Trump Deportation Exceptions To Help CRE

[Bisnow First Draft]

Ben Ashkenazy is ready to buy. His firm, which has had a rough few years financially and legally and has seen its iconic portfolio dwindle, has lined up $750M to purchase CRE in what he called a “two-year sprint.” The goal: Purchase iconic and irreplaceable retail and hotels at a discount from distressed owners who can’t refinance. He said the opportunities are everywhere. “It’s the most attractive [market] I’ve seen in a long time,” Ashkenazy told Crain’s.         We aren’t hearing that level of optimism often, but companies are putting their investment ducks in a row, perhaps to be ready when the Fed next drops interest rates.  The market has written off the chance of that happening at next week’s meeting, but CME FedWatch shows traders are betting on a 23% chance of a drop at July’s FOMC meeting, while 71% think rates will go down by September’s meeting. Lincoln Property Co. and RMR both announced high-level executive hires this month to focus on fundraising.  When they are ready to deploy that capital, they should find more options. CRE listings rose 1% month-over-month in May but 47% YOY, according to LightBox, which said sellers are resetting their expectations about pricing. — Catie Dixon, Jay Rickey, Mark F. Bonner and Kayla Carmicheal Not getting The First Draft in your inbox? Click here to sign up. Got any feedback or a news tip? Email first...@bisnow.com. You can catch all episodes of First Draft Live here. CRE News Quiz Who is the CEO of WeWork? (Answer at the bottom.) On Our Radar Leadership turmoil continues at Appraisal Institute. Former Appraisal Institute Vice President Craig Steinley has been dismissed from a sexual harassment lawsuit filed by ex-CEO Cindy Chance, though the case against the organization continues. Chance alleges AI leadership ignored reports of misconduct and fostered a toxic workplace. Her attorney has withdrawn, and she has until August to find new representation. The institute also faces a separate whistleblower lawsuit from former Director Alissa Akins, who claims AI knowingly sent inaccurate test scores to state boards. That case has triggered two state investigations. CRE’s best friend (the consumer) is getting more cautious. Retail sales rose 0.49% in May and 4.44% YOY, but growth slowed from April as consumers eased up on pretariff stockpiling, according to the CNBC/NRF Retail Monitor. Core sales rose 0.23% month-over-month. Categories driving foot traffic and demand for retail space included digital goods (up 28%), sporting goods (up 8.2%) and general merchandise (up 4.6%). Furniture and building supply sales declined, signaling softness in home-related spending. NRF noted consumer fundamentals remain stable, but uncertainty and slower job growth could dampen future leasing activity and demand for retail. Europe holds its own, but NYC still wears the crown. Europe landed 41 cities in Oxford Economics’ 2025 Global Cities Index, a strong showing — even if New York took the top spot (again). London ranked No. 2. Paris followed at No. 3. Dublin, Zurich, Oslo and Copenhagen stood out for governance, while Munich, Amsterdam and Madrid brought depth on economic scale and livability. Europe showed particular strength in governance — but less so in pure economic muscle (but maybe that’s changing). What does any of this have to do with CRE, you ask? Well, it could be viewed as a cheat sheet for CRE site selection and capital deployment bets. LIVE Today: First Draft Live … From rent algorithm bans to permanent bonus depreciation, the One Big Beautiful Bill is a monster for CRE. Catch Bisnow Editor-in-Chief Mark F. Bonner and EisnerAmper’s Ryan Sievers today at 12:30 p.m. ET as they unpack what’s real, what’s spin — and what could hit your portfolio next. To tune in, click here. This Morning’s News     Micron         MANUFACTURING — Micron To Boost U.S. Investment To $200B (Bisnow): Micron Technology, the largest American manufacturer of semiconductors, has quadrupled its planned spending through 2030. It now intends to spend $150B on domestic manufacturing and $50B on research and development. Read more here. FINANCING — Brookfield Feeds $750M Credit Facility To AI Data Center Firm (Bisnow): Crusoe received a $750M credit facility from Brookfield Asset Management’s infrastructure debt platform to build AI factories. Crusoe is developing one of the world’s largest AI data centers in Abilene, Texas. Read more here. LIFE SCIENCES — UCB Eyes U.S. Expansion With $5B Push (UCB): Global biopharma firm UCB is