DAILY READS: Feb. 10, 2020

Image via Pixabay

Real Estate Groups to Challenge Ban on Broker Fees for Renters

“The Real Estate Board, which represents major developers, property owners and brokers in New York City, will be joined in the lawsuit by the New York State Association of Realtors, a statewide organization with nearly 60,000 brokers. In the lawsuit, the groups are expected to accuse the Department of State of failing to follow a state act that spells out how agencies are expected to issue rules and regulations.”
—New York Times

Clarion, Lincoln Property Add Another Creative Campus in LA

“The property is fully leased to tenants including Spin Master, MedMen and Prana Studios,and it is also located within a federally designated opportunity zone, giving investors giving investors the chance to defer capital gains taxes. Clarion Partners and Lincoln Property Company both declined to comment. It was sold by Rader Properties Group VII, LLC and Beverly Hills-based Rodeo Properties, LLC, which is tied to Murray S. Pepper, according to property records.”
—Commercial Observer

As Energy Sector Contracts, Houston’s Real Estate Market Feels the Pinch

“That all amounts to a harsh reality for landlords carrying empty office space, and there are a lot of them. The vacancy rate for so-called Class A buildings — the newest properties with the most amenities — was 17 percent at the end of last year, the highest it’s been since at least 1992.”
—Houston Chronicle

Macy’s And J.C. Penney Have A Real Estate Problem – Among Other Things

“The facts are inescapable, we have too much retail real estate chasing too few dollars. America has nearly twice the retail space per consumer of Canada, five times that of the UK, and six times that of France. Shopping mall vacancies have hit a 20-year high of 9.7 percent, and that masks the imbalance between the relatively healthy A and B+ properties (representing less than a third of the 1,100 malls) compared to the plethora of B-, C and lesser properties, many of which are on life-support. More on that later.”
—Forbes

Huge Vallejo Project Gets Green Light For Developer

“The Nimitz Group, which includes Tenessee billionaire Gaylon Lawrence Jr., Napa winemaker Dave Phinney and Depiction Wines-owner Sebastian Lane, has chosen Nashville, Tennessee-based Southern Land Co. to lead its massive mixed-use development on Mare Island, it said Wednesday.”
—Bisnow

6 Trends Affecting Self-Storage Development in 2020

“In recent years, storage developers have been successful by investing in better, more visible locations. In response, cities nationwide have demanded more architectural detail, nicer landscaping, greater lighting control and other design requirements. Some communities have banned self-storage development outright or placed moratoriums on existing applications.” 
—National Real Estate Investor

Going Green Just Got Easier for Class B/C Commercial Buildings

“Class B/C office buildings can achieve up to 6 percent higher net operating incomes and $11 per square foot higher property values, but they can’t do it with their hands tied behind their backs.”
—Greenbiz