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☆ Why the biggest real estate funds still struggle
▼ + stars: | 2024-05-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Read previewBlackstone, the world's largest landlord, contends the worst is over for commercial real estate. In the first quarter, shareholders in Blackstone Real Estate Income Trust, or BREIT, its $59 billion flagship real estate investment fund, pulled out almost a billion dollars a month on average, according to the company's first-quarter earnings statement. A similar investment fund operated by Barry Sternlicht's Starwood Capital has had an even greater retreat by investors. Share pricing is determined through appraisals of the value of the underlying real estate holdings. In May, Blackstone Real Estate Partners X also completed the $3.5 billion acquisition of Tricon Residential, an owner of single family rental homes.

Persons: —, Barry Sternlicht's, Kevin Gannon, BREIT, reinvigorating, anemic, REITs, Jonathan Gray, Blackstone Heidi Gutman, NBCUniversal, Jon Gray, they're, Gray, outperformance, redemptions, Blackstone, Gannon, They're, Sternlicht, Todd Henderson, REIT, Henderson, It'll Organizations: Service, Investors, Income Trust, Business, Barry Sternlicht's Starwood Capital, Starwood Real, Blackstone, Starwood, KKR, Apollo, Federal Reserve, Communities, Blackstone Real Estate Partners, Tricon Locations: Blackstone, Brookfield, BREIT, Tricon, Nashville, DWS

☆ Premarket stocks: Why Zillow is worried about America’s housing market shakeup
▼ + stars: | 2024-03-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Zillow reported that it outperformed the residential real estate industry by 12 percentage points in 2023. That’s because one of the main ways Zillow makes money is through lead generation for real estate agents. “This shift in the structure of real estate transaction costs is too new to understand how it will impact housing market dynamics,” a spokesperson said. Zillow could make even more money if real estate agents offer their services piecemeal, he said. The takeawayThere’s a lot of disagreement between analysts about the future of Zillow and the real estate industry at large.

Persons: Zillow, ”, Dan Kurnos, it’s, Zillow’s, they’ll, who’s, Kurnos, ” Stephen Brobeck, “, It’s, Homes.com, William Blair Organizations: CNN Business, Bell, New York CNN, National Association of Realtors, Realtors, Benchmark Company, NAR, Zillow, Consumer Federation of America, CNN, Bank of America Locations: New York

☆ Vacant office space isn't going to be solved by conversion to residential, says Marty Burger
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVacant office space isn't going to be solved by conversion to residential, says Marty BurgerMarty Burger, Infinity Global Real Estate Partners CEO and former Silverstein Properties CEO, joins 'Squawk Box' to discuss the commercial real estate market, where he sees opportunities in the sector, the impact of Fed's rate cuts, and more.

Persons: Marty Burger Marty Burger Organizations: Estate Partners, Silverstein Properties

☆ Spirit Halloween lives on, even when the holiday ends and stores close
▼ + stars: | 2023-11-01 | by ( Drew Richardson | ) www.cnbc.com time to read: +5 min

The facade of seasonal Halloween decor store Spirit Halloween at a shopping center in Dublin, California, on Aug. 23, 2018. Smith Collection | Archive Photos | Getty ImagesHalloween is over, and your local Spirit Halloween is about to become a ghost town. The retailer opened a record 1,506 stores this season, up more than 50 stores from 2022, Spirit Halloween told CNBC. These become opportunities for Spirit Halloween, then, as the company pays to use the abandoned space for the Halloween season. Drew Richardson | CNBC"We have built great relationships with our real estate partners over the years," a representative for Spirit Halloween told CNBC.

Persons: it'll, Steven Silverstein, Silverstein, Drew Richardson, Maria, Jane, Neil Saunders, Saunders, Lana, I'm Organizations: Spirit, Spencer Spirit Holdings, Halloween, CNBC, Rite, CVS, Harmon, CVS Pharmacy, National Retail Federation Locations: Dublin , California, It's, New York, Manhattan's, New York City, New, Brooklyn Heights, Russia

☆ Rite Aid is closing nearly 100 stores as part of its bankruptcy. See the list
▼ + stars: | 2023-10-18 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +6 min

New York CNN —Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed almost 100 stores nationwide as part of its restructuring efforts. Over the past six years, Rite Aid has tallied nearly $3 billion in losses. in Costa Mesa, California139 North Grand Ave. in Covina, California20572 Homestead Road in Cupertino, California24829 Del Pradoin Dana Point, California7859 Firestone Blvd. in Yorba Linda, California25906 Newport Road in Menifee, California1600 North Main St. in Meridian, Idaho5808 Ritchie Hwy. in Mill Creek, Washington601 South Grady Way in Renton, Washington2707 Rainier Ave. in South Seattle, Washington– CNN’s David Goldman contributed to this story

