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CSC Scoffs at Simon’s $4.6B Acquisition Proposal
Simon Property Group Inc., the largest real estate company in the United States, extended an offer to acquire Capital Shopping Centres Group PLC, the United Kingdom’s leading shopping center REIT, for 425 pence per share in cash, or approximately $4.6 billion. CSC wasted precious little time responding to Simon with a very firm “No.”
$858B Tax Deal Still Under Debate
Passage of the White House-proposed and the Republican-supported tax package, a deal that is on the verge of making its way through the Senate, would have far-reaching implications–even for commercial real estate. Some industry experts say the extension of the Bush-era tax cuts would encourage commercial real estate investment.
Economy Watch: Shoppers Hit the Stores
According to the U.S. Department of Commerce, retail sales spiked upward by 0.8 percent in November compared with the previous month. Retail sales haven’t been this strong in three years.
Le Meridien San Francisco Fetches $143M
Chesapeake Lodging Trust is on its way to becoming the new owner of the 360-room hotel, signing a deal to acquire it from HEI Hospitality L.L.C.
Economy Watch: Underwater Mortgages Reportedly Down
As of the end of the third quarter, CoreLogic calculates that there are 10.8 million U.S. mortgages underwater, down from 11.3 million at the beginning of the year. Would that those numbers meant rising home prices, but no. Most of the missing underwater mortgages were extinguished by foreclosure.
IHOP Expanding, 120,000 New SF in Works
In New York, new pancake houses will sprout up in Manhattan and Queens, including a flagship locale in Times Square. In New Jersey, IHOPs will be erected in Bergen, Essex, Morris and Union counties, and the city of Fairfield, Conn., will get new restaurants as well. The development of these traditional-style IHOP family restaurant sites is part of the company’s strategy to expand its presence to accommodate existing customers and lure new ones.
Economy Watch: Consumers More Chipper Ahead of the Holidays
Why are consumers seemingly more peppy toward the end of 2010, a miserable year for consumer sentiment for the most part? November’s employment numbers weren’t very good, but except for that hiring has been trending upward lately. Also, wages have been going up for the employed, though that too leveled off in the most recent reports. Or maybe it’s just Christmas cheer.
SoCal Industrial Property Acquired
This year’s largest industrial sale per square foot in Huntington Beach, Calif., is now complete. Teacher Created Materials, a local company, purchased the 38,149-square-foot building at 5482 Argosy Ave.
Arizona Sees Largest CRE Deal of 2010 with $280M Trade of Tempe Marketplace
Rockwood Capital L.L.C. joined forces with Vestar Development Co., the developer of Tempe Marketplace, to acquire the three-year-old property. Vestar had been in a partnership with DLJ/Credit Suisse, which sold its stake to Rockwood, leaving Vestar and Rockwood as the sole owners of the asset.
SL Green to Acquire $390.8M in Investments from Gramercy Capital
SL Green has been particularly active this year in continuing its portfolio-repositioning strategy in New York. Recent deals include the $250 million recapitalization of Three Columbus Circle as well as an agreement to sell the 292,000-square-foot office building at 19 W. 44th St.