Sydney-based Reckson New York Property Trust announced it will sell its suburban New York City office and flex properties over the next two years. It reports the value of its portfolio dropped from an average per square foot of $139 in December 2014 to $118 a year later.
Ramco-Gershenson Properties Trust has acquired the second phase of The Shoppes at Fox River development in the Milwaukee area for $10.4 million. The seller is Opus Development Corp. The property features 47,000 square feet of retail space.
Kite Realty Group aims to sell retail centers and net lease properties with lower growth profiles, said John Kite, president and CEO of Kite Realty Group Trust, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. "We've been pretty successful in selling at good numbers and redeploying the capital into new acquisition opportunities. The acquisitions have been in target markets that we like at attractive pricing."
IndCor Properties will continue its steady pace of acquisitions in 2013, said Tim Beaudin, president and CEO of IndCor Properties, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. "The one thing you will see change is IndCor take the lead on doing some one-off acquisitions" in the range of $25 million to $75 million, he said.
The lodging industry has only halfway recovered from its falloff during the Great Recession, said Monty Bennett, founder and CEO of Ashford Hospitality Trust, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. "Since the falloff was so deep, halfway back is not that great. It's not bad, but it’s not great. So, we've still got a lot of running room in this recovery."