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Who Said it First? “When the law no longer protects you from the corrupt, but protects the corrupt from you – you know your nation is doomed.”
YEP! AYN RAND! SUBSCRIBE AND SHARE AFTER READING, PRETTY PLEASE. MORE TO COME! You know the old sayin by APA and others: STOP INSURER FRAUD Remember remember….. #WeAreTheMediaNow! KARLA GOTTSCHALKATTORNEY AT LAW #91651 Email: [email protected] February 10, 2021 Insured: Linda AyresPolicy Number: 77-CB-K447-6Claim Numbers: 55-7536-D61 & 55-B788-7M9 Company…
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NARS names head of strategic partnerships National third-party claims administrator North American Risk Services (NARS) has announced the appointment of Tina Zink Pernie has head of strategic partnerships. In this role, Pernie (pictured above) will be responsible for overseeing the company’s vendor relationship activities. “There are inherent complications in the claims process,” said Robert Ruryk, president and CEO of NARS. “To help our customers resolve claims, we work with hundreds of partners, including attorneys, field appraisers, engineers, medical management and software service providers. Those partners make a huge contribution to our success. To develop a strategy for finding, vetting and onboarding best-in-class, innovative partnerships, we felt that we needed strong and visionary leadership. I’m excited to have Tina join us as a leader at NARS.” Pernie has more than 20 years of industry experience. Prior to joining NARS, she served as chief operating officer at Claims and Litigation Management Alliance (CLM). She has also held positions at Arrowpoint Capital and led the enterprise events team for The Institutes. Pernie began her career as a claims assistant at Royal & SunAlliance USA in 2000. Read next: NARS announces leadership changes “All of my professional experiences to date have led me to this incredible role with NARS,” she said. “Using my experience as a claims professional, my vendor-management expertise, and my broad strategic and leadership experience at CLM, I’m excited to dive into this new position. I look forward to working with NARS strategic partners to ensure we have the strong relationships and are well-positioned to service our clients.” Source link Orbem News #Names #NARS #partnerships #strategic
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Nail Polish Market In-Depth Market Research and COVID-19 Trends Analysis
Nail Polish Market (Covid-19 Updated) to Show Incredible Growth by 2027
The Nail Polish Market report covers the adverse impact of COVID-19 (Corona Virus Disease 2019) on the Nail Polish market. The Coronavirus (COVID-19) pandemic has brought several changes in the Nail Polish Market conditions and have also affected every aspect the business sector. This virus also hampers the growth Nail Polish market in various regions and many manufacturers are facing problems because of the rise and fall of the demand. As per the report, the Nail Polish market is set to grow at a CAGR of ~XX% over the forecast period (20XX-20XX) and reach a value of ~US$XX towards the end of 2029, COVID-19 pandemic is expected to dent the growth of the market particularly in 2020.
Buy now this report to grow your business @ https://www.coherentmarketinsights.com/market-insight/nail-polish-market-2970
Nail Polish Market: Segmentation
Nail Polish market report categorized the information and data according to the major geographical regions like,
· North America (U.S., Canada, Mexico)
· Europe (U.K., France, Germany, Spain, Italy, Central & Eastern Europe, CIS)
· Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)
· Latin America (Brazil, Rest of L.A.)
· Middle East and Africa (Turkey, GCC, Rest of Middle East)
However, rising health concerns, owing to the use of harmful chemicals in manufacturing nail polish are likely to have hamper growth of global nail polish market in the near future. Nail polish contains toxic and hazardous chemical ingredients such as toluene and dibutyl phthalate, which can adversely affect human health. The health risks associated with nail polish range from issues with reproductive health to chronic health problems such as cancer. According to the U.S. Food & Drug Administration, under section 740.1, it is mandatory for cosmetic manufacturers to put a warning on product labels regarding health hazards that could occur from using a product. Moreover, the product label must have a list of ingredients used in descending order of dominance, as per their respective content.
