DAILY READS: Jan. 3, 2020

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Harbor Associates Makes a Multifamily Pivot on San Pedro Project

“The firm filed plans to convert a 292,540-square-foot office property in San Pedro into a mixed-use development with 228 apartments and live-work units, according to Urbanize Los Angeles. The plan also calls for 15,000 square feet for new retail, which would add to the 13,244 square feet of existing retail space.”
—Commercial Observer

Four Trends That Will Dominate Retail Real Estate in 2020

“Retailers will no longer need to “pick a lane.” Instead, they will flourish in an omnichannel model and provide customers with a seamless experience through multiple sales channels including brick and mortar, online marketplaces, mobile browsing, and social media.”
—Chain Store Age

Banks Focus CRA Dollars on Affordable Housing

“Affordable housing has traditionally been a focus for banks. However, it is getting a lot more attention these days given the affordable housing crisis in the country. According to the 2019 State of America’s Housing Report published by the Joint Centers for Housing Studies of Harvard University, nearly half of all renter households (47.4 percent) are cost-burdened, paying more than 30 percent of their income for housing. In addition, the country is battling a shrinking supply of existing affordable housing. The inventory of low-income rentals contracted by 4 million units between 2011 and 2017, according to the report.”
—National Real Estate Investor

Does Chicago Still Have an Appetite for Food Halls?

“At their core, food halls are a way to deal with retail vacancies and a “hedge against expected vacancies” because they distribute risk amongst multiple subcomponents, said Cushman & Wakefield retail broker Greg Kirsch. In most cases, when a vendor fails, the food hall operator can swap it out with a different vendor.”
—The Real Deal

Denser Housing Is Gaining Traction on America’s East Coast

“The East Coast has been slower to pick up on density as a solution to soaring costs for renters and home-buyers. But that may change in the new year. Late in December, Virginia became the first eastern state to see a proposal to prohibit bans on duplex housing across the state, among other housing fixes. Not to be outdone, Maryland will weigh a upzoning bill in 2020, plus a sweeping experiment to build European-style social housing across the state.”

Plano Business Campus Sells to Dallas Developer

“Furniture and appliance retailer Rent-A-Center’s corporate headquarters in the Legacy business park has been on the market since mid-2019.”
—Dallas Morning News

The Next Six Months Will be ‘Golden’ for Homebuilder Stocks, Analysts Say

“’We see multiple catalysts for order growth and rising demand,’” said Wedbush analyst Jay McCanless on Thursday, upgrading his price targets across the universe of builder stocks he covers.”

Here’s How Much CarGurus Is Paying For Its Future HQ Over Mass. Pike

“CarGurus signed a lease with Samuels & Associates Dec. 19 for 273K SF at 1001 Boylston St., a two-tower mixed-use project at Parcel 12 planned to be built over the Mass. Pike in Back Bay. The tech company is slated to occupy floors 10 through 20 and have two roof decks as well as an indoor amenity space, according to a filing with the Securities and Exchange Commission.”

FHA, Fannie Mae, Freddie Mac Are All Now Backing Larger Loans

“Fannie Mae and Freddie Mac are now backing loans that exceed $510,000, while the FHA is backing loans of just above $331,000.”
—Housing Wire

Industrial Space Is Growing in South Florida, and Rates Are Still Rising. Here’s Why

“An estimated 3.061 million square feet of spec warehouse development is under construction and expected to be completed by 2020 in Miami, according to the State Street Realty December 2019 Miami industrial competitive market summary. Nine projects are slated for completion in 2020.”
—Miami Herald