- Warehouses for Amazon, Walmart and Target sell in a $2-billion deal “Stockbridge bought the 14.3-million-square-foot portfolio of Class A logistics facilities across the U.S. in a joint venture with the National Pension Service of Korea in Seoul, one of the largest pension funds in the world with about $672 billion in assets.” (Los Angeles Times)
- Crow Holdings sells stake in huge industrial building portfolio “Dallas-based investor and developer Crow Holdings has sold a 49% share in more than a dozen industrial buildings to Allianz Real Estate. The deal includes more than 6 million square feet of buildings in Chicago, Dallas, Houston and Southern California.” (The Dallas Morning News)
- The Pandemic Has Demanded More Of Property Managers Than Ever Before “Property management companies haven't experienced any major layoffs, but the average workload for employees in every part of the business has risen significantly, multiple sources told Bisnow. From establishing and enforcing safety protocols to higher cleaning standards to advising nervous building occupants, job descriptions have expanded.” (Bisnow)
- 2021 Commercial Real Estate Outlook “The impact of COVID-19 on the global economy and the CRE industry has made 2020 the most memorable year in recent history. CRE companies have needed to digitize operations, close physical facilities due to extensive lockdowns, and prepare for reopening, while ensuring the health and safety of employees and occupiers and considering the financial health of tenants and end users.” (Deloitte)
- ‘This Is Insanity’: Start-Ups End Year in a Deal Frenzy “At the onset of the pandemic, warnings of start-up doom abounded. Those largely faded after the initial shock of the coronavirus wore off. Now, as the new reality of remote work, school, shopping and socializing supercharges the adoption of tech products and services, sentiment has flipped even further — to a frenzy of deal making.” (The New York Times)
- Dollar General to Accelerate Opening Pace “The Goodlettsville, Tenn.-based retailer, which already operates nearly 17,000 store locations in the U.S., expects to open 1,000 new stores, remodel another 1,670 units and relocate 110 stores by the end of the current fiscal year on Jan. 29. The fiscal 2021 plan rate equates to more than 20 new stores every week.” (Winsight Grocery Business)
- CapitaLand forms $416.1m joint venture to build US portfolio “CapitaLand's partner is an Austin, Texas-headquartered real estate investment, development and property management firm, which has developed over 25,000 multifamily units across markets in the USA since its inception 25 years ago.” (Singapore Business)
- Hines Sells Texas Assets for $171M “KKR continues the rapid expansion of its holdings in the U.S. industrial sector with the acquisition of two Texas properties totaling 1.8 million square feet. As part of its core plus real estate strategy, the global investment firm purchased the assets, located in Dallas and Houston, from Hines in a transaction valued at $171 million.” (Commercial Property Executive)
- Tesla CEO Elon Musk has told friends and associates he plans to move to Texas “Tesla CEO Elon Musk put his California houses on the market this year while he was sparring with state lawmakers over Covid-19 restrictions. He’s simultaneously been expanding operations in Texas and cozying up to Republican Gov. Greg Abbott.” (CNBC)
- Lawmakers say COVID-19 relief bill won't offer $1,200 checks “Sen. Dick Durbin of Illinois, the second-ranking Democrat, indicated that excluding the checks while assuring small-business aid and renters’ assistance was the only way to reach agreement with Republicans who are putting firm limits on the bill’s final price tag.” (The Associated Press)
- Can Your Apartment Building Ban Overnight Guests? “Co-ops do have a history of restricting visitors when the owners are out of town, but the specifics of the situation matter: The board could certainly step in if someone is renting out their apartment on Airbnb, because the Multiple Dwelling Law prohibits rentals of less than 30 days unless the occupant of the apartment is present.” (The New York Times)
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