Based on distribution channel, specialty stores segment dominated the global nail polish market and contributed 43.1% of revenue share in 2018. Specialty stores offer specific products according to type of store. Specialty stores are often more expensive as compared to supermarkets. Furthermore, already established trust among consumers about the quality of nail polish and its brands at these stores is driving growth of this segment, globally.
Sample request of this page @ https://www.coherentmarketinsights.com/insight/request-sample/2970
Major players operating in the global nail polish market are Revlon, Inc., L'Oreal S.A., Fiabila SAS, NARS Cosmetics, Inc., Essie Cosmetics, Ltd., Coty, Inc., American International Industries, Christian Dior SE, and Chanel S.A.
Report Objectives
· Examining the size of the Nail Polish Market on the basis of value and volume
· Discovering key dynamics of the Nail Polish Industry.
· Highlighting trends of the Nail Polish Market in terms of production, revenue, and sales
· Deeply profiling top players of the Nail Polish Market
· Studying manufacturing processes and costs, product pricing, and various tendencies related to them
· Viewing the performance of different regions and countries in the Nail Polish Market
· Forecasting the market size and share of all segments, regions, and the global market.
About Coherent Market Insights
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us
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Coherent Market Insights
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North American Risk Services, Inc. Hires Alida Verdino, Esq. as Vice President of Business Development ORLANDO, Fla.--(BUSINESS WIRE)--lt;a href=" target="_blank"gt;#Claimslt;/agt;--North American Risk Services, Inc. (NARS) is pleased to announce and welcome Alida Verdino, Esq.
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National Cheat Sheet: Amazon’s Whole Foods plans store expansion, Sears fights for survival, US firms see Israeli bond troubles … & more
Clockwise from top left: Sears chairman Eddie Lampert plans to make $1.8B offer to save the retail giant if a $4.4B bid fails, Amazon eyes states like Idaho and Utah as it looks to open new Whole Foods stores, Texas-based tiny home builder raises $48M in initial public offering, and a Chinese retreat from U.S. and European markets is expected to hurt prices in 2019.
Amazon looks West for new Whole Foods stores Amazon plans to open a spate of new Whole Foods stores across the country, the Wall Street Journal reported. The e-commerce giant is looking at suburban areas for its new stores and has been scouting sites in Idaho, Utah and Wyoming, the outlet reported. There are currently around 475 Whole Foods stores in the U.S., with future locations slated for other areas like West Los Angeles. Amazon, which acquired the grocery chain in 2017, could end up using some of the extra space at its new Whole Foods sites for its delivery and online order pickup services. The openings would come as Amazon continues to build up its real estate empire. [TRD]
Sears chairman makes dueling bids for bankrupt company A week after Sears chairman Eddie Lampert’s hedge fund, ESL Investment, made a $4.4 billion bid to buy around 425 Sears stores, the Wall Street Journal reported that ESL has also offered to shell out $1.8 billion for the retail chain’s real estate and a number of other assets if its other offer is not successful. Two liquidation firms, however, are also bidding to liquidate Sears and sell off the company’s assets. Sears and its board members have until Friday to decide whether ESL is a “qualified bidder” that can take part in a bankruptcy auction scheduled for Jan. 14, according to the outlet. Sears, which is trying to avoid liquidation, said in late December that it would close 80 more stores. [TRD]
Texas-based tiny home builder raises $48M in initial public offering A developer that focuses on building tiny homes has raised $48 million in an initial public offering — selling 4 million shares at $12 apiece, according to Inman. Bedford, Texas-based Legacy Housing Corporation builds homes ranging in size from 390 square feet to around 2,600 square feet. The company’s IPO on the Nasdaq stock exchange comes amid predictions that tiny homes are about to soar in popularity. Legacy “is known for commercially viable tiny homes, but also provides an array of similar housing options, such as ‘single wides’ and ‘double wides,’” the outlet reported. [TRD]
