San Francisco-based RREEF Real Estate is now looking over bids for an eight-building, 1 million sq. ft. portfolio of industrial buildings that it recently brought to market. The properties are located in the Dallas/Fort Worth Metroplex, five in the CentrePort Business Park in Fort Worth near the Dallas/Fort Worth International Airport, and three are in suburban Carrollton. Jones Lang LaSalle is marketing the portfolio.
Institutional investors are expected to win the assets, which will help pump life into the moribund industrial sales market. According to New York-based researcher Real Capital Analytics, industrial sales in first-quarter 2008 were down 36% from a year ago.
Institutions Pump Cash into Canyon-Johnson Fund
Former L.A. Lakers basketball star Magic Johnson’s Canyon-Johnson Capital Realty Advisors recently closed on its third urban revitalization fund, this one topping $1 billion and attracting a variety of institutional players including public and private pension funds. The fund will invest in retail and residential development and redevelopment in urban areas around the country.
666 Fifth Avenue Retail Stake Up for Grabs
Institutional investors are gunning for a stake in the 666 Fifth Avenue building in Midtown Manhattan only a year after Kushner Cos. paid a then record $1.8 billion for the trophy tower. Local brokers say The Carlyle Group is negotiating to buy a 49% interest in the building’s 85,000 sq. ft. ground floor retail space. Tenants include Brooks Brothers, The NBA Store and men’s clothing purveyor Hickey-Freeman.