Blackstone Group hopes to raise $5 billion for a new fund that will invest in real estate debt, a source says. The fund, Blackstone Real Estate Debt Strategies IV, will focus on global public and private debt with an emphasis on the US.
US property markets remain robust despite a soft first quarter, says Calvin Schnure, senior vice president at Nareit. "[W]e don't see the types of imbalances that typically precede downturns," he says.
The cellphone tower sector has not only avoided the volatility associated with the US-China trade differences, it is surging due to 5G, according to CNBC's Jim Cramer. Stocks for such companies as American Tower, Crown Castle and SBA Communications are in "raging bull market mode," he says.
VICI Properties and Penn National Gaming have closed on their acquisition of the Greektown Casino-Hotel in downtown Detroit for $1 billion. As part of the transaction, Penn National has entered into a 15-year triple-net lease agreement with total annual rent of about $55.6 million.
Singapore's GLP may reach a deal as early as next week to sell its US arm for $20 billion to either Blackstone Group or Prologis, or possibly another party, sources say. An initial public offering also remains on the table for GLP, some sources say.
Miami-based Starwood Real Estate Income Trust has acquired an off-market office portfolio in the Jacksonville, Fla., area for $231 million. The 11-building portfolio is in the Deerwood Park submarket and consists of 1.27 million square feet.
Preferred Apartment Communities' leadership is credited with having coined the terms "smart growth" and "live, work, play" -- a fitting legacy for the REIT, as it approaches the multifamily market through diversification and savvy capital-raising. "Diversification of their assets is another way to differentiate their company from their peers," says Aaron Hecht, a senior analyst with JMP Securities.
Managers at Louisville's Jefferson Mall in Kentucky have announced a ban on unsupervised teens during Friday and Saturday nights after complaints about disruptive behavior. A new policy requires that after 4 p.m. all shoppers under the age of 18 to be accompanied by a parent or guardian who is at least 21 years old.
Three vacant buildings at Lehigh Valley Mall in Pennsylvania will soon be demolished to make room for two new buildings. Both facilities will house restaurants, with speculations pointing to the larger, 30,703-square-foot space becoming a Dave & Buster's.
Apple has agreed to open a multi-level flagship at Westfield Valley Fair mall in San Jose, Calif. More than 150 new shops are coming to the property after construction is completed.
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