American real estate firms hit Israeli bond market turbulence Real estate firms that flocked to Israel in recent years in search of cheap debt are now coping with the aftermath of a series of declines, defaults and other troubling disclosures that have cut into the price of bonds issued by U.S. companies, including Starwood Capital Group. TRD reported in late December that bonds issued by Delshah Capital, Extell Development and GFI Real Estate Limited were trading a 20 percent above yields, while Barry Sternlicht’s Starwood West and Yoel Goldman’s All Year Management were selling for less than 60 cents on the dollar. While some bonds have recovered, there is a growing sense of concern. “It’s definitely a crisis,” Ayalim Mutual Funds CEO Kobi Segev told TRD. “Israelis now understand that the risks are higher than they anticipated.” [TRD]
Chinese retreat from US and European markets expected to hurt 2019 prices In the third quarter of 2018, Chinese conglomerates shed more than $1 billion worth of commercial real estate in the U.S., while buying only $231 million in this country, the Wall Street Journal reported. The cool down also occurred in Europe, where Chinese investors unloaded $233.3 million in commercial real estate, including hotels and office buildings. The withdrawals, which come amid the Chinese government’s restrictions on foreign investments, are expected to have a negative effect on real estate prices this year. “You’re probably going to see some cracks,” Cedrik Lachance, director of REIT research at Green Street Advisors, told the outlet. [TRD]
MAJOR MARKET HIGHLIGHTS
After CEO sheds stake for $40M, how much is Douglas Elliman worth? Douglas Elliman CEO Dottie Herman is letting go of her stake in the brokerage, which has taken a hit in recent months due a slowdown in the national housing market. Herman, who bought the firm 15 years ago with its current chairman Howard Lorber, will get a total of $40 million for her stake from Elliman’s parent company Vector Group. If that sum is a fair price, back-of-the-envelope math puts Elliman’s valuation at $136 million, a figure that Lorber disputed in an interview with TRD. “I’m not going to get into formulas,” he said. “But she was the seller, I was the buyer. As a buyer, you always want an aggressive price. She didn’t have to sell.” As for Herman, she told TRD that the decision to sell her stake in a place she loves was the “hardest” of her life. “It was just time to get some of my money out,” she said. “Now I can just have a little more security.” [TRD]
National Association of Realtors plans to renovate part of Chicago headquarters The lower level of the National Association of Realtors’ headquarters in Chicago is getting an upgrade. NAR, which in November secured a permit for a $45 million expansion of its building at 430 North Michigan Avenue, plans to renovate its existing fitness and office space, city records show. The nonprofit trade association already said it planned to construct two stories on top of the building’s existing 12 stories and install new elevators and a new lobby. Annual dues for NAR went up by 25 percent last spring, from $120 to $150. Its building is across the street from the Tribune Tower, which is also undergoing redevelopment. [TRD]
Facebook moving into more office space in Los Angeles Facebook has signed a lease for 260,000 square feet of office space at a Tishman Speyer-owned Brickyard office campus in the Playa Vista neighborhood on Los Angeles’ westside, the Commercial Observer reported. The social media giant, which already has 50,000 square feet of space at the Brickyard, will move into its new space within the next few months, according to the outlet. Facebook’s neighbors at the Brickyard include Loyola Marymount University’s School of Film and Television. Playa Vista itself is also home to tech companies like Google’s YouTube and Verizon’s Yahoo. [TRD]
Brookfield shells out $218M for South Florida’s largest hotel sale last year A golf course in Palm Beach Gardens has been acquired by Brookfield Asset Management. Affiliates of Walton Street Capital sold the PGA National Resort & Spa to a unit of the global asset manager for nearly $218 million — the largest South Florida hotel sale in 2018. Toronto-based Brookfield used a loan from the Royal Bank of Canada to finance its purchase of the resort, which hosts the Honda Classic Golf Tournament. News of the deal first emerged late last year. The resort has 339 hotel rooms, five 18-hole golf courses, 42,000 square feet of meeting space and a 40,000-square-foot spa. [TRD]
