RioCan REIT has launched a strategic review, including a potential sale, of its United States holdings: 48 retail properties in the Northeast and Texas with just more than 10 million square feet. The company expanded its presence in the U.S. in 2009, when prices were substantially lower than they are today.
Colony Realty Partners has thrown a portfolio of industrial and office properties that backs $144.22 million of CMBS debt into bankruptcy. It's aiming to halt a foreclosure and win a five-year term extension of the loan, which previously was modified in 2012 and was returned to special servicing last year.
Apartment Investment and Management Co. is offering for sale Riverside Apartments, a 1,222-unit apartment property in the Washington, D.C., suburb of Alexandria, Va. The property is being offered through ARA Newmark and is seen selling for $200 million, which would result in a capitalization rate of roughly 5 percent.
Cousins Properties Inc. has attracted offers of about $135 million, or $160/sf, for the 843,728-square-foot building at 2100 Ross Ave. in Dallas, one of three office properties that the Atlanta REIT plans to sell. Eastdil Secured has the listing for the property, which last year generated $5.5 million of net operating income.
Industrial Income Trust Inc., a non-traded REIT sponsored by Dividend Capital Trust, has struck a deal to be acquired by an affiliate of Global Logistics Properties Ltd. in a deal valued at $4.55 billion. The acquisition would mark the second substantial purchase of industrial properties in recent months by Global Logistics.
The estate of SCI Real Estate Investments is offering for sale the ITC Crossing South Shopping Center, a 373,612-square-foot retail property in Flanders, N.J. The property, at 40 International Drive South, could sell for $85 million, or about $278/sf, which would result in a capitalization rate of about 5.9 percent. Colliers International has the listing.
Prudential Real Estate Investors has struck a deal to buy 500 8thSt. NW, a 325,426-square-foot office building in the East End submarket of Washington, D.C. The Madison, N.J., investment manager is buying the 10-story building from a partnership led by Boston Properties Inc., which is being represented by DTZ.
Onni Group, a Vancouver, British Columbia, developer, is said to have turned in the winning $91.5 million bid for Manhattan Towers, a 308,973-square-foot office complex in Manhattan Beach, Calif. Bidding for the property was conducted on the Auction.com platform last week by special servicer CWCapital Asset Management.
UBS Real Estate Securities Inc. has provided $150 million of financing against the Mall of New Hampshire in Manchester, N.H. The 10-year loan pays a coupon of 4.11 percent and was used to refinance a $124.4 million loan that was provided in 2008 by Prudential Insurance Co. of America.
AEW Capital Management is looking to write structured loans against trophy office and high-end apartment properties in the country's 20 top markets. It typically will provide up to 80 percent leverage by combining a senior and mezzanine loan with terms of 10 years or more. Its aim is to build a $2 billion portfolio in the coming two years.
Challenging Retail Environment Weights on REITs Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
US REITs Feeling Effects from Turmoil in Greece and China International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...
What Does Increased Construction Mean for Apartment REITs? REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds