Real Estate Forum - October 2013

GlobeSt.com provides subscribers with in-depth, exclusive special reports, insights from commercial real estate's thought leaders and breaking news and analysis. Here’s a sampling of what you’ll find on the industry’s leading news and information website.

MOST POPULAR STORIES

• Marcus & Millichap to File IPO • Private Equity’s Dry Powder Approaches $100B • The Art of Closing a Deal, Today • REITs Will Ease Up on Investment Pace: EY • Non-Listed REITs Have Wind at Their Backs

TOP OCTOBER DEALS

• BPY Plans to Buy Brookfield Office • Westfield Trades Non-Core Malls in $1.6B Sale • Carlyle Expands Scope with Metropolitan Buy • CWCAM Puts $2.6B Portfolio on the Block • IDI, Verde Close on $1.1B Merger

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A small change in the federal securities laws contained within the Jumpstart Our Business Startups Act and for which the Securities and Exchange Commission proposed a new Rule 506(c) under Regulation D on Aug. 29, 2013 will change the way in which real estate investments are sold and financed because it allows for the nationwide advertising and sale of interests in real estate and mortgages without the need for the sponsor to register the offerings with the SEC. The Jobs Act and Rule 506(c)

suggest that it does not matter whether the real estate is a security if it is only sold to accredited investors.

Previously, the sale of investments in real estate where someone else was making the decisions were considered securities and, except for limited exemptions, the sponsor would be required to go through the time and expense of a filing with the SEC and complying with the subsequent reporting requirements for public companies, which made it very difficult for investors to invest in single properties. The JOBS Act provided relief from these marketing limitations because it permits sponsors to treat the real estate interests as securities, that do not need to be registered with the SEC (other than submitting a simple Form D). –Stuart Saft, Holland & Knight

The latest counterproductive Congressional antics are just more of the same, adding to the economic inertia and raising the stakes for a downturn.

Americans have learned not to expect solutions from their leaders who are more interested in ideological bloviating and staying in office than serious public policy proposals.—Jonathan Miller, Miller Ryan LLC

Florida provides an excellent window into the future of net lease pharmacies because we can evaluate what a large state with a high percentage of seniors looks like compared to the rest of the country. As baby boomers continue to age and states across America, in essence, take on similar demographic profiles to Florida, we can expect similar shifts in their economies. For the net lease market, this means an increased demand for medical services and the type of tenants who provide them.—Jonathan Hipp, Calkain Cos.