|
|
| |
|
|
| |
|
|
| |
You may just think of him as a reality TV guy — a Beverly Hills househusband, a dancing star — but underneath the bronzer, Mauricio Umansky is a real estate guy. His brokerage, The Agency, has 120 offices across 12 countries and is one of the giants in the luxury home space, having completed more than $7B in transactions since 2011. Lately, he’s been busy cross-training his agents to work on multifamily deals, something he told us is more important these days with branded residences. He’s also a Fed watcher and is frustrated by how long it takes activity in the market to trickle up to the powers that be. “What we need to do is get better at reading leading indicators so we can actually start predicting instead of reacting. I have some ideas on that, and I’m working on some solutions,” he told Bisnow when we sat down with him at the National Association of Real Estate Editors conference in Austin last week. He’s also taking on the National Association of Realtors with his own trade group, the American Real Estate Association. “From my perspective, this isn’t about winning, it’s about making the industry better, an industry that I love,” Umansky said. “If I have to be the guy that’s creating the competition to make it better, I’m good with that.” There’s a whole lot more in his interview with Bisnow Dallas-Fort Worth Reporter Olivia Lueckemeyer, so whether you’re star-struck by “Lovebean” or not, give it a read. — Jay Rickey, Catie Dixon, Kayla Carmicheal and Mark F. Bonner Not getting The First Draft in your inbox? Click here to sign up. Got any feedback for us? Email first...@bisnow.com. |
|
| |
|
|
| |
On Our Radar
The vibes continue for U.S. consumers — bad ones. Despite mostly positive top-line economic data, everyday Americans just aren’t feeling it, according to this morning’s consumer confidence index. Faith is waning as a higher cost of living, surging borrowing costs and a softening job market continue to weigh heavily on the minds of the public. Fast-fashion retailer Shein filed for an IPO in London earlier this month. The Chinese dress and cheap tops company was valued at $66B last year. Shein is looking to rapidly grow its U.S. footprint on the retail and distribution sides, and it bought a suite of retailers from Simon Property last year. Two reports this morning showed the value of homes hit new highs in April, but the rate of appreciation is starting to slow. The value of homes rose a seasonally adjusted 0.4% in April, according to the S&P Case-Shiller 20-city home price index, while the Federal Housing Finance Agency said home prices rose 0.2% that month. Chipotle is increasing the portion … of those who can buy its stock. While diners may complain about stingy dollops of guacamole, Chipotle shareholders will have no issues with a 50-for-1 stock split that goes into effect today. Chipotle said last year it intended to double its U.S. store count, including 800 locations in small towns. Congrats to the NHL’s Florida Panthers, who won their first Stanley Cup last night. Freaky Friday 2 was announced yesterday to premiere in theaters next year. Kayla is thrilled her beloved Chad Michael Murray is reprising his role. This Morning’s News FINANCING — Bank Real Estate Loan Concerns Compound (NYT): Banks are discreetly looking into the kinds of discounts required to sell real estate loan portfolios. More on the new action plan from banks.
CAPITAL MARKETS — Rating Agencies' Controversial Decisions (FT): Ratings agencies have assigned top investment grades to at least 12 deals where borrowers are in default, sparking discussions about the adequacy of these ratings and potential parallels to pre-2009 practices. Here's more insight.
OFFICE — Inside Slate Office’s REIT Financial Troubles (RENX): Slate Office REIT has received several notices of default. Catch up on the REIT's growing troubles.
|
|
| |
Wikimedia Commons/News Oresund
|
|
| |
|
|
| |
LIFE SCIENCES — Novo Nordisk Makes $1.5B Investment In Biomanufacturing Site (Bisnow): The manufacturer of Ozempic is building a $4.1B biomanufacturing facility in Clayton, North Carolina, outside of Durham. The 1.4M SF project doubles Novo’s footprint in the area and is one of the largest projects in the state’s history. See how weight-loss drugs are bulking up life sciences real estate in N.C.
OFFICE — Apple Delays Major Campus Expansion (Triangle Business Journal): Apple has halted plans for a significant expansion of its large campus in Raleigh-Durham’s Research Triangle Park, which was expected to create 3,000 jobs and have five office buildings. This is why Apple pressed pause.
CAPITAL MARKETS — £850M Property Fund To Liquidate. Here’s What’s On The Block (Bisnow): Lothbury Property Trust, an £849M open-ended property fund, is selling all its assets because it can no longer meet redemption requests. It attributed the fund’s need to liquidate to defined benefit pension schemes wanting to allocate less money to CRE. See what is being sold off.
LEGAL — Hospitality Brands Head To Court (CoStar): Aimbridge Hospitality has filed a lawsuit against Avion Hospitality, accusing it of stealing trade secrets and causing Aimbridge to lose tens of millions of dollars in contracts. Avion CEO Robert Burg was previously Aimbridge’s president and chief operating officer. Here's what you need to know.