Private equity firm moved to evict hundreds of Memphis-area tenants in 2018 A property management company owned by buyout giant Cerberus Capital Management tried to evict more than 400 tenants in the Memphis area last year — a 50 percent increase from 2017, the Washington Post reported. FirstKey Homes, a portfolio company of New York-based Cerberus, is the largest single-family home owner in the city, according to the newspaper. FirstKey was also hit with nearly 200 property code violations between Jan. 1 and Oct. 31 of 2018 — more than any other landlord in most parts of Memphis, the WaPo reported. Robert Knecht, director of public works in Memphis, claims that FirstKey is “just [there] to lease their properties without consequence.” [TRD]
WeWork expands its Virginia presence with 83,000-square-foot lease Co-working giant WeWork has secured an 83,000-square-foot lease at a tower in Rosslyn, North Virginia, Washington’s Top News reported. The SoftBank Group-backed behemoth already has offices elsewhere in Washington, D.C., and Northern Virginia, including Tysons Corner and Arlington’s Crystal City — where Amazon is setting up one of its new headquarters. The lease includes four floors at developer JBG Smith’s CEB Tower. [TRD]
from The Real Deal Miami https://therealdeal.com/2019/01/04/national-cheat-sheet-amazons-whole-foods-plans-store-expansion-sears-fights-for-survival-us-firms-see-israeli-bond-troubles-more/#new_tab via IFTTT
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Location : Altamonte Springs, FL, USA Company: North American Risk Services (NARS) Description: NARS Web App Developer is an entry level person who will work on assignment based projects as directed by the Director of Project Management. The goal will be to focus on development of interactive Apply Now ➣
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Tax Reform: Here’s What Could Impact Homeowners Most
A new year has started, and with it a newly enacted tax policy: the Tax Cuts and Jobs Act. While most changes will not be noticeable until consumers file their taxes in 2019, the new tax law stands to alter how consumers view homeownership incentives and could impact real estate markets across the country. Additionally, many consumers, but not all, may see a change to their paychecks by next month due to the new tax rate deductions. These are the biggest real estate-related tax policies and how they could affect homeowners.
1. Cap on Mortgage Interest Deduction The Tax Cuts and Jobs Act reduced the limit for the mortgage interest rate deduction for new loans starting Dec. 15 to $750,000. Loans that were taken out before this date are grandfathered into the previous tax policy, which featured a $1 million cap on the deduction. Homeowners can refinance their existing mortgage balance up to $1 million while still being able to deduct the interest—the new loan cannot exceed the amount of debt being refinanced.
“Although only 1.3 percent of all U.S. mortgages are likely to be impacted by the capping of the mortgage interest deduction, it poses a risk to large urban areas with high-priced housing stock,” says realtor.com® Senior Economist Joseph Kirchner, Ph.D. “The No. 1 area with the greatest risk to its home prices and sales is Washington, D.C., followed by California, Hawaii, Massachusetts and New York.”
Some tax experts state that the overall impact of these changes will not be seen until current homeowners sell, in which case the purchased property would come under the new regulations.
“Most estimates suggest that by limiting some buyers’ purchasing power, capping the deduction could contribute to slower home value growth in the priciest communities, moderating the gains longtime homeowners can expect when they do eventually sell,” says Alexander Casey, Zillow Group Policy Advisor.
Related story: More than half (56.7 percent) of RISMedia readers believe the tax bill is not “good for homeownership,” according to a poll conducted Dec. 20-21; 32.3 percent believe it is, however, and 11 percent are “not sure.”
2. New SALT Deduction Limit In the final bill, taxpayers can itemize deductions up to $10,000 for their total state and local property taxes and income or sales taxes. The cap is the same for both individual and married filers.
“Households that pay more than $10,000 in combined state and local taxes each year will be impacted by the new SALT limits,” Casey says. “On one hand, taxpayers who still itemize deductions and whose total state and local tax liability exceeds $10,000 will get a smaller tax break; however, for other households, the continued availability of those deductions, even if they are capped, may be the deciding factor between whether or not they itemize deductions. This matters a lot in areas where SALT deductions were a relatively more significant reason for itemizing—areas with lower home prices, but higher taxes (e.g., upstate New York, Southern New Jersey, Inland California).”
