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Preview: National Commercial Real Estate News From CoStar Group

National Commercial Real Estate News From CoStar Group

CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of


Oaktree Becomes Latest Investment Manager to Launch Non-Traded REIT, Looking to Raise up to $2 Billion

Fri, 16 Feb 2018 01:47:32 GMT

John Brady, a managing director and head of Oaktree's global real estate group, will lead the new non-traded REIT, Oaktree Real Estate Income Trust. Credit: Oaktree Capital Group Oaktree Capital is joining others of its class of global investment managers in launching a non-traded REIT to invest in commercial properties. The Los Angeles-based firm filed papers to launch Oaktree Real Estate Income Trust to invest primarily in office, multifamily...

Goldhar Moves to Excutive Chairman of REIT

Thu, 15 Feb 2018 09:27:56 GMT

Rendering of Revera's Westney Gardens Retirement Residence in Ajax, due to open this spring.Courtesy of Revera. SmartCentres Real Estate Investment Trust's largest unitholder, Mitchell Goldhar, is stepping up his role with the Toronto-based REIT. Goldhar, who was already chairman of the REIT, becomes its executive chairman, a move that coincides with Huw Thomas stepping down as chief executive of the REIT in June 2018, at the end of a five-year...

Singapore Sovereign Wealth Fund Spearheading $2 Billion Investment in North American Data Centers

Thu, 15 Feb 2018 03:16:45 GMT

A trio of investors led by GIC, the sovereign wealth fund established by the Government of Singapore, has created a new investment vehicle to develop and acquire data centers across North America. The investors have provided an inital $800 million of equity to capitalize the venture right out of the gate with a target of making $2 billion in data center development and investment. The other investors in newly formed EdgeCore Internet Real Estate...

Choice Properties Buying CREIT in $6 Billion Deal to Create Canada's Largest REIT

Thu, 15 Feb 2018 02:51:03 GMT

Choice Properties Real Estate Investment Trust has agreed to buy Canadian Real Estate Investment Trust in a $6 billion transaction they say will create the largest REIT in Canada with a combined enterprise value of $16 billion. Toronto-based Choice Properties REIT said it would acquire all CREIT's assets and assume all of its liabilities, including long-term debt for $22.50 in cash and 2.4904 Choice Properties units per CREIT unit, on a fully...

Blackstone Names Real Estate Chief Jon Gray to Succeed Tony James as President

Wed, 14 Feb 2018 03:38:29 GMT

From left, Blackstone senior executives Jonathan Gray, Kathleen McCarthy and Kenneth Caplan. Credit: Blackstone Blackstone Group LP (NYSE: BX) today announced that Jonathan Gray, who built the private-equity firm's property business into the world's largest real estate investor, will succeed Tony James as president and chief operating officer. Two of Gray's top deputies, Kathleen McCarthy and Kenneth Caplan, will co-head the massive global real estate...

Hotel Financings Powering Surge in CMBS Market

Tue, 13 Feb 2018 04:35:50 GMT

Blackstone Group's Turtle Bay Resort in Kahuku, HI CMBS issuance this year is off to a strong start, driven, as it was last year, by single-borrower deals totaling $4.7 billion so far. Notably, hotel properties again have been one of the stars of the current run and have facilitated a number of large refinancings and acquisitions. Issuance of CMBS loans in the hotel sector grew from $2.7 billion in 2016 to nearly $14.5 billion in 2017, according...

Starwood's Sternlicht Opens Up at Real Estate Conference

Tue, 13 Feb 2018 04:44:00 GMT

Starwood Capital Group CEO Barry Sternlicht addressed a variety of topics in a discussion with PGIM Real Estate executive Cathy Marcus at the University of Miami Real Estate Impact Conference. Credit: University of Miami. Barry Sternlicht, chairman and CEO of Starwood Capital Group, is not bashful in big groups. Sternlicht weighed in on a number of topics during last Friday's University of Miami's Real Estate Impact Conference in front of several...

