National Cheat Sheet: Five top US RE firms are hot investments in Israel, Amazon is taking over your building’s package room … & more

Oct.October 21, 2017 09:00 AM

Clockwise from left: Related Midwest’s Chicago Site “the 78,” the Bishop mansion in Detroit and 150 Arvida Parkway in Gables Estate, Coral Gables, Florida.

US real estate firms recommended to Tel Aviv investors

From TRD Los Angeles: A handful of major U.S. real estate companies that trade on the Tel Aviv bond market got the seal of approval from IBI, an Israeli investment firm. The company released a report to investors this week that recommended the Moinian Group, Related Companies, Wharton Properties, KBS and Lightstone Group. All five have seen their yield spread trend downward comparable with government bonds, showing increased investor confidence in the firms. The yields also are higher than similar Israeli companies. The report puts the average yield spread at 2.4 percent for the five American companies and 1.2 percent for comparable Israeli ones. [TRD]

Largest landlords in the US agree to set aside space just for Amazon deliveries

Amazon is staking a claim to residential building mailrooms across the country. In an effort to make the delivery process easier, the company has struck deals with some of the biggest landlords in the U.S. to install lockers dedicated to Amazon deliveries, the Wall Street Journal reported. The retail behemoth has agreements with the owners of roughly 850,000 units in thousands of properties, such as AvalonBay Communities, Equity Residential, Greystar and Bozzuto Group. Landlords pay about $10,000 to $20,000 to purchase the lockers, which can be marketed as an amenity to residents. [TRD]

Troubled retailer Nordstrom puts buyout talks on hold

Nordstrom has put its plans to go private on the shelf, for now. The financially troubled department store is no longer pursuing what would have been a $10 billion leveraged buyout, according to the New York Post. The Nordstrom family had planned to put up its 31 percent stake in the company, previously valued at $2.5 billion, and private-equity firm Leonard Green & Partners was to contribute another $1 billion in equity. But now it says it will wait until after the holidays to consider that route. The retailer has invested about $249 million in a new store at the coming Central Park Tower on 57 Street. [TRD]


One Sotheby’s wins court battle to collect $744K commission for 2013 Coral Gables, Florida sale

One Sotheby’s International Realty succeeded this week in a four-year battle to claim an unpaid commission. The luxury brokerage firm sued a former Gables Estate couple, Warren and Leslie Lovell, in 2013 over a six percent commission on a $12.4 million deal. In May 2012, One Sotheby’s signed an exclusive agreement for the marketing of waterfront property at 150 Arvida Parkway. The Lovells terminated the contract shortly before selling the property in December of that year. Jurors awarded One Sotheby’s $744,000 — the amount of the commission owed. [TRD]

Hosts on Airbnb in Miami-Dade face tighter regulations

Airbnb is facing tighter restrictions in Miami-Dade thanks to a slew of new regulations approved by county commissioners this week. Vacation rentals in unincorporated Miami-Dade will have occupancy limits capped at 180 days per year and hosts will be required to sign up for a certificate of use, register for a business tax receipt, screen for sexual offenders and enforce standard garbage procedures and noise restrictions, according to the Miami Herald. The ordinance applies to 940 active Airbnb hosts and goes into effect in 90 days. [TRD]

New York City porn shops want to fight ban in Supreme Court

New York City’s last remaining porn shops are fighting extinction. Until recently, porn shops were able to skirt certain rules as long as porn made up less than 40 percent of their inventory. But in June, the New York State Court of Appeals ruled against this 60/40 rule, dealing a blow to the few shops still in business, like Show World in Times Square, Crain’s first reported. Industry attorney Erica Dubno is hoping to appeal the case to the U.S. Supreme Court by year’s end, arguing the ban is a violation of free expression. [TRD]

A 45-acre residential complex with over 1,000 units proposed for Alhambra

A multifamily residential complex with over 1,000 units is in the works for a mixed-use site in Alhambra. The Ratkovich Company filed plans to build the residences on its 45-acre mixed-use campus at 1000 S. Fremont Avenue, according to Urbanize. The company, which is the minority owner of the site, proposed a three-phase development on 20 acres of land, according to documents filed with the Alhambra City Council last week. Parking lots and small commercial buildings currently occupy the site. The project, dubbed “The Villages at the Alhambra,” would create up to 1,061 residential units with 516 for sale and 545 rentals. [TRD]

Related’s Chicago site The 78 to be location of new public-private development

Related Midwest is donating land to jumpstart a mixed-use development in downtown Chicago. On Thursday, Illinois Gov. Bruce Rauner and University of Illinois System President Tim Killeen unveiled plans for the $1.2 billion interdisciplinary public-private research and innovation center known as the Discovery Partners Institute (DPI) at The 78, Curbed Chicago reported. The new facility will be developed on a donated portion of the 62-acre site on the Chicago River. The 78 is planned in partnership with architecture firm SOM and will have a mix of residential, commercial, institutional, cultural and recreational uses, including 40 percent green and open space and a half-mile of developed riverfront that will expand the city’s existing Riverwalk. [Curbed Chicago]

Sale of $2.5M mansion is Detroit’s largest in a decade

A $2.5 million sale of a 35,000-square-foot mansion is the largest deal in Detroit in the past decade. The property, formerly owned by Bishop Wayne Jackson, has 13 bedrooms and 14 bathrooms — suitable for Jackson’s family of nine children — according to Mansion Global. Boston-based architects McGinnis and Walsh built the home in 1926 for the Catholic Bishop of Detroit. Marble from Italy and wood from Germany were imported for construction of the grand home. The California buyer bought the house off-market last week. [Mansion Global]

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