REAL ESTATE

CBRE adds two veterans to Hawaii office

BY Al Urbanski

CBRE has added a dynamic duo to its Hawaii office in Honolulu.

All malls and shopping centers are competing for hot restaurant chains these days, so CBRE tapped Jo McGarry Curran, a leading Hawaiian foodservice consultant, as a first VP of retail services. She is the founder of Mojo, a full-service restaurant advisory, and hosts a radio talk show in the islands called “Radio Mojo.”

Also named as first VP of retail services was Kelli Yanagawa Wilinski, who joins CBRE from Colliers International, where she handled some of the region’s most important landlord and tenant clients.

“They have a unique ability to transform dining experiences and are exceptional at place-making, taking a flat space and reimagining it as a destination,” said senior managing director Kim Lord, who oversees the Hawaii region for CBRE.

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REAL ESTATE

Blockbuster mall deal: General Growth Properties receives $14.8 billion bid

BY Marianne Wilson

Brookfield Property Partners has bid $14.8 billion bid to acquire all the remaining shares in General Growth Properties that it currently doesn’t own.

Brookfield has offered to pay $23 per share for the remaining 66% of real estate investment trust GGP — half in cash and half in equity. The transaction would create one of the largest listed property companies in the world, with an ownership interest in almost $100 billion of premier real estate assets globally and annual net operating income of approximately $5 billion.

“Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP’s high-quality retail asset base will allow us to maximize the value of these irreplaceable assets,” stated Brian Kingston, CEO, Brookfield Property Group. “We are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP’s shopping centers, creating long-term value in a way that would not otherwise be possible.”

Some analysts speculated that Brookfield’s initial bid would not be enough.

“The $23 price should set a floor for GGP shares,” Boenning & Scattergood analyst Floris van Dijkum said in a report by CNBC. “We believe this initial offer is too low while [Brookfield] has a history of raising its offer for takeover candidates.”

GGP currently has a market value of roughly $21 billion, according to CNBC.

GGP has formed a special committee of independent directors to review the bid. It has retained Goldman Sachs as a financial advisor.

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REAL ESTATE

Stark acquires Brooklyn property, plans more New York buys

BY Al Urbanski

The $98 million purchase of 30 Flatbush Avenue in downtown Brooklyn was a big deal for Stark Enterprises, said the developer’s COO.

“Our average deal size is closer to $70 million, so it’s above the norm,” Ezra Stark observed. “It also gives us a strong foothold in the New York market, where we’re planning a few more acquisitions.”

The 258,433-sq.-ft. building was custom-built in 1971 for energy provider Con Edison, which remains its prime tenant. CVS Pharmacy, JP Morgan Chase Bank and United Healthcare Services occupy the retail space that totals 20,413 sq. ft.

“In Manhattan you’re seeing a rise in vacancies. Rents are outpacing the increase in sales. But I think the story is different in downtown Brooklyn, where there is still room for growth in retail,” Stark said.

The acquisition is in keeping with Stark’s strategic plan of acquiring mixed-use properties in central business districts.

“This move is our first of several planned acquisitions in New York,” Stark added.

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