Largest U.S. Banks Shrinking CRE Loan Balances

Mon, 12 Feb 2018 08:32:04 GMT

The nation's 25 largest banks, which collectively control more than $11 trillion in assets, reduced their exposure to commercial real estate loans across the board last month, reflecting an ongoing change in the CRE finance markets and a softening in loan demand. The amount on the largest banks' books for construction and development, multifamily and nonresidential loans were all down at the end of January compared to year end, according to weekly...

Private Equity, Construction Groups Applaud Infrastructure Plan Shifting Financing Burden to States, Private Sector

Mon, 12 Feb 2018 04:45:49 GMT

President Trump's infrastructure proposal contemplates the sale of Washington Dulles International Airport (pictured above) and other federally owned assets. Credit: Washington Dulles International Airport. The Trump Administration on Monday finally sent Congress its long-awaited plan to overhaul the nation's infrastructure, a 10-year program that proposes using $200 billion of federal funding to stimulate up to $1.5 trillion in spending to overhaul...

CBRE, JLL Report Stronger Than Expected Year-End Results Driven by Robust Leasing and Sales

Fri, 09 Feb 2018 04:25:02 GMT

CBRE Group President and CEO Bob Sulentic, left, and JLL Chief Executive Christian Ulbrich. The number #1 and #2 largest global CRE services companies reported strong financial results and robust leasing and sales activity in the fourth quarter of 2017 in quarterly conference calls with investors this past week. Both CBRE Group Inc. (NYSE: CBG) and Jones Lang LaSalle (NYSE: JLL) reported earnings that beat analyst expectations for the quarter...

Liberty Planning to Sell Remaining Suburban Office Holdings for Up to $800 Million

Thu, 08 Feb 2018 12:50:47 GMT

The Vanguard corporate campus in Malvern, PA, is among the suburban office assets valued at up to $800 million that the REIT intends to sell this year. Credit: CoStar Ramping up its transition out of the office sector and into the businiess of owning warehouse and logistics property, Liberty Property Trust (NYSE: LPT) said this week that it hopes to raise up to $800 million for reinvestment into industrial acquisition and development by divesting...

Beat Goes On: E-Commerce, Strong Returns Fuel Bullish Outlook for US Logistics Investment

Wed, 07 Feb 2018 10:39:30 GMT

IDI Logistics recently sold a 2.2 million-SF portfolio in Ohio and Mississippi to Granite REIT for $122.8 million. Owners are starting to list industrial portfolios in a broad array of US markets. The industrial real estate market's remarkable growth run is continuing into 2018 as internet commerce demand prompts investors and developers to pour more and more capital into logistics portfolios across a growing array of second- and even third...

Brookfield Residential Acquires National Mixed-Use Developer OliverMcMillan

Tue, 06 Feb 2018 08:38:12 GMT

OliverMcMillan is building the Fifth + Broadway project in downtown Nashville. source: OliverMcMillanIn a significant diversification move from its core homebuilding and master-planned community development focus, Canada-based Brookfield Residential Properties Inc. confirmed Tuesday that it has acquired the assets of national-renowned mixed-use developer OliverMcMillan. The price commanded by San Diego-based developer was undisclosed. OliverMcMillan...

Macquarie to Acquire GLL Munich-Based Real Estate Fund Manager

Tue, 06 Feb 2018 08:14:35 GMT

GLL Real Estate Partners' managed assets include 200 State St. in Boston, a 16-story office building constructed in 1985. A division of Sydney-based banking and investment company Macquarie Group struck a deal to acquire GLL Real Estate Partners, a German real estate fund manager that controls about 100 properties in a dozen countries in Europe, Asia and the Americas. Under the merger agreement, GLL will continue to operate under its own brand...

Wheeler REIT Weighing Options for 64-Property Grocery-Anchored Portfolio

Tue, 06 Feb 2018 06:40:16 GMT

Following weeks of turmoil in its C-suite, Virginia Beach, VA-based Wheeler Real Estate Investment Trust (NASDAQ:WHLR) has begun the process of selecting an independent third-party advisor to assist in identifying and pursuing options to maximize shareholder value. Despite shareholders petitioning for such a move last summer, it took the firing of the REIT's namesake chairman, CEO and president, Jon Wheeler, and the resignation of its CFO before...