In the previous law, the SALT deduction was unlimited.
“The new SALT limit will have the greatest impact on states that provide a large number of services to their citizens by, first, reducing the benefit of tax cuts by disallowing the full value of this deduction, and, second, compounding the issue of the standard deduction vs. the mortgage interest rate deduction,” Kirchner says.
3. Preserved Exclusion of Capital Gains This tax policy remains unchanged from the previous law, which stated that homeowners must live in their home for two out of the past five years in order to qualify for the exclusion.
“About 10 percent of home sellers last year sold their home after living in it between two and five years,” says Casey. “Keeping the status quo means these sellers no longer need to make that difficult choice, and can instead feel more free to list their home on a more flexible schedule without fear of a potentially hefty tax hit.”
The Senate bill proposed an increase to the residency requirement to five years of the past eight, but it did not pass to the final version.
“Today, homeownership is imperative for middle-class wealth-building and financial stability,” says Kirchner. “It allows people to invest in a long-term asset that pads their retirement savings, provides a safety net for unforeseen circumstances, and equity to back investment in education or small business. The survival of the capital gains exclusion means that the advantages of this type of investment will remain (except, of course, with regard to impact of changes to deductions).”
4. Deductibility on Home Equity Loans The new law states that taxpayers will no longer be able to deduct interest paid on home equity loans beginning in 2018, unless the funds are being used to significantly improve the residence. This provision expires in 2026, when it reverts back to the previous cap of $100,000 of home equity debt.
“Deductible interest on home equity loans used to provide homeowners another layer of financial security by giving them the ability to obtain low-cost financing,” Kirchner says. “Now, without the ability to deduct interest, owners effectively will have to pay more for their loans, which could put downward pressure on the homeownership rate.”
Casey believes the removal of this homeownership incentive will not have a dramatic impact on the homeownership rate, but will affect home renovations instead.
“A lot of personal and economic factors matter more,” Casey says. “This deduction is more important for financing major home renovations, so eliminating this deduction could contribute to underinvestment in the housing stock, making it more difficult for struggling communities to reinvent themselves.”
5. Doubling of the Standard Deduction In the previous law, the standard deduction for single taxpayers and married couples filing jointly was $6,350. This amount is nearly doubled in the new law to $12,000. For married couples filing jointly, the previous standard deduction was $12,700, which has been increased to $24,000.
“A doubled standard deduction will have a big impact on how many homeowners ultimately decide to take advantage of the mortgage interest deduction,” says Casey. “When you combine a much larger standard deduction, with the fact that some itemized deductions have been capped or pared back, many filers may no longer find it financially advantageous to itemize deductions.”
He adds that according to Zillow’s calculations, under the current tax code, itemizing and claiming the mortgage interest deduction is financially worthwhile on an estimated 44 percent of all U.S. homes. In addition, under the new law, itemizing and claiming the MID is worthwhile on only 14.4 percent of homes nationwide.
“The doubling of the standard deduction changes the equation for homeownership incentives and essentially renders the mortgage interest rate deduction ineffective for the majority of owners,” says Kirchner. “Until now, most households did not itemize their deductions until they bought a home, which added significant tax benefits to ownership. Based on the changes to the standard deduction, this benefit will disappear for all but those homeowners who have mortgages in excess of $550,000, depending on what other deductions they have.”
Location and Timing The impact, however, will largely be based on where taxpayers are located. Those in high-cost states may see the biggest changes in how they file, especially with the new $10,000 SALT limit. According to Zillow Research, 51 percent of Americans surveyed last year said they agree with the statement that “the property tax rate in my community is unfair to me.” These sentiments may rise in response to residents of high-tax burdened markets receiving a higher tax bill because of the new limit.
