Macerich acquired two large retail centers in the New York City area for $1.25 billion. It acquired Kings Plaza in Brooklyn for $751 million and Green Acres Mall in Nassau County. The sellers were subsidiaries of Vornado Realty Trust.
Education Realty Trust has closed on a $175 million unsecured revolving credit facility that increased the size of the REIT's previous $95 million line. The facility has a term of three years, with the possibility of a one-year extension.
Diversification and steady income streams are attracting more institutional investors to REITs, says Amos Rogers, managing director with The Tuckerman Group. "We've seen a lot of demand come from sovereign wealth funds and large institutional pension funds, who I think sense that we're at the part of the cycle where it's a good time to enter." Also interested in REITs are the defined-contribution retirement 401(k) providers, he says.
CB Richard Ellis Realty Trust has acquired a warehouse/distribution facility for $40.78 million. The 1.02 million-square-foot building is in a southern suburb of Dallas and is fully leased to Whirlpool until 2021.
Despite the Great Recession, there is still robust demand in the luxury multifamily sector, says David Stockert, Post Properties' president and CEO. That said, the recession has changed the REIT's internal expectations and operations. "I would say we are certainly running the company with the idea in mind that that could happen again."