DAILY READS: Dec. 11, 2019

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Blackstone Unloads Large Office Complex at Slight Discount

“For the Canadian investor’s (Balfour Pacific) latest acquisition, it paid $45 million for a 320,000-square-foot office complex in Oakbrook Terrace, according to Crain’s.”

—The Real Deal Chicago

Why the Car-Free Streets Movement Will Continue to Grow

“Cities have limited space, and how it is allocated is tremendously important for people. The denser a place, the dearer each square foot is. Yet all over the world, cities were retrofitted to accommodate cars, giving them an outsized portion of urban space and limiting the area in which people could walk, sit at cafes, or play games with friends.”

—CityLab

Multifamily REITs Are Once Again in Acquisition Mode

“After years of counting their pennies, REITs are once again major bidders for apartment assets. With their stock prices on the upswing, multifamily REITs are using the extra money to expand their portfolios. However, their overall acquisition volume is still below the levels seen earlier in the recovery.”

—National Real Estate Investor

Refinance Boom Pushes Weekly Mortgage Applications Higher

“Refinance volume drove total mortgage application activity 3.8% higher last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 63 percent higher than the same week one year ago.”

—CNBC

NYC to Require ‘Bird-Friendly’ Glass and Other Materials for New Construction

“The bill by Councilman Rafael Espinal (D-Brooklyn) will require that at least 90 percent of the first 75 feet of any new building be constructed with materials that birds can see, including glass with a pattern or glazing.”

—New York Post

How the New North American Free Trade Agreement Will Impact Ecommerce

“The House is expected to vote on the deal next week (it still will need to be passed in the Senate, as well as the legislatures in Mexico and Canada before it can take effect). The deal, which would be the first U.S. free trade agreement to include a chapter on digital trade, includes a few key provisions that explicitly address ecommerce and that many believe will yield key benefits for online retailers while also serving as a model for future trade deals.”

—Digital Commerce 360 Retail

Trade Between U.S. and Latin American countries is boosting Industrial Real estate

“Besides the United States importing more refrigerated produce, the exclusion of Latin American countries from U.S. tariffs, until early December, led to more material flowing through South Florida, the Transwestern report said.”

—Miami Herald

Goldman, JPMorgan Tapped for 2020 Broadstone Net Lease IPO

“The private real estate investment trust, which invests in freestanding, single-tenant, net-leased commercial properties is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. as it prepares to raise around $600 million in an IPO early next year, according to people with knowledge of the matter. The offering is slated to occur in the first quarter, though it could slip to the second quarter, said the people, who requested anonymity because the matter is private.”

—Bloomberg

There’s a Huge Change Coming From the Fed (Just Not Today)

“But the really big news coming from the Fed is likely to be delivered in January, and it will have an impact longer than just a day. All year the central bank has been undertaking a policy review that is likely to culminate in a policy shift.”

—MarketWatch

As First Deadline Approaches, Still No Consensus On Opportunity Zones

“’If the owners of 10 percent of that ($6 trillion) decide to sell assets and reinvest the gains in OZs, avoid tax for seven years on that gain and all of the tax on the future gain, you’re talking about $600B in capital,’” (Arden Group Chairman and CEO Craig) Spencer said. “’In private equity, we raise about $110B per year. So it’s an extraordinary amount of money that could come in.’”

—Bisnow