Persons: Del, Dana, Glen, Ephraim Ave, Arnold St, Nicholas Ave, Reed, Washington – CNN’s David Goldman Organizations: New, New York CNN — Rite, Real Estate Partners, Rite Aid, Amazon, Walmart, Target, Costco, Aid, Solutions, SEC Alabama, Valley, Firestone, Alvarado St, Fulton, Yorba, Bel Air, Pulaski, Garfield, Main St, Clinton St, Michigan, Whittemore St, Hamilton St, Sunrise, Elmwood, New Carlisle , Ohio Euclid, Gettysburg, Medford, 9th St, Liberty, Eisenhower, Stevenson, 5th St, Reed St, Oxford, 63rd, Brighton, East Central, St, Evergreen, Grady Locations: New York, California, Maryland, Michigan, New Jersey, Ohio, Oregon, Pennsylvania, Washington, Alabama, Idaho, Pike, Monroeville , Alabama, Alhambra , California, Bellevue, Atwater , California, Costa Mesa , California, Covina , California, Cupertino , California, Dana Point , California, Downey , California, Irvine , California, La Mirada , California, Laguna Niguel , California, South Centinela, Los Angeles , California, Alvarado, Monterey , California, St, Ramona , California, Fulton Ave, Sacramento , California, Santa Cruz , California, Yorba Linda , California, Menifee , California, Main St, Meridian , Idaho, Baltimore , Maryland, Bel Air , Maryland, Elkton , Maryland, Glen Burnie , Maryland, Gratiot, Clinton Township , Michigan, Detroit , Michigan, Farmington Hills , Michigan, Fremont , Michigan, Clinton, Grand Ledge , Michigan, Jackson , Michigan, Macomb , Michigan, U.S, Manistee , Michigan, Redford , Michigan, Shelby Township , Michigan, St . Johns , Michigan, Centerville, Sturgis , Michigan, Taylor , Michigan, Wixom , Michigan, Berlin , New Hampshire Grove St, Peterborough , New Hampshire, Browns Mills , New Jersey, Camden , New Jersey, Lumberton , New Jersey, Bridgeton Pike, Mantua , New Jersey, Mullica Hill , New Jersey, Edinburg, Robbinsville , New Jersey, Hamilton, Somerset , New Jersey, Williamstown , New Jersey, Bay Shore , New York, Buffalo , New York, Copiague , New York, East Northport , New York, Floral, , New York, Jamaica , New York, Elmwood Ave, Kenmore , New York, Hempstead, Levittown , New York, Patchogue, Yaphank, Medford , New York, New York , New York, Port Jefferson , New York, Sayville , New York, Smithtown , New York, West Patchogue , New York, New Carlisle , Ohio, Strathmore, East Cleveland , Ohio, Dayton , Ohio, Cleveland , Ohio, Medford , Oregon, Cully, Portland , Oregon, 9th, Chester , Pennsylvania, Coraopolis , Pennsylvania, Erie , Pennsylvania, Greensburg , Pennsylvania, Hanover , Pennsylvania, New Castle , Pennsylvania, New Kensington , Pennsylvania, Pennsburg , Pennsylvania, 5th, Philadelphia , Pennsylvania, Venango St, 63rd St, Pottsville , Pennsylvania, Rochester , Pennsylvania, East Central Ave, Titusville , Pennsylvania, White Haven , Pennsylvania, Bellevue , Washington, Bellingham , Washington, Blaine , Washington, Covington , Washington, Everett , Washington, Lynnwood , Washington, Mill Creek, Renton , Washington, Rainier, South Seattle

☆ KKR sells industrial properties worth over $560 mln
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 2 (Reuters) - U.S. private-equity firm KKR (KKR.N) said on Monday it has completed the sale of an industrial property portfolio of 5 million square feet (465,000 square meters) for a total aggregate value of over $560 million. "These sales demonstrate the attractive bid that exists for a quality assets in supply-constrained locations," said Roger Morales, partner and head of real estate acquisitions in the Americas at KKR. The company sold a 14.5 million square feet industry portfolio in 2021 for about $2.2 billion to Oxford Properties Group, a real estate investor based in Canada. Including the recent sale, KKR has sold about 21 million square feet industrial real estate since 2021.

