- Blackstone Chief Defends Real Estate Fund Amid Rush for Withdrawals “Blackstone President and Chief Operating Officer Jon Gray defended the positioning and structure, noting that investors knew BREIT had limits on redemptions. ‘We set up the product with limitations on liquidity,’ Gray told CNBC’s David Faber during a live ‘Squawk on the Street’ interview. ‘We described it as semi-liquid because we knew at some point there would be a period of volatility, and we didn’t want to sell assets at the wrong time under pressure.’” (CNBC)
- PREIT: Malls Benefit When Located Near Military Centers—Here’s Why “Military installations can have a major impact on local businesses — including shopping malls. Military bases are becoming hotbeds of economic development for PREIT Real Estate Investment Trust, which has two properties, Jacksonville Mall and Patrick Henry Mall located near such installations. Jacksonville Mall is located in the heart of Jacksonville, N.C., and is only 15 minutes down the road from Marine Corps Base Camp Lejeune and Air Station New River.” (Chain Store Age)
- Real Estate Investing: Why Surging Rents Mean Profits in Strip Malls “The residential market has stolen the headlines, but investor Justin Sloan explains why strip malls are the next gold mine in real estate investing.” (Insider)
- Anemic Demand Pushes Multifamily Occupancy Below Pre-Pandemic Norms “Weak new-lease demand has pushed apartment occupancy below pre-pandemic highs, according to the latest data from RealPage. While November occupancy clocked in at a relatively high 95.1%, it’s below the November 2019 watermark of 95.6% and fell 20 bps in the last month and 240 bps year-over-year. The issue, according to RealPage, “is at the front door.” Turnover last month was the second-lowest for any November on record, but leasing traffic among prospective renters ranked as the weakest for any November in eight years.” (The Wall Street Journal)
- Hotels, Data Centers Drive Up Dodge Construction Index “Sandston, Va., is pretty hard for most to locate on a map, but for data center developers, it’s quite the spot. A bit east of Richmond on I-64, it was home to the largest of 21 projects with a value of $100 million or more that entered planning in November. In this case, part of a pair of $500 million segments of a Facebook data center. It was also one of the projects monitored by the Dodge Momentum Index (DMI), issued by Dodge Construction Network.” (GlobeSt.com)
- As NYC Housing Crisis Worsens, Mayor Adams Calls for 500,000 New Units by 2032 “The city’s land use review process can take anywhere from months to years. Mayor Eric Adams said he would shorten the timeline by eliminating certain requirements of the application process, including environmental reviews for smaller buildings. His office released a report that outlined more than 100 steps to accelerate the approval and building process. New York City’s population growth has outpaced housing construction. Over the last decade, the city added 800,000 residents but only 200,000 new homes, according to the mayor.” (Gothamist)
- The Conspiracy Theories Plaguing Real Estate “’The laws of economics don’t apply to real estate’ and other nonsense spewed by Nimbyists, naysayers and nincompoops.” (The Real Deal)
- Founder of Canadian Real Estate Forum Gets One Final Goodbye “George Przybylowski Stayed a Little Longer But Officially Ended His Long Tenure This Month in Toronto.” (CoStar)
0 comments
Hide comments
