CONTENTS
Volume 64 • Number 4 • 807th Issue • May/June 2009
FEATURES
28 Retail Update
Is the Recession
Shutting Down Retail?
With store closings, bankruptcy filings and
sales galore showing no signs of abating,
prospects for the sector aren’t looking good
By Debra Hazel
33 Retail Reuse
Big Box Recycling
There are tenants out there that can fill the
vacancies caused by store closures. Thing
is, they aren’t retailers.
By Ian Ritter
page 22
The steering committee of EY’s new US real estate distressed
services group includes (top row, from left) Tom Horton,
Christopher C. Seyfarth, Michael Straneva (bottom row, from
left) Joseph Rubin, Mark Grinis and Richard J. Solway.
Photo: Michael Ian
22
Cover Story
Ernst & Young
The firm’s new US Real Estate Distressed
Services Group is geared up to help the
industry tackle the distressed market
By Sule Aygoren Carranza
35 Forum’s Top Brokers
A look at some of the nation’s leading
dealmakers
80 Hotel Perspectives
Too Much Vacancy
With revenues falling at unprecedented
levels, many lodging properties face
defaults and foreclosure
By Maria Wood
REAL ESTATE
SOUTHERN
CALIFORNIA
Special Coverage
starts on page 49
NEWS
DEPARTMENTS
COLUMNS
8 Global Digest
Central and Eastern European markets see
43% drop in investments
12 By the Numbers
Hotel development continues
downward spiral
4 Editor’s Page
Mama needs a new pair of shoes
By Sule Aygoren Carranza
13 News Wrap
Government extends terms under TALF to
include five-year loans. Opus South files
for chapter 11.
18 Deal in Profile
Transactions hint at renewed investor interest
19 Deal Snapshots
10 International Beat
Foreign investors may have edge in buying
US distressed debt
By Dorothy L. Alpert
21 Upside
A conversation with Blumberg Capital
Partner’s Phillip Blumberg
86 CRE Outlook
Evaluating long-term real estate holdings
87 Advertisers Index
90 Executive Notes
Fannie Mae shakes up executive branch
27 Insight
Owners can cut energy costs by monetizing
tax credits
By Timothy Kemper
79 Hotel Confidential
Hotel real estate owners face a brave
new world
By Rick Swig
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2 REAL ESTATE FORUM MAY/JUNE 2009
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