10 Must Reads for the CRE Industry Today (June 23, 2015)

10 Must Reads for the CRE Industry Today (June 23, 2015)

 

  1. Private Equity Firm to Buy Home Properties for $7.6 Billion “An affiliate of global private equity firm Lone Star Funds has inked a deal to acquire Home Properties Inc. for roughly $7.6 billion, officials announced today. The all-cash transaction includes the assumption of existing debt, officials said.” (Rochester Business Journal)
  2. Darden Restaurants to Separate Some Real Estate Assets “Darden Restaurants Inc. said Tuesday it plans to separate some of its real-estate assets into a publicly traded real-estate investment trust, while leasing back most of the properties.” (The Wall Street Journal)
  3. The Top Underserved Multi-Family Markets “To find promising, perhaps underserved, markets for multi-family, you sometimes need to look only a short distance from hot, often overbuilt markets, according to Steve Sorensen, associate director of analytics for Yardi Matrix. Those hot markets, he said, receive a lot of media attention, which might make the industry a little myopic and encourage over-development.” (Commercial Property Executive)
  4. Tax Man’s Take in Willis Tower Sale: $11.4 Million “The New York-based private-equity giant paid $11.4 million to state and local government in real estate transfer taxes in the deal completed earlier this month, according to documents from the Cook County Recorder of Deeds. The sale price was exactly $1.3 billion, the county records show.” (Crain’s Chicago Business)
  5. Triad Firm Closes $425M Apartment Fund “Bell Partners Inc., a Greensboro-based apartment investment and management company, on Monday announced it had completed the final close of Bell Apartment Fund V LLC with $425 million of total equity commitments.” (Triad Business Journal)
  6. CBL Buys Big in Tar Heel State “CBL & Associates Properties Inc. has acquired the Mayfaire Town Center and Mayfaire Community Center, a Class A open-air center located in the affluent coastal market of Wilmington, N.C., from a partnership between BrodyCo Inc. and Zimmer Development Company for $192 million.” (Commercial Property Executive)
  7. Blackstone Buys Flushing Retail Space and Garage for $400M “Blackstone has purchased the retail mall and parking garage at Sky View Parc, a large mixed-use complex in Flushing, Queens, for about $400 million from Onex, a real estate investment and private-equity firm that co-developed the project, several sources said. The brokerage firm Eastdil Secured handled the sale for Onex.” (Crain’s New York Business)
  8. Massive Walter Reed Redevelopment to Break Ground Next Year “Hines Interests and Urban Atlantic, the JV that won DC's bid for development rights on the site in 2013, are planning on building 250k SF of retail, 2,000 housing units, a Hyatt hotel and conference center, and an ‘Innovation Core’ of offices anchored by George Washington University, MIT and bioscience/pharmaceutical companies.” (Bisnow)
  9. Planet Fitness Files for IPO “Planet Fitness Inc. filed for an initial public offering to raise up to $100 million. The fitness center operator and franchisor said it plans to apply to list its stock on the New York Stock Exchange under the symbol ‘PLNT.’” (MarketWatch)
  10. New Reporting Requirements for Foreign Assets “Surprise! The U.S. Department of Commerce (DOC) has issued a new reporting requirement (BE-10) for individuals, trusts, estates and small businesses with certain foreign assets, and it’s due June 30. Qualifying foreign interests include land, whether or not it’s income-producing, and business interests.” (Wealthmanagement.com)
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