(Bloomberg) -- The real estate unit of Koch Industries is buying a long-stalled resort and casino on the Las Vegas Strip, betting on a rebound in a city hit hard by a plunge in tourism during the Covid-19 pandemic.
The company is partnering with Fontainebleau Development, an early developer of the property before the project went bankrupt during the financial crisis. Financial terms weren’t disclosed.
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Dallas Cowboys offensive lineman William Sweet entered the National Football League as an undrafted rookie out of the University of North Carolina, earning a roster spot on the Arizona Cardinals in 2019. Before he ever played in a regular-season game, he found himself out for the year with a ligament injury.
The injury gave him time to realize that, even as a man in his early 20s, a lucrative pro sports career can end at any moment. So he started investing in real estate.
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Demand for the specialized staff that builds and manages data centers is outpacing the supply of those workers, according to a report from Uptime Institute, an advisory group focused on digital infrastructure. Globally, staffing needs are expected to grow to 2.3 million full-time workers by 2025, up from 2 million employees in 2019. At the same time, the report cites growing concern that many qualified staffers are due to retire in the next few years, causing an additional surge in demand.
“This is a fast-growing and dynamic industry — and we need people from all backgrounds, all over the world,” Uptime Institute Vice President of Research Rhonda Ascierto said.
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Many landlords had been eagerly anticipating the end of the CDC eviction moratorium that was slated for the end of 2020. While no landlord relishes having to evict tenants who are struggling due to the economic impact of COVID-19, the industry has been left with little other choice, given the complete lack of support offered by the government to landlords. And we’re talking big numbers here; the rental shortfall is predicted to be between $25.1 billion and $34.3 billion.
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Dividend-paying stocks and interest-bearing bonds aren’t the only ways to generate potential investment income. Real estate has the potential to meet that objective as well.
In fact, income generation is a key reason why many people diversify their investment portfolios to include different types of real estate assets, be they commercial, net lease, self-storage, medical or multifamily. Many real estate investments are predictable and durable in their ability to generate monthly income—although rental income is never guaranteed since real estate is a living, breathing asset.
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(Bloomberg)—The Prizm Outlets mall, about a 40-minute drive south of Las Vegas on the California border, lost 95% of its value in six months. It may not be the last mall to do so.
Formerly known as the Fashion Outlets of Las Vegas, the Primm, Nevada mall was auctioned off on Wednesday at a final price of $1.525 million, compared with a $28.2 million appraisal in July, according to a person with knowledge of the results on commercial real estate auction site Ten-X. The buyer wasn’t disclosed.
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There remain ongoing debates in the office market on whether the pandemic-driven shift to work-from-home strategies will drive long-term structural changes. Will office tenants require more or less space? Will there be an outmigration from urban centers? How much will the glut of sublease space affect rents?
Even with vaccinations now taking place and a "new normal" potentially only months away, many agree that it is too soon to tell. That uncertainty is manifesting in many tenants opting for shorter-term lease commitments, which is creating underwriting challenges for both investors and lenders.
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The back half of this year promises chances for private equity to make opportunistic real estate plays, but it won’t be as straightforward as the recovery from the global financial crisis.
Two running themes in the real estate market in the early portion of this year are likely being monitored by private equity investors looking for a post-pandemic windfall: the anticipated wave of distressed-asset sales and the persistent discounts at which some public real estate investment trusts are trading relative to their net asset values.
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Opportunity zone investors woke up to great news on Wednesday that had nothing to do with a presidential inauguration.
The IRS has extended several deadlines relating to opportunity zone investments due to the ongoing coronavirus pandemic, the department announced in a public notice posted Tuesday night. Some deadlines had previously been assumed to have passed on Dec. 31 until the reversal, which extended them until March 31.
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(Bloomberg) -- After a year in which people spent months cooped up at home getting very little exercise, New Year’s resolutions have taken on a little more weight in 2021.
The fitness industry can attest. Despite the coronavirus restricting gym capacity while shuttering some entirely, the traditional January spike in memberships has matched—and in some ways exceeded—those of years past. Part of that can be tied to the predictable explosion of online classes, and a move toward maintaining mental as well as physical health.
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