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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


Declining Occupancy, Rent Growth Spreading to Top Tier of Best-Located US Retail Properties

Thu, 22 Feb 2018 10:04:09 GMT

The largest investment sale transactions of the fourth quarter included Albertsons' $721 million sale-leaseback of 71 properties across 12 states, including this Safeway property in Florance, AZ. Even the best performing and most well located U.S. malls and shopping centers are beginning to feel the pinch of flat-lining rent growth and a vacancy uptick as e-commerce continues to take market share from brick-and-mortar retailers and the retail sector...

Host Hotels Agrees to Buy Trio of Hyatt Hotels in Hawaii, CA, FL for $1 Billion

Wed, 21 Feb 2018 11:49:39 GMT

The 301-room Andaz Maui is among a trio of resort hotels under contract to be acquired by Host Hotels & Resort in a $1 billion Hyatt Hotels Corp. Bethesda, MD-based Host Hotels & Resorts, Inc. (NYSE:HST) announced an agreement to buy the 301-room Andaz Maui in Wailea, HI; the 668-room Grand Hyatt San Francisco in the city's Union Square district and the 454-room Hyatt Regency Coconut Point in Bonita Springs, FL for $1 billion...

Slate Ready to Flip Cominar Assets

Wed, 21 Feb 2018 09:56:04 GMT

Pictured: 55 University Ave. in downtown Toronto.The ink hasn't dried on one of 2017's largest real estate deals, but sources indicate Slate Acquisitions Inc. is in the process of flipping some of the $1.14 billion in property it bought from Cominar Real Estate Investment Trust. Sources tell CoStar News that Slate is close to selling an office tower it acquired at 55 University Ave. with offers coming in between $700 to $750 per square foot for...

J.P. Morgan Chase Commits to Building 2.5 Million-SF Headquarters in NYC

Wed, 21 Feb 2018 08:28:08 GMT

J.P. Morgan Chase made waves this morning with the announcement that the global banker will build a new 2.5 million-square-foot headquarters at 270 Park Ave. in New York City. Still in progress, according to sources, is the feat of garnering approvals for a planned 70-story, LEED-certified commercial tower borne from the site of its former headquarters. The razing and redevelopment of its new building will produce an estimated 8,000 construction...

Pacific Mall Under Scrutiny for Fake Goods

Wed, 21 Feb 2018 08:00:18 GMT

Is the so-called "notorious" Pacific Mall in Markham, Ontario, the country's most expensive retail property? The mall, in the news again because of a U.S. report that labelled it a haven for fake goods and accused Canadian authorities of doing little to stop the trade, is set up as a condo corporation and there is no total value for the mall. But a look at retail condo unit recent sales, using CoStar data, shows astronomical prices on a square...

Major CRE Investor Set to Exit Hot Southeast Multifamily Market

Wed, 21 Feb 2018 05:54:30 GMT

AVR Realty's latest apartment offering is a massive portfolio including the SkyHouse Channelside in Tampa. A big apartment owner with a number of multifamily holdings throughout the Southeast is exiting the region’s hot rental market with the listing of its latest portfolio. AVR Realty, a national real estate investment and development firm based in Yonkers, NY, is shopping a 13-property, 3,760-unit portfolio of rentals in North and South Carolina...

Bixby, AXA Teaming Up to Acquire $400 Million in Western US Logistics Properties

Wed, 21 Feb 2018 04:09:14 GMT

Bixby Land Co., which is partnering with AXA, recently acquired a nearly 150,000-square-foot logistics facility in Phoenix's West 10 Business Center. Newport Beach, CA-based Bixby Land Co. has teamed with the real assets division of Paris-based AXA Investment Managers to target up to $400 million in acquisitions in the blazing hot industrial real estate sector. Through the joint venture, the companies will target mid-size, leased properties in...

Albertsons Buying Rite Aid in Latest Deal Remaking U.S. Retail and Healthcare Industries

Tue, 20 Feb 2018 01:57:28 GMT

Albertsons Cos., one of the nation's largest grocery retailers, and drugstore chain Rite Aid Corp. (NYSE:RAD) announced a definitive merger agreement under which privately held Albertsons will acquire publicly traded Rite Aid. The combined companies will operate about 4,900 stores, including 4,350 pharmacy locations across 38 states, with Albertsons pharmacies being converted to Rite Aid. The deal follows Rite-Aid's partially failed full merger...

Marcus & Millichap's Bill Hughes on Succession Plan and Strategies for Bulking Up Firm's Capital Markets Business

Mon, 19 Feb 2018 02:37:49 GMT

William E. Hughes, credited with helping make Marcus & Millichap a force in the CRE capital markets, will help find and train his successor and continue to consult for the firm. Credit: Marcus & Millichap Marcus & Millichap recently announced that Senior Vice President William E. Hughes, who heads the company’s Marcus & Millichap Capital Corp. (MMCC) financing division and is one of the firm's longest-serving executives, will be transitioning into...

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 Executive 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...