- Judge orders sheriff to evict Twitter from Boulder office “A judge has ordered the Boulder sheriff to return possession of Twitter's office to the landlord, according to court documents.” (Denver Business Journal)
- Sternlicht’s Starwood Eyes Sale of More Than 2,000 Rental Homes “Many of the homes being offered for sale by Starwood Real Estate Income Trust are part of a portfolio acquired from Pretium Partners in late 2021, according to people familiar with the matter, who asked not to be named because the effort is private.” (Bloomberg)
- Ex-Met Matt Harvey launches career at powerhouse NYC real estate firm “Harvey, who quit the sport last month after a 10-year career, has quietly joined commercial real estate firm Newmark as managing director of its multifamily debt origination and advisory unit, The Post has learned.” (New York Post)
- GM, Samsung SDI to Build $3B EV Battery Plant “Announced by Indiana Gov. Eric J. Holcomb, the plant will be located east of New Carlisle, Ind., at Larrison Boulevard and Indiana 2. Construction is expected to begin within the next year, with production slated to begin in 2026. More than 1,000 jobs will be created during construction and there will be about 1,700 manufacturing jobs when operations begin. It is the largest single investment and job commitment in St. Joseph County in the past 75 years.” (Commercial Property Executive)
- Federal Reserve Boosts Commercial Real Estate With Pause in Rate Hikes “The long string of Fed increases, which included four straight 75 basis point hikes from June to November last year, resulted in banks largely pulling back on lending activity amid much uncertainty about how high interest rates would climb.” (Commercial Observer)
- Houston Fumbles Its Early Return-To-Office Lead “Texas boasted it was open for business and touted the nation's highest return-to-office rates in the months after the start of the pandemic. But that energy has stagnated, at least in Houston, according to newly released numbers.” (Bisnow)
- Google’s $1B Data Center Development Takes Big Steps “Four years after the Mesa City Council approved a development and tax-incentive agreement with Google to build a massive $1 billion data center project on about 187 acres in southeast Mesa, Ariz., the project—codenamed Red Hawk—is finally taking flight.” (Commercial Property Executive)
- Trends in Single-Family BTR Communities “The $4.4 trillion sector’s fundamentals reveal stability as real estate faces a gloomy economic horizon. Data from an April 2023 report form Yardi Matrix, as well as a mid-year 2022 report from Berkadia, shows that average rents have increased by $6 to $2089 through April of this year, while deliveries in communities of 50 or more homes in 2022 reached a high of 14,581 units.” (Multi-Housing News)
- Skid Row receivership in danger of financial collapse, leaving 1,500 tenants at risk “The financial circumstances have become so dire that Mark Adams, the receiver in charge of 29 properties owned by Skid Row Housing Trust, is asking for emergency action from a Los Angeles County Superior Court judge, or else he said he’ll have to cancel security contracts, lay off his staff and surrender the effort.” (Los Angeles Times)
- Florida’s Property Insurance Market Confronts a Pivotal Hurricane Season “Florida’s intervention in property insurance has put the state government in the eye of a hurricane-battered market that is uninhabitable for some private insurers and unaffordable for many policyholders.” (Commercial Observer)
- Surfside Condo’s Pool Deck Had ‘Severe Strength Deficiency,’ Investigators Say “Investigators still have many more months of work ahead before reaching a conclusion about what caused the failure. But new documents scheduled for release on Thursday suggest they have been focusing on a potential failure of the pool deck that could have triggered the collapse of the mid-rise residential tower.” (The New York Times)
- Affordable Housing Woes Paint a ‘Bleak Picture’ “Her experience echoes the broad challenges created by an affordable housing shortage in the United States. Builders have been stymied since the pandemic by higher costs for materials and labor, stricter lending practices, rising interest rates and supply chain hiccups.” (The New York Times)
- Tenants Settling Legal Disputes With Landlords Face Surprising Taxes “The IRS taxes most lawsuit settlements, and exact wording matters, particularly if you are trying to avoid that grim result, or even to lessen the tax impact.” (Forbes)
- Are hybrid work schedules increasing traffic at suburban open-air centers? “These are some of the facts put forth in a new whitepaper called ‘A Breath of Open-Air’ from Elmsford, N.Y. based DLC, owner-operator of some 80 open-air centers in the United States. The company’s CEO and Founder, Adam Ifshin, says the volume of letters of intent the company’s been receiving in recent months and the names of strong national brands on those documents is proof that, today, people prefer shopping closer to home.” (Chain Store Age)
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