11 Must Reads for Real Estate Investors (Nov. 27, 2023) – Wealth Management

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  1. Owners Keep Zombie Malls Alive Even When Towns Want to Pull the Plug “That’s when Namdar Realty and Mason like to swoop in. The New York-based real-estate partners are among the most prolific purchasers of U.S. malls. They make money by buying malls cheap and keeping them going, even as town officials beg them to pull the plug.” (The Wall Street Journal)
  2. Annual Non-Traded Alts Fundraising Reaches $58 Billion, Led by BDCs and Interval Funds “Alternative investment fundraising totaled $57.8 billion year-to-date through October, led by non-traded business development companies at $15.8 billion, interval funds at $15.4 billion and non-traded real estate investment trusts at $9.4 billion, according to investment bank Robert A. Stanger & Co. Inc.” (DI Wire)
  3. The looming office space real estate shortage. Yes, shortage “The more office real estate that disappears – an estimate recently given to CNBC by the CEO of major bondholder TCW Group forecasts up to one-third of office real estate still to be wiped out – the more the major players in the market will be vying for the top tier of Class A commercial space.” (CNBC)
  4. WeWork approached physical space as if it were virtual, which led to the company’s downfall “WeWork’s collapse casts doubt on analogies between physical workspaces and computers that have proliferated in recent years. Is an office — where people go to work in the morning, sit at desks and talk across conference tables — best understood as a piece of digital infrastructure?”  (The Conversation)
  5. Billionaire Mark Cuban eyes blockchain use for real-estate innovation “Cuban took the conversation a step further. The billionaire investor’s proposal involves utilizing a blockchain-based smart contract that operates on a layer-2 scaling solution to ensure privacy and efficiency.” (Crypto.news)
  6. More Office Building Landlords Are Giving Properties Back to Lenders “The increase comes against a backdrop of property owners being hindered in their ability to refinance maturing loans as rising interest rates have boosted borrowing costs. Lenders have also tightened their standards. Other owners simply are not willing to keep pouring money into properties they see as poor performers.” (CoStar)
  7. Empty Bed Bath & Beyond stores are hot real estate. Here’s who’s moving in “Burlington, Michaels, Barnes & Noble, Ollie’s Bargain Outlet, Macy’s, HomeGoods and other chains have replaced old Bed Bath & Beyond stores. Indoor pickleball courts, trampoline parks and bowling alleys have also filled up the vacancies.” (CNN)
  8. Nomura Is Building a $1 Billion Strategy For Private Credit “The Japanese bank is looking to put down $1 billion from its own balance sheet over the next 18 months to participate on private lending deals, rivaling firms such as Blackstone Inc. and Ares Management Corp., said the people, who aren’t authorized to speak publicly.” (Bloomberg)
  9. Investors See Interest-Rate Cuts Coming Soon, Recession or Not “Interest-rate futures indicated last week a roughly 60% chance the Fed will lower rates by a quarter-of-a-percentage point by its May 2024 policy meeting, up from 29% at the end of October, according to CME Group data. The same data has pointed to four cuts by the end of the year.” (The Wall Street Journal)
  10. Private Equity’s Bubble Vintage May Fizzle “A combination of higher interest rates and lower valuations could lead to disappointing returns for deals struck in the frothy mid-2020 to early 2022 period, after which borrowing costs rose sharply. In industry parlance, it’s shaping up to be a disappointing ‘vintage.’” (Bloomberg)
  11. American Dream mall evacuated on Black Friday after a bomb threat “The state police’s bomb and K-9 units conducted a sweep of the mall for explosive devices, but found nothing. The mall was deemed safe and reopened by 11 a.m., though the investigation is ongoing, according to the agency’s X account.” (Business Insider)

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