National Cheat Sheet: Cushman & Wakefield plan June filing for IPO, Sears set to shutter scores more stores … & more

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Clockwise from top left: Cushman & Wakefield chairman and CEO Brett White, a Sears store, Jeff Bezos, and Kayne Anderson-owned 21 Clark Street.

Cushman is planning to file for an IPO in June: Sources
Cushman & Wakefield plans to file for an initial public offering this month, according to sources who spoke with The Real Deal. While a Cushman spokesperson wouldn’t comment on the possibility of the IPO, the brokerage’s top executives — including chairman and CEO Brett White — reportedly started preparing for the process last year. It’s still not clear how many shares will be offered or what they’ll be valued at. If Cushman moves forward with its plans, it will follow in the footsteps of Newark Knight Frank, which filed for its own IPO at the end of last year, with lukewarm results. [TRD]

Sears plans to close dozens of stores as slack sales continue
Sears Holdings Corporation plans to close 72 additional stores amid declining sales over the past 26 consecutive quarters. The move comes as the retail giant continues to lose shoppers to outlets like Walmart and Amazon. Its shares, meanwhile, have plummeted from around $100 into the single digits. [TRD]

Nearly 4.5 million U.S. homeowners are underwater on their homes
Around 9.1 percent of U.S. households — nearly 4.5 million — owe more money on their homes than they would be able to sell them for in the fourth quarter of 2017, Bloomberg first reported. And around 713,000 households owe banks at least twice the amount their homes are worth. As a result, homeowners are “trapped in their homes with no easy options to regain equity other than waiting,” Zillow senior economist Aaron Terrazas told the outlet. [TRD]

DOJ launches investigation into possible cryptocurrency manipulation
The Department of Justice is investigating the possibility that traders have been manipulating cryptocurrency prices. The department recently launched a criminal probe in tandem with the Commodity Futures Trading Commission that aims to combat practices like “spoofing” and “wash trading,” among others. The Security and Exchange Commission has already doled out dozens of subpoenas as part of its own probe examining the issue. [TRD]

Latest Kayne Anderson fund raises more than $1B for medical offices, senior housing
Florida-based private equity company Kayne Anderson’s latest real-estate fund has raised $1.85 billion. The fund — which draws from a range of international investors — will go toward medical offices and senior and student housing. Last year, Kayne snapped up a building in Brooklyn Heights with plans to convert it into a luxury senior living complex. Kayne’s CEO said the company predicts “a supply-demand equilibrium from the senior-housing perspective” over the next few decades. [TRD]

MAJOR MARKET HIGHLIGHTS

Amazon has shortlisted three D.C. metro area cities for HQ2, report says
Amazon has honed in on the Washington, D.C. metro area as it seeks a site for its second headquarters, Business Insider reported. The retail giant reportedly shortlisted three cities in the area during its HQ2 search. Setting up shop near D.C. would allow Amazon to continue ramping up its lobbying efforts. The e-commerce behemoth is already planning to launch a data center in Northern Virginia and CEO Jeff Bezos owns two properties in an upscale D.C. neighborhood. [TRD]

Mel Brooks’ Malibu home renting for $135K per month
Would-be renters looking for a place to stay in Malibu will have a chance to live in Mel Brooks’ home during the months of July and August. The multihyphenate recently listed his two-story, four-bedroom, six-bathroom house for $135,000 per month. Brooks and his wife purchased the home, which has a balcony that overlooks the Pacific Ocean, for $515,000 in 1977. [TRD]

Diplomat Golf & Tennis Club in Hallandale Beach sells for $43.25M
A company controlled by Ari Pearl has purchased the Diplomat Golf & Tennis Club in Hallandale Beach from a partnership led by Louis Birdman for $43.25 million. Birdman’s partnership had planned to drop $450 million to redevelop the golf club, but those plan changed when they started getting offers for the property. He and his partners purchased the facility for $20 million in 2014. [TRD]

Father-and-son developers make history in Staten Island with retail center buy
Staten Island saw one of its biggest-ever investment sales deals this week as father-and-son developers Murray and Dave Berman bought the open-air retail center South Shore Commons from Guido Passarelli & Son for $41 million. The 140-square-foot, 34-store complex houses retailers like Panera Bread and Famous Footwear. The Casandra Properties agent who led the team that brokered the deal said the brokerage will stay involved to help the Bermans “optimize the center’s performance and tenant mix in the years to come.” [TRD]

Multifamily developer secures $71.4M construction loan for Chicago Loop office tower
A developer constructing a 20-story office tower in the Chicago Loop secured a $71.4 million construction loan for the project. Moceri + Roszak received financing from the Multi-Employer Property Trust. The developer got permits for the building’s foundation work half a year ago and broke ground last week. It shelled out $7.1 million for the site back in November 2016. [TRD]

Source: TRD LA

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