortar retailers lining up to capitalize on such misfires: TJX Cos. opened the first location of its new HomeSense chain last month, a big-box furnishings and décor concept that will join its fast-growing corporate sibling, HomeGoods, in America's strip malls. Meanwhile, At Home Group Inc. said in September it has grown its fleet of At Home stores by more than 18 percent in the past year.
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Affordable Housing Developers Face New Challenges

National Real Estate Investor (NREI) - 19 September 2017
Affordable housing developers are facing more obstacles to building new projects, even though the need for affordable housing seems to grow stronger every year. “We believe affordable housing production, that is, the development or preservation of projects financed with Low Income Housing Tax Credits (LIHTCs), will be at best flat to last year,” says Richard Gerwitz, co-head of Citi Community Capital, a community lending and investment arm of Citi.

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