Persons: Brendan McDermid, Roger Morales, Pritam Biswas, Sherry Jacob, Phillips Organizations: KKR, New York Stock Exchange, REUTERS, KKR's Real, Partners, Americas, Oxford Properties Group, Thomson Locations: New York, U.S, KKR's, Atlanta, Dallas, Fort Worth , Chicago, Lehigh Valley, Central Pennsylvania, Canada, Bengaluru

☆ This is one of the most resilient real estate areas, according to the world's largest commercial property owner
▼ + stars: | 2023-09-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Blackstone, the biggest owner of commercial real estate in the world, is placing its bets on the student housing rental market as demand surges worldwide. She highlighted last year's acquisition of student housing provider American Campus Communities as one way Blackstone can work with universities to increase supply amid shortages. The company, she added, also focuses on rental housing because it shows a "great deal of resiliency." But student housing issues aren't solely a U.S. problem, and Blackstone has made investments in Australia, Canada and the U.K. as students seek English-language degrees, McCarthy said. Along with student housing, McCarthy also highlighted datacenters and logistics as other key conviction real estate areas as artificial intelligence booms and consumers do more online shopping.

Persons: Blackstone, Kathleen McCarthy, Blackstone's, McCarthy Organizations: Alpha, Communities, Blackstone Real Estate Partners Locations: U.S, Australia, Canada

☆ What a stressed commercial real estate market means for these exposed bank stocks
▼ + stars: | 2023-09-27 | by ( Morgan Chittum | ) www.cnbc.com time to read: +9 min

Banks are facing mounting uncertainty as the commercial real estate (CRE) sector continues to struggle. Commercial real estate landscape Higher interest rates, tightening credit conditions and elevated office vacancies are weighing down the estimated $21 trillion commercial real estate sector . A lagging commercial real estate market can strain a bank's capital reserves while a stronger market can boost incomes from lending and fees. While there's reason for concern in the broader commercial real estate market, we see the most pronounced challenges unfolding in offices. CEO Charlie Scharf said the bank sustained "higher losses in commercial real estate, primarily in the office portfolio."

Persons: Banks, Wells, Morgan Stanley, Morgan Stanley's dealmaking, Tomasz Piskorski, Piskorski, Jim Cramer, Morgan, deteriorations, Tailwinds, JPMorgan Chase, Wells Fargo, Michael Santomassimo, Charlie Scharf, Jeff Marks, Wells Fargo execs, Santomassimo, Jim Cramer's, Jim, Collin Madden, Karen Ducey Organizations: Columbia Business School, Federal Reserve, CNBC, That's, Semiconductor, Arm Holdings, Rivian, IB, Barclays, JPMorgan, GEM, Estate Partners, South Lake Union Locations: Wells, CRE, U.S, Wells Fargo, South Lake, Seattle , Washington

☆ Blackstone will help prevent an office market 'catastrophe', says JPMorgan's commercial real estate chief
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Reports on the death of offices are "just wrong," JPMorgan's commercial real estate chief said. Office buildings are losing value as more people opt to work from home and companies need less space. No 'catastrophe' for the office market"You get the headline written that the office market is a catastrophe," Brooks said during a JPMorgan outlook webinar on June 1. In April, Blackstone announced the final close of its Blackstone Real Estate Partners X, the largest real estate fund ever raised, with $30.4 billion in capital commitments. Through its real estate investment trust, Blackstone has maintained some exposure to office buildings.

Persons: Blackstone, delinquencies, Alfred Brooks, Brooks, JLL, Manus Clancy, JPMorgan —, hasn't, They're Organizations: JPMorgan, Blackstone, Blackstone Real Estate Partners Locations: Brookfield, Blackstone, Los Angeles

☆ JPMorgan's commercial real estate chief lays out how Blackstone will help prevent an office market 'catastrophe'
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

☆ Party City is planning to close over 30 stores across the country — here's the full list
▼ + stars: | 2023-05-09 | by ( Avery Hartmans | Ben Tobin | ) www.businessinsider.com time to read: +5 min

Party City says it's closing over 30 stores after filing for Chapter 11 bankruptcy protection. Cartersville: Cartersville Crossing, 451 East Main St.IowaWaterloo: Crossroads Commons Shopping Center, 1415 Flammang Dr.IllinoisBradley: Bradley Commons, 2060 N. State Rte. 20Felch Street Shopping Center, 3050 Beeline Rd., Ste. L12East Hills Shopping Center, 3702 Frederick Ave., Ste. K2Five Points Shopping Center, 4101 Hwy.