For example, Zillow analysis conducted for the Wall Street Journal states that a top income earner in New York, who owns in the top-third price range of the metro, pays an estimated $23,000 in property and state income tax every year, which is double the amount now allowed for deductions. The analysis also reported $10,000 in similar circumstances for Raleigh, N.C., and $12,000 for a Chicagoan. These are just a few areas where high-earning taxpayers would be adversely impacted by the new SALT deduction cap. According to a Wall Street Journal article, Moody’s Analytics estimates that 80 percent of counties across the country will see a negative impact on home prices in the summer of 2019.
Low-tax states, however, may benefit from the new tax code. According to the WSJ, parts of North Carolina, Alabama, Nebraska, Indiana and Tennessee may see boosts in their home prices and local economies. And the same Zillow analysis that surveyed high property and income taxes in other states says an individual in a similar financial situation would pay one-quarter of the amount in Nashville, Tenn. For those that have been on the fence about moving, the tax overhaul may be the deciding factor. But those who live in high-tax states may not see the negative impact from taxes as reason enough to leave their homes.
According to NAR research, here are the five metro areas that will be most affected by the new tax law (based on homes with mortgages valued over $750,000):
San Jose-Sunnyvale-Santa Clara, Calif.
San Francisco-Oakland-Hayward, Calif.
Santa Cruz-Watsonville, Calif.
Santa Maria-Santa Barbara, Calif.
Urban Honolulu, Hawaii
The top five metros based on share of owners that pay over $10,000 in real estate taxes:
New York-Newark-Jersey City, N.Y., N.J., Pa.
Bridgeport-Stamford-Norwalk, Conn.
Trenton, N.J. Metro Area
San Jose-Sunnyvale-Santa Clara, Calif.
San Francisco-Oakland-Hayward, Calif.
“Only 6 percent of homeowners have mortgages exceeding $750,000, and only 5 percent pay more than $10,000 in property taxes, but most homeowners won’t itemize under the new regime,” said NAR President Elizabeth Mendenhall in response to the bill’s passing. “While we’re pleased that important homeownership incentives such as the capital gains exclusion survived in conference, additional changes are required to truly incentivize homeownership in the tax code.”
Timing also plays a role. Many of the provisions in the Tax Cuts and Jobs Act, including individual tax cuts, expire in 2025 and therefore may lead to tax hikes in the future, according to the Distributional Analysis of the Conference Agreement for the TCJA by the Tax Policy Center. The report states that taxes would be reduced by $1,600 on average in 2018, increasing after-tax incomes by 2.2 percent; however, in 2025, the average tax cut as a share of after-tax income would decrease by 1.7 percent for most income groups.
“The tax bill decreases homeownership incentives, but these benefits are not the only factors in the homeownership decision,” Kirchner says. “In the short run, homebuyers can look forward to more money in their pocket that can be used for a down payment or larger home.”
He adds that cuts in government services and economic development programs, along with the rescinding of tax cuts for individuals in a few years and the impact of tax reform-induced deficit on inflation, will weaken the impact of the after-tax income boost on homeownership.
“The change definitely removes some of the federal government’s preferential treatment towards homeownership,” Casey says. “Ultimately, with these new reforms, households will be more likely to maximize their tax breaks with a standard deduction. And when someone uses the standard deduction, it doesn’t matter if they spent an extra $5,000 on a house, a boat or a vacation—the spending is treated the same when tax season comes.
“It will be interesting to see how the temporary nature of some of these tax cuts shake out,” says Casey. “Will those households on the edge of homeownership make decisions based on what their new take-home income is in February, or will there be some apprehension if they think their taxes will rise down the road?”
According to an NAR statement, “As a result of the changes made throughout the legislative process, NAR is now projecting slower growth in home prices of 1-3 percent in 2018 as low inventories continue to spur price gains; however, some local markets, particularly in high-cost, higher-tax areas, will likely see price declines as a result of the legislation’s new restrictions on mortgage interest and state and local taxes.”
Stay tuned to RISMedia for more developments.
Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at [email protected].
