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Articles by John Sheputis
How President-Elect Donald Trump Could Impact Commercial Real Estate
In a shocking turn of events that neither the polls nor financial markets predicted, Donald Trump will become the 45th president of the United States of America after defeating Democrat Hillary Clinton. His path to victory was an unprecedented one, grabbing crucial battleground states like Florida and Ohio before breaking through the “blue wall” of typically Democratic-leaning states such as Wisconsin, Pennsylvania and Michigan that were imperative for Clinton’s success.
Former Forest City Ratner COO Joins RXR
RXR Realty just got some impressive talent to oversee its $3B pipeline. Former Forest City Ratner Cos president/COO Joannie Minieri (left, with Muriel Siebert) will serve as the EVP and COO of RXR’s 100-plus-person construction and development arm. Joannie will be overseeing the firm’s $360M renovation of 75 Rockefeller Plaza, the $350M renovation and expansion of Pier 57 and the $115M office conversion of 47 Hall St in Brooklyn, the Commercial Observer reports.
Drop In Industrial Vacancy To 4.4% Fueling San Diego Spec Development
Extremely tight industrial vacancy in San Diego has triggered a boom in spec development. Industrial vacancy was just 4.4% in Q3 2016, down from 5.2% year-over-year and 48 basis points lower than the previous quarter, while the overall average asking rental rate remained at $1.02/SF for the second consecutive quarter, according to a new report from Colliers International. As a result, new construction project completions in 2016 alone will outpace the previous six years combined.
New Wireless Technology May Speed Up Rollout Of Google Fiber
Earlier this year, Google Fiber acquired San Francisco-based Webpass, which uses point-to-point microwave technology to deliver super-fast internet service to Downtown San Diego multifamily projects and businesses. But Google Fiber has paused rollout of its ultra-fast fiber optic network to consider the new technologies on the horizon that could make the process quicker and more economical, the San Diego Union-Tribune reports.
Construction Permit Issued For McDonald's West Loop HQ
The West Loop's most visible office development may be underway soon. The city issued a construction permit for Sterling Bay to build McDonald's new HQ on the former Harpo Studios site. The project has been fast-tracked almost from the moment it was announced in June. The city issued a demolition permit for the site seemingly before the ink dried on the news of McDonald's move.
Blackstone Grabs 64 Senior Housing Properties From HCP For $1.1B
Blackstone Group's real estate investment arm, Blackstone Real Estate Partners VIII, has agreed to buy a portfolio of 64 senior housing properties containing 5,967 housing units from healthcare REIT HCP for about $1.1B. That brings the total price per unit to $189k. As part of the deal Brookdale Senior Living, to whom the properties are leased, has entered into a joint venture with Blackstone for $170M to acquire a 15% ownership interest while continuing to manage the units, CoStar reports.
How Amazon’s Video Streaming Is More Of A Threat To Retailers Than Netflix
While Amazon’s focus on video streaming may seem like a blow against Netflix, research suggests it’s actually a bigger threat to retailers. According to a study by Cowen & Co, 66% of Amazon Prime households are also Netflix subscribers and another 10% have access to Netflix, Business Insider reports. Those numbers suggest the video-streaming market has room for a number of services and isn’t a zero-sum game.
Preservation Dallas' Most Endangered Historic Places Of 2016
Preservation Dallas released its 2016 list of the city's most endangered historic places. The organization hopes to bring attention to these historic sites and their diverse architectural styles. This 2k SF building (pictured) was built in 1933 and has been a dry cleaners, flower shop, café and lounge. Elbow Room has picked up many headlines in the last few months because it sits in the line of fire for the Texas A&M University System's future dental school.
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