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 $93 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.
Manhattan Towers, the two-building office complex in Manhattan Beach, Calif., that served as collateral for a $75 million CMBS loan, is said to have attracted a high bid of $93 million. The two-building complex had served as collateral for a $75 million CMBS loan, until it was transferred to its special servicer in a deed-in-lieu of foreclosure in late 2011.
BlackRock Realty Advisors Inc. has paid $183.91 million, or roughly $810/sf, for Franklin Tower, a 227,000-square-foot office property in the East End submarket of Washington, D.C. The New York investment manager purchased the 12-story building, at 1401 Eye St. NW, from Shorenstein Properties.
A venture led by Diamond Realty Investments Inc. is offering for sale a portfolio of five student-housing properties with 4,320 beds with an asking price of $200 million, or about $46,296/bed. That would result in a capitalization rate of 6.5 percent, based on projected net income. The properties are fully leased for the school year.
Highbrook Investment Management, which pursues distressed and value-add real estate opportunities, has put a portfolio of six office properties with 1.6 million square feet in the Southeast on the sales block. Most of the properties were severely distressed when purchased, but have turned around. The portfolio is being shopped via Eastdil Secured.
Two office buildings with a combined 370,140 square feet at 55 and 215 West 125th St. in Manhattan's Harlem area have been recapitalized, with Deutsche Asset & Wealth Management buying a majority stake in a deal valuing them at $117 million. In addition, JPMorgan Chase Bank has provided a total of $80 million of financing.
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