Duke Realty has closed on the sale of its entire St. Louis portfolio to Exeter Property Group for an undisclosed price that reportedly surpassed several hundred million dollars. The 4.3-million square foot portfolio includes 14 warehouses with tenants such as Best Buy and Macy's.
RLJ Lodging Trust is acquiring the Hampton Inn & Suites Atlanta Midtown in a $58 million deal. "Midtown Atlanta is a top submarket, and this property is located within the heart of demand, surrounded by significant new development activity," RLJ CEO Leslie Hale says.
A combination of new job listings and companies' return-to-office plans fueled demand in the second quarter, with the VTS Office Demand Index rising 43.3%. "While it's not our place to say that every company should bring their employees back into the office full-time, we can say that there is a clear distinction in recovery between cities depending on how remote-friendly their jobs are," VTS CEO Nick Romito said.
US GDP for the second quarter rose at a 6.5% annual rate, falling below the expectations of economists surveyed by The Wall Street Journal, who had predicted an 8.4% annual pace. However, the growth represented a milestone, as it sent GDP above pre-pandemic levels.
The Federal Reserve is opening standing repo facilities to support money markets domestically and internationally. "These facilities will serve as backstops in money markets to support the effective implementation of monetary policy and smooth market functioning," according to the Fed.
The Biden administration is rolling out measures to help delinquent home mortgage borrowers remain in their homes, including provisions that could offer principal and interest relief.
Mishorim Gold Properties purchased Horizon Park shopping plaza for $22 million and announced Ross Dress for Less will take over a space formerly occupied by Youfit and Save-A-Lot. Mishorim Gold plans to upgrade the shopping center's exterior and improve the landscaping, a spokesperson said.
J.C. Penney hasn't settled on a permanent new headquarters since shutting down the Plano, Texas, home it occupied for three decades. While employees have largely worked from home during the pandemic, in-person meetings have been held at vacant stores in Dallas-area malls, and the company is continuing to search for new office space in the Dallas-Fort Worth market for its more than 2,000 corporate employees, a spokeswoman said.
Starwood Capital Group will lobby Monmouth Real Estate Investment Corp.'s shareholders to back its proposal to acquire the REIT. Monmouth's board has rejected Starwood's unsolicited cash offer and instead thrown its support behind a deal with Equity Commonwealth, a move that Starwood called "highly disappointing."