Good morning, investors! In today’s commercial real estate news, Measure S has been defeated in LA, SoftBank continues its CRE investments despite insider trading allegations, and why Dick’s Sporting Good CEO is confident his chain will survive.
Measure S, the controversial bill that would severely limit development in Los Angeles, has been defeated at the ballot box. The measure received only 31% of the total vote. While defeated, the Yes Campaign claimed victory in the form of exposing corruption and drawing attention to the problem of high rent prices.
Japanese telecom giant SoftBank, a growing investor in the US commercial real estate market, has been accused of insider trading while acquiring Fortress. SoftBank is also eyeing a $3-4 billion investment with WeWork, a co-working development company.
While Dick’s Sporting Goods likely won’t gobble up all the profits left behind by the bankrupt Sports Authority, the CEO is confident his chain does not suffer from the same maladies as their extinct competitor. To stay sharp, Dick’s will be limiting its vendor list to carry only the most popular items.