Global Logistic Properties Accepts $11.6 Billion Buyout Offer

Global Logistic Properties Ltd. (SGX:MC0), one of the largest owners of industrial properties in the world, has accepted a proposed take-private buyout offer from a group of investors that includes Ming Z. Mei, the CEO and an executive director of the firm. The investment group buying GLP, Nesta Investment Holdings MidCo Ltd., is owned by a consortium including HOPU Investment Management, Hillhouse Capital Management, Bank of China Group Investment…

CoStar’s People of Note (July 14) – Skanska Selects Ward, C-III Taps Davis, Cushman Promotes Bryant…

It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Washington DC, New York City, Raleigh / Durham, Dallas / Ft. Worth, Minneapolis, Chicago, South Florida, California and more! WASHINGTON DC Ward Appointed President, CEO of Skanska USA By Bryce Meyers

Three New REITs Prep for Public Launches

Last month’s rapid pace of new publicly traded REIT launches is continuing this month with two new mortgage REIT filings and a publicly held landowner/developer announcing plans to convert to a REIT. Publicly traded REITs have relied heavily on the capital markets this year for funding, having raised $43.18 billion by the end of the second quarter, representing a 19.1% increase from the $36.27 billion raised in the same period one year ago, according…

Will Fed be Able to Stick its Move to Trim Massive Securities Holdings by $2.3 Trillion?

After being credited for steering the U.S. economy off the precipice in the global financial crisis through its massive stimulus program, the Federal Reserve is now facing the delicate task of paying the bills. The Fed is preparing to unwind a huge chunk of its $4 trillion portfolio of bond securities it began accumulating 10 years ago, part of the measures it took to prevail over a collapsing economy. This past week, the Fed disclosed plans to…

CRE Industry Turns Up Heat on Congress to Retain Like-Kind Exchanges, Interest Deductibility

While health-care reform and the investigation into Russian meddling in the U.S. election took center stage as Congress returned this week from the July 4th recess, Republican lawmakers are also quietly trying to jumpstart discussions on tax reform, including the proposed elimination of the deduction for business interest expenses and the tax incentive for 1031 like-kind exchanges, which is used in as much as one in every five U.S. commercial real…

Gymboree Shuttering 350 Stores, Keeping 900 Open

The Gymboree Corp., which filed for Chapter 11 bankruptcy reorganization, announced it intends to close approximately 350 stores, mainly across its Gymboree and Crazy 8 brands. The San Francisco-based apparel retailer operates more than 1,300 specialty stores under three brands: mid-level Gymboree, higher-end Janie & Jack and Crazy 8, a value-oriented line. “Right-sizing our store footprint is a central part of our efforts to ensure Gymboree…

Updated: Quality Care Properties’ Sets Short Deadline for Receiving Past Due Rent from HCR ManorCare

After reaching an impasse to take over its largest tenant, Quality Care Properties (NYSE: QCP) has now given troubled skilled nursing center operator HCR ManorCare Inc. until the end of the week to pay off $79.6 million in past due rent. Failure to do so “will constitute an event of default requiring the immediate payment of an additional approximately $265 million of deferred rent obligations and permit the QCP lessors to terminate the master…

GSA Cancels Search for New FBI Headquarters Site, Citing Federal Funding Gap

The federal government today formally announced it will cancel the search for a new FBI headquarters site. The announcement follows years of relocation planning and several attempts to garner congressional support for a public/private partnership to move the bureau out of the crumbling J. Edgar Hoover Building in Washington, D.C. to a new office campus in the Washington suburbs. The list of potential sites for the 2.1 million-square-foot campus…

GSA Will Go Back to the Drawing Board After Canceling Search for New FBI Headquarters Site

The federal government has formally announced it will cancel the search for a new FBI headquarters site. The announcement follows years of relocation planning and several attempts to garner congressional support for a public/private partnership to move the bureau out of the crumbling J. Edgar Hoover Building in Washington, D.C. to a new office campus in the Washington suburbs. However, President Donald Trump called on lawmakers and agency officials…

Magellan Unveils Plans for Four New High-Rises in Chicago’s Lakeshore East

Chicago-based Magellan Development Group, builder of Vista Tower, expected to be Chicago’s third-tallest skyscraper when it opens in 2020, has unveiled plans for four new high-rises anchored by an 80-story hotel and condominium building rising over the downtown waterfront in Magellan’s Lakeshore East development. Magellan, working with development partners Lendlease and Hanwha Engineering & Construction of South Korea, unveiled plans and renderings…