Macy’s Inc. (NYSE:M) sold the first five of approximately 100 stores it plans to close as part of its previously-announced plan to return to profitable growth by monetizing some of its real estate portfolio and reinvesting in stores with higher sales potential and in its digital businesses.
This week’s sale to General Growth Properties also provides clues in the retailer’s criteria for evaluating which of its 675 stores it will decide to close…
By most measures, CBRE Group, Inc. Colliers International, Jones Lang LaSalle and HFF, Inc. reported solid third-quarter financial results. But despite the relatively strong performance, the firms’ share prices are getting little respect from Wall Street.
While Los Angeles-based CBRE (NYSE:CBG) last week topped analysts’ expectations in reporting net income of $104.2 million for the third quarter, global revenues of $3.19 billion slightly missed…
A challenging investment environment is pushing real estate investors to look beyond traditional markets and property types into niche areas that can potentially yield higher returns. That in turn is driving pricing growth across more regions and property types in the third quarter as U.S. commercial property pricing indices reached new historical highs in September, according to the latest CoStar Commercial Repeat Sale Indices (CCRSI) release….
Hawaii’s fourth largest private landowner, Alexander & Baldwin Inc. (NYSE:ALEX) has begun an in-depth exploration of converting its land holdings business to a REIT as a way to finance its plans pursue additional investments in other Hawaii property assets and communities.
Besides owning 87,500 acres in the Aloha State, Alexander & Baldwin is an increasingly active real estate investor, managing a portfolio of 4.7 million square feet of leasable…
Miami-based Parmenter Realty Partners acquired the five-building Primera Towers office campus located at 605-615 Crescent Executive Ct. and 255-300 Primera Blvd. in Lake Mary, FL from an ownership group comprised of Banyan Street Capital, funds managed by Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG for $130 million, or about $168 per square foot.
The sale marks the largest suburban office sale in Orlando since the…
HCP Inc. (NYSE:HCP) has agreed to sell a portfolio of 64 properties totaling 5,967 housing units leased to Brookdale Senior Living Inc. (NYSE: BKD) to affiliates of Blackstone Real Estate Partners VIII L.P. for $1.125 billion, or $189,000 per unit.
The planned sale is the largest in a flurry of announcements Tuesday involving Irvine, CA-based HCP and Brookdale, HCP’s major tenant and the largest seniors living operator in the U.S. HCP expects to…
Fifteen years after buying the rest of Charles E. Smith Commercial Realty to expand beyond its New York stronghold and become one of the largest office building owners in the metropolitan Washington area, Vornado Realty Trust (NYSE: VNO) announced it plans to spin-off its Vornado/Charles E. Smith affiliate as a separate business.
And while Vornado has signalled the move for some time, combining the spin-off with The JBG Companies, another major…
A partnership of Transwestern Investment Group and South Korea-based Mirae Asset Global Investments Co., has acquired State Farm Auto Insurance Co.’s new 2.2 million-square-foot office campus in Richardson, TX
The partnership, Corporate Properties Trust I LP, will lease back the four main office and retail towers with connected parking garages located at 1150, 1201 and 1251 State St. and 3661 N. Plano Road to State Farm in the sale transaction…
Fannie Mae and Freddie Mac have seen their combined share of multifamily lending decrease this year to 44% – down from 52% in each of the preceding three years, according to analysis of data by Fannie Mae.
Other lenders, most notably U.S. banks, financial services companies, international banks and life insurers, all increased their multifamily lending activity during the first six months of 2016.
While Fannie and Freddie combined still account…
JPMorgan issued $557 million in commercial mortgage bonds this past week backed by interests in a portfolio of 108 suburban office and flex properties purchased by Workspace Property Trust earlier this month from Liberty Property Trust.
The $969 million purchase with partners Safanad, a Dubai-based global principal investment firm; and affiliates of diversified investment firm Square Mile Capital Management LLC, was WPT’s second major transaction…