US multifamily acquisitions reached $184 billion in 2019, marking the highest tally since at least 2005, a report found. "We expect sustained enthusiasm and capital for multifamily investment through 2020, along with deep pools of debt capital to finance buying activity," says CBRE's Richard Barkham.
VICI Properties has closed on the $843.3 million acquisition of the Jack Cleveland Casino and the Jack Thistledown Racino, both in Ohio. Jack Entertainment is leasing back the properties in a 15-year deal with initial total annual rent $65.9 million.
Pebblebrook Hotel Trust has formed a $331 million deal to sell the Sofitel Washington DC Lafayette Square and the InterContinental Buckhead Atlanta. The sale could be completed in the first quarter of the year.
SL Green Realty has acquired the 707 Eleventh Ave. office building in New York City, for $90 million. The company said intends to turn the property it "into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants."
Prologis has acquired a warehouse in Queens from Frito Lay for $37.5 million. The market for warehouse sales has been thriving, partly as a result of the demand created by consumer expectations and e-commerce.
Housing markets around the globe are showing signs of slower growth, according to an index of inflation-adjusted home prices in 23 countries that was compiled by the Federal Reserve Bank of Dallas. "The housing market is a big asset market which has quite large potential impacts on consumer spending," says Adam Slater of Oxford Economics.
Eagleridge Shopping Center in Pueblo, Colo., has been acquired by an affiliate of CIRE Equity. The 116,305-square-foot retail property and has five tenants, including TJ Maxx and Ross, with Cinemark Tinseltown Theater, Home Depot, Sam's Club and Walmart nearby.
The Knoxville, Tenn., shopping center known locally as East Towne, closes Friday and all furniture and decorations will be up for auction. The mall, once anchored by JCPenney and Belk, has only two stores -- Regal Tuxedo and LensCrafters -- still open.
A new M&Ms concept store will fill the former American Girl space at Minnesota's Mall of America, giving the candy brand a Midwest flagship. The store will feature a glass elevator that goes to a third-floor observation deck, a two-story chocolate wall and other spots designed to be Instagram-worthy.
A JLL study of the Manhattan office market found that there were 145 leases signed in 2019 with starting rents at $100 per square foot or more. That tally exceeds the previous record of 138 such deals reached in 2015.
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