For the latest real estate news and trends, bookmark RISMedia.com.
The post Tax Reform: Here’s What Could Impact Homeowners Most appeared first on RISMedia.
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National Cheat Sheet: Amazon’s Whole Foods plans store expansion, Sears fights for survival, US firms see Israeli bond troubles … & more
Clockwise from top left: Sears chairman Eddie Lampert plans to make $1.8B offer to save the retail giant if a $4.4B bid fails, Amazon eyes states like Idaho and Utah as it looks to open new Whole Foods stores, Texas-based tiny home builder raises $48M in initial public offering, and a Chinese retreat from U.S. and European markets is expected to hurt prices in 2019.
Amazon looks West for new Whole Foods stores Amazon plans to open a spate of new Whole Foods stores across the country, the Wall Street Journal reported. The e-commerce giant is looking at suburban areas for its new stores and has been scouting sites in Idaho, Utah and Wyoming, the outlet reported. There are currently around 475 Whole Foods stores in the U.S., with future locations slated for other areas like West Los Angeles. Amazon, which acquired the grocery chain in 2017, could end up using some of the extra space at its new Whole Foods sites for its delivery and online order pickup services. The openings would come as Amazon continues to build up its real estate empire. [TRD]
Sears chairman makes dueling bids for bankrupt company A week after Sears chairman Eddie Lampert’s hedge fund, ESL Investment, made a $4.4 billion bid to buy around 425 Sears stores, the Wall Street Journal reported that ESL has also offered to shell out $1.8 billion for the retail chain’s real estate and a number of other assets if its other offer is not successful. Two liquidation firms, however, are also bidding to liquidate Sears and sell off the company’s assets. Sears and its board members have until Friday to decide whether ESL is a “qualified bidder” that can take part in a bankruptcy auction scheduled for Jan. 14, according to the outlet. Sears, which is trying to avoid liquidation, said in late December that it would close 80 more stores. [TRD]
Texas-based tiny home builder raises $48M in initial public offering A developer that focuses on building tiny homes has raised $48 million in an initial public offering — selling 4 million shares at $12 apiece, according to Inman. Bedford, Texas-based Legacy Housing Corporation builds homes ranging in size from 390 square feet to around 2,600 square feet. The company’s IPO on the Nasdaq stock exchange comes amid predictions that tiny homes are about to soar in popularity. Legacy “is known for commercially viable tiny homes, but also provides an array of similar housing options, such as ‘single wides’ and ‘double wides,’” the outlet reported. [TRD]
American real estate firms hit Israeli bond market turbulence Real estate firms that flocked to Israel in recent years in search of cheap debt are now coping with the aftermath of a series of declines, defaults and other troubling disclosures that have cut into the price of bonds issued by U.S. companies, including Starwood Capital Group. TRD reported in late December that bonds issued by Delshah Capital, Extell Development and GFI Real Estate Limited were trading a 20 percent above yields, while Barry Sternlicht’s Starwood West and Yoel Goldman’s All Year Management were selling for less than 60 cents on the dollar. While some bonds have recovered, there is a growing sense of concern. “It’s definitely a crisis,” Ayalim Mutual Funds CEO Kobi Segev told TRD. “Israelis now understand that the risks are higher than they anticipated.” [TRD]
Chinese retreat from US and European markets expected to hurt 2019 prices In the third quarter of 2018, Chinese conglomerates shed more than $1 billion worth of commercial real estate in the U.S., while buying only $231 million in this country, the Wall Street Journal reported. The cool down also occurred in Europe, where Chinese investors unloaded $233.3 million in commercial real estate, including hotels and office buildings. The withdrawals, which come amid the Chinese government’s restrictions on foreign investments, are expected to have a negative effect on real estate prices this year. “You’re probably going to see some cracks,” Cedrik Lachance, director of REIT research at Green Street Advisors, told the outlet. [TRD]
MAJOR MARKET HIGHLIGHTS