FINANCING — Macquarie's New Fund (CoStar): Macquarie has raised $1.9B of equity for its latest opportunistic property fund, which will focus on global opportunities in logistics, living and new office markets. Learn the specifics of the fund.
LEGAL — Supreme Court Will Take Up Dewberry's $43M Trademark Dispute (Bisnow): Atlanta CRE investor John Dewberry’s appeal to the Supreme Court over a $43M verdict against his company for copyright infringement will see its day in the highest court in the land. Dewberry said the issue is whether a parent company can be held liable for its affiliates’ actions. Get into the court drama.
OFFICE — Old Offices Are Hemorrhaging Tenants (CoStar): Newly built office buildings are maintaining the highest demand, while buildings older than 10 years have seen occupancy drop 420M SF in the last four years nationwide. Dig into where office demand is and isn’t.
|
|
| |
|
|
| |
Newmark Realty Capital
|
|
| |
|
|
| |
SELF-STORAGE — Self-Storage Sector Weakens (Yardi Matrix): Self-storage asking rents are on a downward trend, falling 4.5% year-over-year in May. Check out Yardi's report.
STADIUMS — Hundreds Of Millions For NFL Stadium Funding (Bloomberg): David Tepper, owner of NFL's Carolina Panthers, has secured $650M in public funds for a $1.3B stadium upgrade. Take a look at the new plans for the stadium.
OFFICE — UBS Puts 1M SF Office Tower On Online Auction Block (Bisnow): A 920K SF Midtown Manhattan office building has been put up for sale on Ten-X with a starting bid of $7.5M. It’s an unusual listing for the online auction platform, which typically sells smaller, less desirable properties. Get the details.
INDUSTRIAL — Supply Chain Pressures (NYT): Global supply chains are experiencing renewed strains, reminiscent of recent disruptions, impacting shipping rates and delivery timelines. A disruption to the supply chain could exacerbate inflation. Here's the latest on the state of supply chains.
|
|
| |
|
|
| |
Pexels/Anna Shvets
|
|
| |
|
|
| |
ECONOMY — Tech Sector Layoffs Continue (Seeking Alpha): The tech sector has seen nearly 100,000 layoffs this year to date. By comparison, 260,000 tech jobs were cut last year, while 165,269 were terminated in 2022. Learn which companies conducted layoffs.
CONSTRUCTION — Suicide Rate Now At Crisis Levels (NBC News): Around 1,000 construction workers died from a work-related injury in 2022, but an estimated 6,000 died by suicide, an increase over 2021. Read more here.
FINANCING — Freddie Mac's New Pilot Program (Bloomberg): The U.S. government has approved a pilot program allowing Freddie Mac to purchase second mortgages. While Bank of America has estimated as much as $18T is potentially available for equity extraction, the regulator wants to use a trial period to evaluate how it benefits borrowers, including those in rural and underserved communities. Discover more about the program.
FINANCING — Meadow Partners' New Fund (Meadow Partners): Real estate investment manager Meadow Partners has raised $530M for its sixth flagship fund. See where it wants to spend that money.
MULTIFAMILY — Investor CAPREIT Sells Final Stake In Ires To Focus On Canada (Bisnow): Canadian Apartment Properties REIT has sold the remainder of its equity interest in Irish Residential Properties REIT to refocus on Canadian investment. CAPREIT assembled the original Ires portfolio of 338 apartments and managed its initial public offering in 2014. Learn what was up for grabs.
LEGAL — Nate Paul Stretches Out His Legal Woes (KXAN-Austin): Real estate investor Nate Paul is seeking a third delay in his trial. Paul’s attorneys say the millions of documents they need to review are being provided later than expected. The charges against Paul are related to his real estate investment firm World Class Holding. Get into the details of the case.
ECONOMY — Another Fed Inflation Warning (Bloomberg): Fed Governor Michelle Bowman said immigration has helped the labor supply and jobs market, but in some markets has added pressure to inflation due to the lack of affordable housing. Read Bowman's take.
INDUSTRIAL — Micron Has A Bat Problem … Yes, Bats (Bloomberg): Before Micron can proceed with its multibillion-dollar chip manufacturing facility in Syracuse, it must first address an environmental concern involving local bat populations. Of all the hang-ups. *** The First Draft is produced by Director of Newsletters Jay Rickey, Managing Editor Catie Dixon, Editor-in-Chief Mark F. Bonner and Deputy Newsletter Editor Kayla Carmicheal, with an assist from ChatGPT. We’d love your feedback! Email us at first...@bisnow.com. Was this email forwarded to you? Get on the distribution list here. |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
