DAILY READS: Dec. 9, 2019

Pioneer Natural Resources’ New Irving Headquarters Sells for $584 Million

“Washington, D.C.-based real estate investment firm PRP said it partnered with capital investors in Saudi Arabia and New York to buy the 10-story, 1.1 million-square-foot building at 777 Hidden Ridge in Las Colinas.”

—Dallas Morning News

New Jersey Mall Opens Indoor Ski Slope, the First of Its Kind in North America

“The resort can make 5,500 tons of real snow per day and keeps the facility at 20 degrees Fahrenheit. So even in the summertime, it’s a winter wonderland.”

—Fox Business

Is There Truth Behind Elizabeth Warren’s Rally Cry Against Insitutional SFR Investors?

“’Since the mortgage crisis, large private equity firms have become some of the country’s biggest landlords…a huge loss for America’s renters,’” according to Sen. Elizabeth Warren (D-Mass.), currently a leading Presidential candidate.” 

—Nation Real Estate Investor

Inside Berkshire Hathaway’s Tri-State Expansion Strategy

“While the brokerage business is running on thin margins, Candace Adams — the president and CEO of the company’s New England Properties, Westchester Properties and New York Properties — said buying firms makes sense if redundancies exist and costs can be trimmed. And, of course, if the firms are well run.”

—TRD Tri-State

Video: Schwarzman Weighs In on Trade, Geopolitical Risks and Real Estate

“Blackstone Group Inc. Chairman and Chief Executive Officer Steve Schwarzman discusses trade relations with China, the biggest risks facing the global economy and the outlook for real estate with BNN’s Amanda Lang on “Bloomberg Markets.”

—Bloomberg

A Few Cities Have Cornered Innovation Jobs. Can That Be Changed?

“Boston, Seattle, San Diego, San Francisco and Silicon Valley captured nine out of 10 jobs created in these industries from 2005 to 2017, according to a report released on Monday. By 2017, these five metropolitan regions had accumulated almost a quarter of these jobs, up from under 18 percent a dozen years earlier. On the other end, about half of America’s 382 metro areas — including big cities like Los Angeles, Chicago and Philadelphia — lost such jobs.”

—New York Times

How Biotech Venture Capital Is Reshaping Thousand Oaks’ Conejo Valley

“The Thousand Oaks neighborhood of Conejo Valley, home to Amgen and a handful of other biotech and technical manufacturing companies, has long lacked a strong presence from venture capital. Thanks to a new collaboration between the city of Thousand Oaks and Westlake Village BioPartners, young and innovative biotech companies are working their way into the fabric of Conejo Valley.”

—Bisnow

Do Homeless People Have the Right to Sleep on the Street? Supreme Court May Decide

“The high court is currently weighing an appeal to the case of Martin v. City of Boise, which emerged in 2009 when Robert Martin and five other homeless individuals challenged the Idaho city’s ability to fine them for violating an anti-camping ordinance. According to the Ninth Circuit Court of Appeals ruling on the case from this past April, cities can’t arrest or punish people for sleeping on public property unless they provide adequate and relatively accessible indoor accommodations.”

—Curbed

Zurich Alternative Asset Management Buys Denver Industrial

“The property is a fully leased multi-tenant distribution warehouse. Berkeley Partners sold the property for $9.9 million. The building includes 22-ft. clear heights, an ESFR fire protection system, dock-high and oversized drive-in loading, rail doors serviced by Union Pacific and rare fenced outside storage.”

—GlobeSt.com

Homebuilders Aren’t Keeping Up With Millennials

“While the majority of both single- and multifamily home construction is in millennial-dense counties, it actually lags the rest of the nation when it comes to meeting demand. Millennial counties, defined as geographic areas where at least a quarter of the population consists of this demographic group, account for 62% of the entire U.S. population, but they account for just 59% of single-family homebuilding, according to the National Association of Home Builders’ Home Building Geography Index, or HBGI.”

—CNBC