☆ Banks aren't the only ones that hold risky commercial-real-estate debt. Pension funds are about to feel the pain, too.
▼ + stars: | 2023-04-24 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Pension funds, REITs, and insurers hold more than $1.2 trillion in commercial-real-estate debt. CalSTRS, a California pension fund, told the FT it will be writing down its real-estate portfolio. Among them are the large pension funds, REITs, and insurance companies, together accounting for more than $1.2 trillion — or 22% — of the $5.62 trillion in total commercial-real-estate debt outstanding, according to BofA Global Research. Some pension funds were already planning to reduce their exposures to commercial real estate even before the recent bank failures magnified the risks. In September, fund managers at Artemis Real Estate Partners and PGIM Real Estate said at a Bisnow conference that their investors indicated they'd be reducing allocations to real estate, just because the assets had been outperforming others.

☆ Blackstone raises $30.4 billion for latest real estate fund
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Blackstone Inc (BX.N) said on Tuesday it had raised $30.4 billion for its latest global real estate fund, as the private equity behemoth looks to double down on the industry. The fund, called Blackstone Real Estate Partners X, is 48% bigger than the asset management giant's previous real estate fund which closed in 2019. "Sector selection has never been more critical as we witness the bifurcation of performance within real estate," Ken Caplan, global co-head of Blackstone Real Estate, said in a statement. Blackstone shares were up nearly 1% in premarket trading. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond is closing hundreds of stores. But they won’t be empty for long
▼ + stars: | 2023-03-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing 400 stores as it tries to stave off bankruptcy. Bed Bath & Beyond (BBBY)’s real estate is a precious, scarce resource for retailers, gyms and anyone else who needs ample space. “A lot of great real estate is going to come available into a market where there’s been no vacancies. “Bed Bath and Beyond sites are interesting to us, and we are exploring available opportunities with our franchisees,” a spokesperson told CNN. He also believes Bed Bath & Beyond may not be able to avoid bankruptcy or liquidation, which would lead to more vacancies.

☆ NYC's Flatiron building is going up for sale in a public auction—anyone can win: Here's what to know
▼ + stars: | 2023-03-10 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

If you've ever wanted to own a piece of New York City history, you will soon have the chance. The Flatiron Building is going for up sale at Mannion Auctions on March 22. Four real estate firms — GFP Real Estate, Newmark, ABS Real Estate Partners, and the Sorgente Group —own a collective 75% stake in the 22-story skyscraper, while a fifth partner, Nathan Silverstein, owns the remaining 25%. The four real estate firms sued Silverstein in 2021 to force a sale of their stakes after alleging the fifth partner's business decisions were keeping the Flatiron Building empty. Silverstein countersued the four partners claiming that they wanted to lease the building at a below-market price to a company linked to one of the owners, Newmark.

☆ Party City is planning to close 22 stores after filing for bankruptcy — here's the full list
▼ + stars: | 2023-02-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Party City is closing 22 stores after filing for Chapter 11 bankruptcy protection in January. Cartersville: Cartersville Crossing, 451 E Main St.IowaWaterloo: Crossroads Commons Shopping Center, 1415 Flammang Dr.IllinoisBradley: Bradley Commons, 2060 N State Rte. MichiganHolland: Felch Street Shopping Center, 3050 Beeline Rd., Ste. 20Felch Street Shopping Center, 3050 Beeline Rd., Ste. TexasCorpus Christi: Five Points Shopping Center, 4101 Hwy.

☆ Millennials bought an abandoned high school for $100,000 and turned it into a 31-unit apartment building—take a look inside
▼ + stars: | 2022-12-16 | by ( Celia Fernandez | ) www.cnbc.com time to read: +5 min

When an abandoned high school was listed for sale in Munhall, Pennsylvania, three real estate partners saw an opportunity to completely transform the space. When an abandoned high school in Munhall, Pennsylvania, was listed for sale in 2019, Jesse Wig saw an opportunity. Dan Spanovich (left), Jesse Wig (middle), and Adam Colucci (right) bought the abandoned high school in 2019. The former high school classrooms became new, modern apartments and the auditorium turned into a shared space. The plan is for the second high school to have 33 residential units, consisting primarily of one-bedrooms and some studios.

☆ Airbnb Aims to Attract Big Landlords With a Cut of Its Rental Sales
▼ + stars: | 2022-11-30 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

Airbnb Inc. is launching a listing service for rental apartments with some of the biggest landlords and property managers in the country, a bid to expand its business in multifamily buildings where owners often shun short-term rentals. The new service will feature more than 175 buildings managed by Equity Residential , Greystar Real Estate Partners LLC and 10 other companies, Airbnb said on Wednesday.