After CEO sheds stake for $40M, how much is Douglas Elliman worth? Douglas Elliman CEO Dottie Herman is letting go of her stake in the brokerage, which has taken a hit in recent months due a slowdown in the national housing market. Herman, who bought the firm 15 years ago with its current chairman Howard Lorber, will get a total of $40 million for her stake from Elliman’s parent company Vector Group. If that sum is a fair price, back-of-the-envelope math puts Elliman’s valuation at $136 million, a figure that Lorber disputed in an interview with TRD. “I’m not going to get into formulas,” he said. “But she was the seller, I was the buyer. As a buyer, you always want an aggressive price. She didn’t have to sell.” As for Herman, she told TRD that the decision to sell her stake in a place she loves was the “hardest” of her life. “It was just time to get some of my money out,” she said. “Now I can just have a little more security.” [TRD]
National Association of Realtors plans to renovate part of Chicago headquarters The lower level of the National Association of Realtors’ headquarters in Chicago is getting an upgrade. NAR, which in November secured a permit for a $45 million expansion of its building at 430 North Michigan Avenue, plans to renovate its existing fitness and office space, city records show. The nonprofit trade association already said it planned to construct two stories on top of the building’s existing 12 stories and install new elevators and a new lobby. Annual dues for NAR went up by 25 percent last spring, from $120 to $150. Its building is across the street from the Tribune Tower, which is also undergoing redevelopment. [TRD]
Facebook moving into more office space in Los Angeles Facebook has signed a lease for 260,000 square feet of office space at a Tishman Speyer-owned Brickyard office campus in the Playa Vista neighborhood on Los Angeles’ westside, the Commercial Observer reported. The social media giant, which already has 50,000 square feet of space at the Brickyard, will move into its new space within the next few months, according to the outlet. Facebook’s neighbors at the Brickyard include Loyola Marymount University’s School of Film and Television. Playa Vista itself is also home to tech companies like Google’s YouTube and Verizon’s Yahoo. [TRD]
Brookfield shells out $218M for South Florida’s largest hotel sale last year A golf course in Palm Beach Gardens has been acquired by Brookfield Asset Management. Affiliates of Walton Street Capital sold the PGA National Resort & Spa to a unit of the global asset manager for nearly $218 million — the largest South Florida hotel sale in 2018. Toronto-based Brookfield used a loan from the Royal Bank of Canada to finance its purchase of the resort, which hosts the Honda Classic Golf Tournament. News of the deal first emerged late last year. The resort has 339 hotel rooms, five 18-hole golf courses, 42,000 square feet of meeting space and a 40,000-square-foot spa. [TRD]
Private equity firm moved to evict hundreds of Memphis-area tenants in 2018 A property management company owned by buyout giant Cerberus Capital Management tried to evict more than 400 tenants in the Memphis area last year — a 50 percent increase from 2017, the Washington Post reported. FirstKey Homes, a portfolio company of New York-based Cerberus, is the largest single-family home owner in the city, according to the newspaper. FirstKey was also hit with nearly 200 property code violations between Jan. 1 and Oct. 31 of 2018 — more than any other landlord in most parts of Memphis, the WaPo reported. Robert Knecht, director of public works in Memphis, claims that FirstKey is “just [there] to lease their properties without consequence.” [TRD]
WeWork expands its Virginia presence with 83,000-square-foot lease Co-working giant WeWork has secured an 83,000-square-foot lease at a tower in Rosslyn, North Virginia, Washington’s Top News reported. The SoftBank Group-backed behemoth already has offices elsewhere in Washington, D.C., and Northern Virginia, including Tysons Corner and Arlington’s Crystal City — where Amazon is setting up one of its new headquarters. The lease includes four floors at developer JBG Smith’s CEB Tower. [TRD]
from The Real Deal Miami https://therealdeal.com/2019/01/04/national-cheat-sheet-amazons-whole-foods-plans-store-expansion-sears-fights-for-survival-us-firms-see-israeli-bond-troubles-more/#new_tab via IFTTT
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