Washington Prime Group Inc. (NYSE: WPG) has entered into a definitive agreement for a joint venture with an affiliate of O’Connor Capital Partners to own seven of the company’s open-air properties, which are valued at $600 million.
The pricing implies a low 5% capitalization rate on in-place NOI.
O’Connor will have a 49% interest in the joint venture and Washington Prime will retain a 51% non-controlling interest. The REIT will continue to lease…
Mainland China-based real estate investors have shown an increased preference for markets perceived to be safe havens, according to results of a new survey released by DTZ/Cushman & Wakefield.
U.S. and Australia saw a bump of 6% and 2%, respectively, in sentiment over the first eight months of 2016, as respondents in the Chinese Outbound Investor Intentions Survey said they increasingly favor destinations in established markets.
According to…
Global Holdings Pays $565M for 1250 Broadway
Posted by:
Global Holdings Management Group (US), Inc. has acquired the New York City skyscraper at 1250 Broadway from a joint-venture partnership between MHP Real Estate Services LLC and Jamestown LP for $565 million, or about $786 per square foot.
The sellers acquired the asset from SL Green Realty Corp. for $310 million ($431 pSF) back in March 2008, according to CoStar data.div.comp {font-size:0.8em;line-height:1.2em;float:right;font-family:”arial”;clear…
Commercial and multifamily mortgage loan originations for the first nine months of 2016 increased 2% compared to the same period last year, according to the Mortgage Bankers Association’s (MBA).
Third quarter 2016 commercial and multifamily mortgage loan originations were 5% higher than the third quarter of 2015 and 7% higher than the second quarter of 2016.
“Rising property values, robust property fundamentals, low interest rates and a strong…
Broadstone Net Lease, a private real estate REIT managed by Broadstone Real Estate LLC, continues to expand its national portfolio of triple-net leased properties through the sale-leaseback of a 24-property Bloomin’ Brands Inc. (NASDAQ:BLMN) portfolio that includes 22 Outback Steakhouses and two Carrabba’s Italian Grill properties in 13 states.
The portfolio totaling about 150,000 square feet is primarily located in the Midwest and South. Terms…
Wells Fargo (NYSE: WFC) has signed a lease to fully occupy Bissell Cos.’ 287,507-square-foot, 10-story office project scheduled to deliver next month at 11625 N. Community House Rd. in Charlotte’s Ballantyne Corporate Park.
A San Francisco-based international banking and financial services holding company, Wells Fargo will fully occupy the building in 2017.
Kim Kendall and Rett Turner of The Bissell Cos. represented the landlord in-house. By…
CoStar’s People of Note (Nov. 4) Cushman Elects Tri-State President, NGKF Names Vice Chairman
Posted by:
It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: New York City, Denver, Dallas / Ft. Worth, San Francisco, Philadelphia, Boston, Milwaukee / Madison, San Diego, Columbus, Atlanta, Charlotte, Indianapolis, Toronto, South Carolina, and Baltimore.
NEW YORK CITY
Santora Appointed President of Cushman’s Tri-State Region
By…
The appetite of internet-based sellers and other retailers for newly built logistics properties drove net absorption of industrial real estate to its highest total since early 2000 during the third quarter.
In addition, e-commerce demand appears to be taking a bite out of the retail construction and shifting it to the logisitics sector. The 53 million square feet of new logistics space delivered by developers in the third quarter was the second…
A joint venture between China-based Cindat Capital Management Limited and Union Life Insurance has invested $930 million for a 75% interest in a portfolio of seniors housing and skilled nursing properties owned by Welltower, Inc. (NYSE: HCN).
The transaction represents Beijing-based investment management firm Cindat’s first U.S. health care real estate investment. The portfolio includes 11 seniors housing properties master leased to Brookdale…
Heritage College and Heritage Institute have abruptly closed all 10 campuses.
The for-profit Heritage College has been providing health care education for 30 years.
The Denver-based firm said the reason for the campus closures is that it ran out of money.
“Numerous factors contributed to the circumstances including declining student population and a continued, decreased demand for the services of for-profit schools.
“Heritage did not close…