☆ Airbnb launches service allowing American renters to host apartments
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Airbnb Inc (ABNB.O) said on Wednesday it is introducing a new listing service in the United States that will help renters find an apartment where they can host part-time. "As the cost of living continues to rise, renters can use the extra income earned by hosting part-time on Airbnb to contribute to their rent, save for a home, or pay for other living expenses," Airbnb co-founder Nathan Blecharzyck said. The short-term rental firm has partnered with more than 175 buildings in 25+ cities across the United States, the company said in a blogpost. Landlords who partner with the new listing service will get a share of the total booking revenue from Airbnb sublets - 20% in most cases, the WSJ report added. Renters have hosted on average nine nights per month and earned on average $900, Airbnb said.

☆ Airbnb has promise as the quasi-immobility firm
▼ + stars: | 2022-11-30 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 30 (Reuters Breakingviews) - Airbnb (ABNB.O) is a boon to mobile travelers - but soon might benefit from immobile, old-school renters too. But the deal, which secures buy-in from large housing managers that should otherwise hate Airbnb, makes sense in a post-pandemic era. The agreement paves the way for some of America’s largest landlords to list their empty abodes for traditional long-term leases on Airbnb. Still, Covid-19 has fundamentally changed people’s habits in a way that could benefit both Airbnb and the apartment rental firms – if they innovate. In the past, that has enabled apartment companies to hold their tenants hostage to an extra couple of months’ rent.

☆ In China's property crisis, global asset managers see opportunity in rental housing
▼ + stars: | 2022-11-16 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The state push is also backed by potentially lucrative returns - depending on the business model, returns on rental housing projects could be between high single digit and high teens. According to consulting firm Frost & Sullivan, the size of the rental housing market in China is expected to increase to 2.7 trillion yuan ($372.25 billion) by 2026, after rising to 1.8 trillion yuan in 2021 from 1.2 trillion yuan in 2017. Warburg Pincus also sees more opportunities in the rental housing because of increasingly attractive asset prices and less competition from cash-strapped local developers. As part of that, regulators have asked trust companies to provide financing to developers for rental housing construction and acquisitions. Across cycles, investment demand may have been affected but not overall housing demand," said Warburg Pincus' Zhang.

☆ Companies still have way too much office space, and they can't sell it
▼ + stars: | 2022-11-05 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

Collin Madden, founding partner of GEM Real Estate Partners, walks through empty office space in a building they own that is up for sale in the South Lake Union neighborhood in Seattle, Washington, May 14, 2021. According to Elizabeth Ptacek, senior director of market analytics at commercial real estate information and analytics company CoStar, there is currently 232 million square feet of surplus commercial real estate up for sub-leasing. A few things we know about corporate real estate: it's a focus of cost-cutting for companies, but it's also probably the last asset you want to sell now in a soft market. It's a bad situation, but she said that for owners of corporate real estate, if the cost of real estate debt is cheap and the balance sheet is solid, sit on the real estate. Ptacek noted that after 2008, the peak in the distressed asset sales wave didn't occur until 2010/2011.

☆ Meet a married couple who live with a roommate: 'It affords us things like travel, hobbies and luxuries that most people our age wouldn't get'
▼ + stars: | 2022-10-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

The founders of real estate brokerage Open House Austin say there are different ways to make it work. "It affords us things like travel, hobbies and luxuries that most people our age wouldn't get if they owned a home or even paid rent. Holly Ratcliff and Stephanie Douglass, are the founders of real estate brokerage Open House Austin. The pair help homebuyers across the city "break through the barriers of traditional homeownership" by teaching them to form real estate partnerships. We have shifted our business based on the fact that real estate is changing every single day."

☆ Student housing is one of the hottest real-estate investments right now. Here's how big investors like Blackstone and TPG are playing the market that just saw a record $6.1 billion of deals.
▼ + stars: | 2022-09-03 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +7 min

The big investors TPG and the Cardinal Group made a bet on student housing in fall 2020. Investing in student housing seemed like an uncertain wager at best; no one knew when life would go back to normal. That's created an opportunity in niche asset classes, such as student housing, he added. The trend is not likely to end soon, with the cost of college housing on the same upward trajectory as tuition. With students, international and domestic, back at school again, student housing is hotter than ever.

The Bilt Rewards program allows tenants to earn valuable points on rent payments without fees. That's about to change with the launch of the new Bilt Rewards program and Bilt Mastercard. If you're worried about using up your credit line or getting into debt, the Bilt credit card also offers a feature called Bilt Protect. Use Bilt points for fitness classesIn partnership with Soul Cycle, Rumble, and Y7, Bilt Rewards members can redeem points for group classes or subscriptions, starting at 2,500 points. If you're renting from a landlord included in the Bilt Rewards alliance, signing up for Bilt Rewards is a no-brainer.

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