DAILY READS: Dec. 10, 2019

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UK Property Funds Flash Warning Signals as Brexit Uncertainty Bites

“Almost £57 million was pulled from U.K. property funds on Thursday last week — making it the worst day so far in 2019 for British real estate fund outflows, according to the funds transaction network Calastone. November was also the third worst month so far this year for U.K. real estate funds, with outflows reaching £251 million.”

—CNBC

Townline Ventures Buys Midtown Phoenix High-Rise

“2600 Tower was developed in 1982, with all of its major building systems having been modernized, replaced or refurbished recently at an expense exceeding $5.8 million.  The 68% leased Class A high-rise contains 323,607 square feet and houses five different federal agencies.  The property also contains nine datacenters totaling ±25,000 square feet.”

—AZBigMedia 

The Marriotts of the World Aren’t Calling Emerging Hotels Competition Just Yet

“The expansion of other chains with a larger footprint is causing a discussion among the hospitality industry. Oyo Rooms, in particular, is expected to have more hotels than Marriott International Inc. by 2020, according to Bloomberg. The Indian hotel chain may only have one South Florida location in Pompano Beach thus far. But since launching in 2013, the chain’s global footprint is worth $10 billion. Functioning like a franchise, Oyo Rooms acquires independent hotels with 150 room or less and converts them under the company brand.”

—Miami Herald

Nightingale, Wafra Capital Partners Land $388M Refi for Philly Office Asset

“The debt was co-arranged by Newmark Knight Frank and Walker & Dunlop. The NKF team was led by Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Dylan Kane and John Gallagher, while the Walker & Dunlop team was headed up by David Rosenberg and Mark Silbersher. Officials at the brokerages declined to comment on the lender’s identity.”

—Commercial Observer

Utah Ranks Among The Fastest Growing States In The Nation, Here’s Why

“The Beehive State ranks among the fastest-growing states in the nation, with a 1.9 percent growth in population from 2017 to 2018 and is the youngest state in the nation with a median age of 30.5 years.”

—Forbes

Industrial REITs Are Expected to Continue Outperforming Their Peers in 2020

“Based on projected returns, the industrial sector represents one of the best investment bets over the next five years, Green Street says. For the first nine months of this year, total returns for industrial REITs ranged from 21.3 percent in the first quarter to 7.2 percent in the third quarter, according to Nareit. That compares with a range of 1.2 percent to 16.3 percent for all equity REITs.”

—National Real Estate Investor

Ben Carson vs. The Critics

“One of the few paintings in his office is of members of the president’s original cabinet, including Carson, crossing a swamp behind the White House in a boat. It is signed by Donald J. Trump, his political rival-turned-ally. Just four years ago, when they were both seeking the Republican nomination for president, Trump was bashing Carson, claiming the doctor had never created a job in his life. Now, Carson is one of Trump’s few remaining original cabinet members.”

—The Real Deal

Blog: Housing Supply Crunch Will Likely Be Alleviated In 2020

“Will the U.S. residential real estate market experience a major slump in 2020? A number of prominent real estate analysts and investors believe so. However, a number of statistics reveal a remarkable level of strength just below the real estate market’s surface. Here I’ll make the case that the market’s strength will increasingly become evident for all to see in the coming year. I’ll also argue that 2020 will be the year that the long-term U.S. housing supply shortage will begin to be alleviated as more affordable home units gradually hit the market.”

—Seeking Alpha

‘This is Not 1975’: Here’s Why LA And Other Cities Are Ditching Parking

“‘We’re not getting rid of the cars. We’re not getting rid of parking,'” Downtown Center Business Improvement District Executive Director Nick Griffin said. “‘It’s going to be more comparable to New York. We just won’t need as many cars on the street.'”

—Bisnow

San Diego Launching Homebuying Incentive to Help With Police Officer Shortage

‘Many San Diego officers live as far away as southwest Riverside County, where homes are cheaper but the commutes to work can be longer than 90 minutes. An analysis last year by the police officers labor union found that about 30 percent of city officers live within San Diego.”

—San Diego Union-Tribune