KKR recognized a five-fold gain on the sale of a stake in a seniors housing business. LinkedIn signed a 450,000-sq.-ft. lease in San Francisco with Tishman Speyer. A ruling that opens the door for CBS Outdoor Americas to launch a billboard REIT bodes well for other potential REIT offerings. GameStop has plans to open between 300 to 400 stores under three brands. Bridgegate has put the fate of the next World Trade Center tower in doubt. These are all among today’s 10 must reads from around the commercial real estate industry....More
As Colony American Homes prepares to launch a securitization backed by single-family housing rents, investors are demanding higher yields than from a similar offering from Blackstone. A new survey by the Urban Land Institute and EY forecasts that transaction volume will reach a 10-year high by 2016. CoStar is cracking down on illegal use of its software with lawsuits against eight real estate firms. A report from CBRE Group shows that China leads the world in retail development. These are all among today’s 10 must reads from around the commercial real estate industry....More
Essex Property Trust and BRE Properties have closed their $16.2 billion merger. Wilbur Ross explains why he sees an opportunity in distressed European real estate. Darden Restaurants has rejected a shareholder proposal to spin off its real estate assets. Neiman Marcus is set to anchor the under-development Hudson Yards project in Manhattan. And KKR is raising money for a second big infrastructure fund. These are all among today’s 10 must reads for the commercial real estate sector....More
Private equity firms have joined forces to create the latest real estate trade association, the National Rental Home Council. A column in the Commercial Observer ponders what a world without Fannie or Freddie would mean for the multifamily sector. Blackstone is set to raise $781 million with its IPO of lodging chain La Quinta. And the Market Realist explains why rising consumer confidence is good for Simon Property Group. These are all among today’s must reads for the commercial real estate sector....More
With his latest divestiture, the sale of Pershing Square’s remaining 28 million shares of General Growth Properties back to the regional mall REIT for $556 million, it looks like Bill Ackman may be completely done with anything having to do with retail....More
It was another memorable year for commercial real estate. The industry has mounted a long and steady recovery since the 2008 financial crisis. This year brought more of the same with improving fundamentals in all areas. Investment sales volumes were up. Vacancy rates fell. Capital was more available. And development activity increased.
Blackstone Real Estate Advisors, L.P., has closed on a 15-property select service hotel portfolio in seven East Coast and Mid-Atlantic states after securing $186 million in acquisition financing....More
It's been an active year for commercial real estate finance and investment. Some of the big themes included the continued reemergence of the CMBS sector, increased activity on the part of private equity investors and growing interest in alternative property types within the commercial real estate field.