Kimco Realty continues to sell off assets from its Latin American portfolio. Its most recent disposition was a four-property retail portfolio in Mexico, which it sold for $92 million. The REIT is overhauling its portfolio with an eye on bolstering its core holdings.
Six regulators have issued new proposed rules that loosen previously proposed restrictions in the mortgage securities market. The new proposal addresses a Dodd-Frank requirement that issuers of mortgage-backed securities keep 5% of the credit risk on their books. However, exemptions have been carved out in this new proposal that essentially neuter the 5% retention rule. It now only applies to risky loan products such as those responsible for much of the chaos in the housing market in 2008.
Mack-Cali Realty has finalized the sale of 15 commercial office properties and three land parcels in suburban Philadelphia for $233 million. The buyer is a joint venture led by Keystone Property Group and the portfolio totals 1.7 million square feet.
Phillips Edison-ARC Shopping Center REIT has acquired South Oaks Plaza shopping center in the St. Louis area. It paid $9.5 million for the 112,300-square-foot property, which is anchored by Shop 'n Save, Walgreen and a Michaels crafts store.