scouting U.S. sites for a new facility to scale up biologics production, projecting a $5B economic impact from the effort. Read more here. DATA CENTERS — Rally To Defend Clean Energy Credits (WSJ): With the One Big Beautiful Bill facing Senate tax rewrites, data center operators are lobbying hard to preserve key green tax credits they say are vital for powering AI infrastructure. Read more here. IMMIGRATION — Trump Carves Out Deportation Exceptions (USA Today): Donald Trump said migrant workers in farming, hospitality and leisure industries should be spared from deportation, a notable carveout amid his broader immigration crackdown. Read more here. FINANCE — $359M Default Hits Former Goldman HQ Tower (Bloomberg): Ivanhoe Cambridge has defaulted on its $359M mortgage on 85 Broad St., the onetime Goldman Sachs’ HQ. The tower could be converted to housing. Read more here. LEGAL — AvalonBay Sued Over Alleged Discrimination (Multifamily Dive): The REIT faces a lawsuit from the Equal Rights Center, which claims AvalonBay illegally advertised bedrooms without windows, making the units unrentable with housing vouchers. Read more here. INFRASTRUCTURE — Private Jet Terminal Operator To Develop Network Of U.S. Air Taxi Hubs (Bisnow): Signature Aviation, which builds vertiports where flying vehicles can take off and land without a runway, has closed on a JV with UrbanV to develop air taxi hubs in New York, Florida and Texas. They would be built on private aircraft terminals and lean on Signature’s existing network of 200 airports in 27 countries. Read more here.           Bisnow/Olivia Lueckemeyer         OFFICE — Dutch Bros Coffee Relocates HQ (TRD): Dutch Bros is ditching Portland for Tempe, Arizona, where the coffee chain aims to accelerate national growth. Dutch Bros was founded in Grants Pass, Oregon, in 1992 and went public in 2021. Read more here. LEGAL — Developer Acquitted In Bribery Retrial (WFAA-Dallas): Ruel Hamilton, previously found guilty of bribing Dallas City Council members, was found not guilty on all counts in a retrial. Read more here. RETAIL — The Checkout Counter Is Dying (Modern Retail): With the emergence of mobile payments and RFID tech, brands are rethinking how to best use the space that previously went to a physical checkout counter. Read more here. HOUSING — The South’s Inflation Wins Can’t Tame Housing Costs (Bloomberg): Housing inflation is concentrated in the Northeast and Midwest, but home prices, construction activity and related employment in the rest of the country is sliding deeper into downturns. Read more here. TARIFFS — Trump’s Plan Yields Few Wins So Far (Politico): Despite promising 90 trade deals in 90 days, Trump’s post-tariff spree has produced limited progress. His image as a prolific negotiator is clashing with geopolitical and economic realities. Read more here and here. DATA CENTERS — Amazon Boosts AI Water Efficiency (Facilities Dive): Amazon is ramping up the use of recycled water at its U.S. data centers. The tech and retail giant aims to be “water positive” by 2030. Read more here. TARIFFS — Inflation Hasn’t Hit Yet — But It’s Coming (NYT): Inflationary pressures are more muted than expected, data released this week showed, raising questions about the accuracy of economists' predictions. Economists say the full price effects of Trump’s tariffs are lagging but still inevitable. Read more here. *** BTW … Most-read story on the website yesterday: Brookfield Asset Management Names New CEO Of Real Estate  Most-clicked story in yesterday’s First Draft: 'Exceptional In The Wrong Way': Global Investors Hit Pause On U.S. As Europe Rises  Refresh your office playlist with this week's New Music Friday lineup: Zara Larson, Neil Young and the Chrome Hearts, King Gizzard & the Lizard Wizard and more greatest hits from the Grateful Dead as the band turns the youthful age of 60. Father’s Day is Sunday. We hope all you dads out there have a lovely weekend! Mark is traveling home to ‘Nawlins this weekend for the National Association of Real Estate Editors conference, and Jay has traveled to northern Wisconsin to go fishing with his family.  So You’ve Come For An Answer John Santora, a former Cushman & Wakefield executive.  His leadership is credited as a major reason WeWork has stabilized in its first year since emerging from bankruptcy. The coworking company said it has been profitable for six months.  *** 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 AI. We’d love your feedback! Email us at first...@bisnow.com.

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