Seven Must Reads for the CRE Industry Today (June 1, 2021)
The Wall Street Journal argues that Sam Zell’s deal for Monmouth is an illustration that distressed opportunities may not emerge. Blackstone and Starwood Capital increased their offer for Extended Stay America. These are among today’s must reads from around the commercial real estate industry.
Jun 01, 2021
No Grave Dancing for Sam Zell Now. He’s Paying Up for Hot Properties. “Mr. Zell also wasn’t able to drive as hard a bargain as he had in many previous distressed deals. The all-stock deal reached in May is valued at more than $18 a share, a near-record for Monmouth stock. He could conceivably have to pay even more, since Blackwells Capital, which made an $18-a-share all-cash bid late last year, said it is weighing options including a higher offer. Mr. Zell declined to comment. But the 79 year-old’s more conventional investment strategy is the latest sign that the pandemic hasn’t produced the distressed opportunities many investors expected.” (