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Tier REIT Venture Looks to Sell Austin, Texas, Office; Record Price Seen

Friday, 15 February 2019 Written by

A venture of Tier REIT Inc., Invesco Real Estate and Cielo Property Group is offering for sale Third + Shoal, the 345,000-square-foot office building at 208 Nueces St. in downtown Austin, Texas. HFF has been hired to market the property, which could fetch $700/sf, setting a record for the area.

K.C.'s Independence Mall Sells for $57Mln

Thursday, 14 February 2019 Written by

The Independence Mall in suburban Kansas City, Mo., has been sold for $57 million to International Growth Properties, a Los Angeles retail property specialist. The sale resolves a distressed $200 million loan that was securitized through Wachovia Bank Commercial Mortgage Trust, 2007-C33, and had been in special servicing since May 2017.

 

Almanac Realty's $150Mln Commitment Helps Hotel Investor Expand Select-Service Portfolio

Wednesday, 13 February 2019 Written by

McNeill Hotel Investors is significantly expanding its portfolio of select-service properties throughout the United States, thanks to a $150 million equity commitment from Almanac Realty Services.

Kimco to Reduce Disposition Activity Significantly This Year, Focus More on Developments

Tuesday, 12 February 2019 Written by

After selling 68 shopping centers and eight land parcels for $913.9 million last year, the New Hyde Park, N.Y., REIT plans to slow its disposition activity this year and focus on developments and redevelopments. It does not plan on making any acquisitions.

Carnegie-Weinberg, a venture of family office Weinberg Capital Group and real estate investor Carnegie Cos., is pursuing small- to mid-sized grocery-anchored and service-oriented shopping centers in secondary and tertiary markets. It is pursuing shopping centers with 50,000 to 150,000 square feet primarily in the Midwest United States.

Artemis Real Estate Raises $950Mln for Latest Value-Add Fund

Friday, 08 February 2019 Written by

Artemis Real Estate Partners has raised $950 million of equity commitments for its latest value-add investment vehicle, exceeding the capital raised by its predecessor fund by two-thirds. It had raised $580 million for that fund in 2014.

KKR Edges Out Rialto in B-Piece Buyer Crown; Takes Top Honors Among Retainers of Risk

Thursday, 07 February 2019 Written by

KKR Real Estate Credit Opportunity Partners was the most active retainer of risk in the CMBS market last year, as a result of its dominance in the conduit market. A ranking of investors that retained the horizontal risk-retention strips of conduit deals had KKR buying $770.2 million of bonds from 10 transactions, or 30 percent of all the horizontal strips from conduits during the year. Argentic Real Estate Finance, meanwhile, accounted for nearly 21 percent of conduits' horizontal risk pieces.

Saban Paying $170Mln for D.C.'s One Independence Square

Wednesday, 06 February 2019 Written by

Saban Capital Group has agreed to pay $170 million, or $509/sf, for One Independence Square, a 333,815-square-foot office building at 250 E St. SW in Washington, D.C. The Los Angeles company is buying the property from Piedmont Office Realty Trust Inc., an Atlanta REIT.

Sabal Aims for $2Bln of Originations This Year; Eyes Non-Multifamily Sectors

Tuesday, 05 February 2019 Written by

Sabal Capital Partners last year originated $1.5 billion of small-balance commercial mortgages and aims to increase that volume to $2 billion this year. Its growth will come from loans it writes against properties other than multifamily. To spearhead that effort, it's hired Robert Restrick as managing director and head of commercial real estate lending.

Blackstone Group has completed raising $17.3 billion of a targeted $20 billion on behalf of its latest opportunistic real estate fund, Blackstone Real Estate Partners IX. The capital has been raised from institutional investors. The company will target retail investors for the remainder of its targeted capital.

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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • 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
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