Real Estate Investment SmartBrief

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December 26, 2012

The daily source on REITs and real estate investment

Top News

"Fiscal cliff" deal may include lower corporate tax rate
A compromise to avert the "fiscal cliff" could include an agreement to fast-track an overhaul of the way the U.S. taxes corporations. President Barack Obama wants the deal to include provisions for cutting the corporate tax rates and changing how individuals are taxed. Rep. Dave Camp, chairman of the House Ways and Means Committee, backs a plan to tax all corporations at 25%. Los Angeles Times (tiered subscription model) (12/25), The Washington Post/Wonkblog (12/24), Reuters (12/26)

Capital Markets

Expect more CMBS growth in 2013
2013 is looking relatively bright for CMBS. Current deals in the market are oversubscribed and investor demand, fueled by Treasurys' low yield, is very strong. Growth will be stronger in 2013, industry watchers predict. Morningstar (12/26)

Real Estate Marketplace

Institutional buyers target smaller single-family home portfolios
The early investors in the single-family distressed home market -- usually mom-and-pop or smaller firms -- are beginning to cash out of the asset class. Larger, institutional players are buying up these smaller portfolios in recognition of their value. The sellers of these portfolios often stay on as managers. "You've now got institutional funds saying, 'We're not going to do this on our own. We're going to trust the experience and knowledge of smaller companies that know their streets,' " said Eric Workman, vice president of sales and marketing for MACK. The Wall Street Journal (12/25)

Manhattan landlords eye lucrative digital sign revenues
One Times Square in Manhattan takes in more than $23 million a year in revenue, according to its refinancing documents. The building is largely empty, but digital ad revenues are flourishing because of its key location. Other building owners are tapping into this trend: Vornado Realty Trust is planning a new digital sign display at its Marriott Marquis hotel on 46th Street and Broadway. The Wall Street Journal (12/25)

Equity One buys Massachusetts retail center for $128M
Northborough Crossing shopping center in Massachusetts has reportedly traded for $128 million. Equity One has acquired the 24-store center from New England Development and NED Management. MetroWest Daily News (Framingham, Mass.) (12/21)

KBS REIT III buys Texas office for $46.3 million
KBS Real Estate Investment Trust III is buying an office building in Irving, Texas, for $46.3 million. The building, called The Tower on Lake Carolyn, is 364,366 square feet. The seller is CBRE Global Investors, which acquired the building in April 2005. CoStar Group (12/24)

Howard Hughes eyes changes for Pier 17
Howard Hughes Corp. is moving forward with plans to transform Pier 17 in Lower Manhattan into an open three-story retail and entertainment center. Pier 17 was largely spared Superstorm Sandy's wrath because of its elevation. The proposed new structure will have a flat roof and glassy retail space that can accommodate two stores of 60,000 square feet. The New York Times (tiered subscription model) (12/25)

Airport redevelopment projects increase but not likely to see huge growth
A growing number of closed or underutilized city airports are being repurposed into mixed-use developments. Still, such projects are not expected to become mainstream as air travel increases. An airport redevelopment occurs only when an alternative airport with greater capacity is nearby. The New York Times (tiered subscription model) (12/25)

NAREIT News

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--Magdalen Nabb,
British author

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	Recent Real Estate Investment SmartBrief Issues: Monday, December 24, 2012 Friday, December 21, 2012 Thursday, December 20, 2012 Wednesday, December 19, 2012 Tuesday, December 18, 2012			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004