Tweet Here is a “Just Closed” email flyer I sent out this morning for a deal I just closed. I don’t really want to use this blog to promote all things PCI, but I thought I’d share anyway because the fact that this deal closed in 1 week start-to-finish with a holiday and weekend in [...]
Tweet Just found this interesting tidbit online: McDonald’s is apparently changing its logo in Europe, eliminating the red background and replacing it with a “deep hunter green” background to tout their environmental credentials. You can read the article on greenbiz.com here.
Tweet This morning, CoStar published an article entitled Institutional Investors Throwing Big Money Around Class A Quality Retail Property. The article highlights several recent large transactions that have taken place and interviews guys from CBRE, Marcus & Millichap and Jones Lange LaSalle for opinions. A few of the points/quotes caught my attention and I thought [...]
Tweet So today I decided to go check out the grand opening of the Microsoft retail store at Simon’s Shops at Mission Viejo. I must say the store is impressive but the design does remind me of another retail store but I just can’t quite put my finger on which store that might be….. The [...]
Tweet Vitamin Shoppe has just completed an IPO, raising about $155 million. You can read more about it at DealBook. What I thought was most interesting was the fact that this was first I.P.O. by a traditional retailer since December 2007! The proceeds from the offering are being used to pay down debt and to [...]
Tweet Yesterday I wrote a post about a buyer requirement email that was so all encompassing it was essentially useless to the author. This morning a new buyer requirement email landed in my inbox and, as luck would have it, the email was well targeted and gives me some good content for a follow-up post. [...]
Tweet Below is the text of an email I received this morning from a broker seeking investment property submissions from the CRE community. The only problem is that the stated requirement is a buyer’s dream wish list and it warrants nothing more than an immediate “delete.” Here is the email: Please forward me available properties [...]
Tweet This is just a quick follow-up post about Fresh & Easy. I mentioned in my last post about Fresh & Easy that I had recently heard radio advertisements for F&E. Well coincidentally, I spotted a Fresh & Easy skyscraper ad on the home page of 89.9 KCRW while looking up the name of a [...]
Tweet I wanted to make another quick point on CRE underwriting as it relates to vacancy. Some of the more “with it” sellers have begun allowing vacancy factors underwritten into their offering memorandums. What is often overlooked is the actual relation of the vacancy factor to operations. Often you will see a vacancy factor of [...]
Tweet I received a marketing brochure today that, quite frankly, left me a bit shocked. The property is a multi-tenant retail building in a power center in Southern California. The shocking part of the offering was that the seller and broker were NOT attempting to capitalize income from the vacant suites. Maybe CRE practitioners are [...]
Tweet Below is an interesting article published by the Arizona Republic on Tuesday. Based on the published numbers of $267 million in first half sales from 130 stores, Fresh & Easy’s full year sales should be approximately $534 million or $4.1 million per unit. The average Fresh & Easy store is 14,000 square feet so [...]
Tweet Realty Income, the publicly traded single-tenant REIT saw its share price drop 4.6% on a statement from hedge fund manager William Ackman of Pershing Square Capital Management. Mr. Ackman announced that his firm has taken a short position in the REIT citing concerns about the REIT’s portfolio. From the New York Post article: ….[Mr. [...]
Tweet Calculated risk put up a post yesterday about a topic that is near and dear to my heart: the Inland Empire commercial real estate market. In summary, the retail vacancy rate continues to rise in the Inland empire. I also thought it was humorous that the primary source for this data was CB Richard [...]
Tweet It looks like retailers are not faring so well after all. From an article published today at DallasNews.com titled “Speakers at Retailing Summit in Dallas offer sobering assessment” (emphasis mine): Retailers shouldn’t expect to see the pre-recession shopper in this economic recovery, and a shakeout with store closings is still ahead, speakers said Thursday [...]
Tweet Blockbuster has secured $675 million in new debt (due in 2014) which will be used to pay off old debt. The loan is nice and cheap at an 11.75% interest rate and represents 94% of par value. Blockbuster is continuing its aggressive cost-cutting strategy in hopes that people will stop using the internet and [...]