Acadia Realty Trust is getting close to fully investing the $540.6 million of equity commitments it raised on behalf of its Acadia Strategic Opportunity Fund IV, so it's gearing up a follow-up vehicle. The fund will raise a like amount of equity and has most of its investors lined up already. It'll pursue value-add and opportunistic retail properties.
Boston Properties, which within the next eight months faces the maturity of $1.1 billion of mortgage debt against a pair of properties in Manhattan and San Francisco, is likely to refinance the two loans well before their maturity. One of the loans, with a balance of $750 million, is held by three CMBS trusts. It doesn't mature until next March.
A venture of Crow Holdings and Post Properties Inc. is offering for sale three apartment properties with 1,202 units in the Atlanta area. It has hired CBRE to market the properties for sale and is soliciting offers for the three properties separately and as a portfolio.
The Chicago REIT is said to be near a deal to sell one of its three Philadelphia office properties. The buzz is it's received offers of about $365 million. Carlyle Group is said to be the odds-on favorite to buy the two-building complex, which is being offered through CBRE.
Investment-sales activity in the commercial real estate sector totaled $105.2 billion during the second quarter, a drop of 8 percent from the first quarter and 14 percent from the same period a year ago, according to Real Capital Analytics. For the first half, sales volume totaled $219.2 billion, down 16 percent from the same period a year ago. The drop in volume is largely due to the volatility that had plagued the capital markets during the period.
Stockbridge Capital has struck a deal to pay about $160 million, or $229/sf, for five buildings with 700,000 square feet in the Corporate Centre office park in the Cool Springs area of Nashville, Tenn. It's buying the buildings from JPMCB Strategic Property Fund.
Louis Rogers, a long-time specialist in structuring tax-deferred property exchanges, is aiming to buy more than $100 million of real estate through the rest of the year that would be syndicated through Delaware Statutory Trusts, or DSTs. He's also eyeing the launch of a fund and REIT as part of an effort to increase his Capital Square 1031's assets under management to $1 billion.
Metropolitan Life Insurance Co. has provided $110 million of floating-rate financing against 200 West 57th St., 158,607-square-foot office building in midtown Manhattan. Proceeds of the loan were used to retire $108 million of existing debt, including a $91 million mortgage that was securitized in 2007 and was coming due next February.
Equity Commonwealth is offering for sale a portfolio of four office properties with 1.4 million square feet in Baltimore and the Maryland suburbs of Washington, D.C. While it'll take offers for individual properties, the Chicago REIT has a preference to sell the portfolio as a whole. Cushman & Wakefield has been tapped to market the portfolio.
KBS Legacy Partners Apartment REIT Inc. has hired HFF to market its 11-property apartment portfolio for sale. The properties have a total of 3,039 units in seven states and are 95 percent occupied. The Newport Beach, Calif., REIT had acquired them over the past five years for a combined $417.3 million.
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