Industry News
Commercial Real Estate
Top stories summarized by our editors
7/29/2021

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.

7/29/2021

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.

More Summaries:
RLJ Lodging Trust, RLJ
7/29/2021

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.

More Summaries:
VTS
7/29/2021

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.

7/29/2021

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.

Full Story:
Reuters, Bloomberg
7/29/2021

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.

Full Story:
Realty Biz News
More Summaries:
White House
7/29/2021

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.

More Summaries:
Ross Dress
7/29/2021

Tesla is reportedly driving its high-end electric cars out of shopping malls and parking them in delivery centers. Tesla could also consider mall parking lots, according to a report in Electrek

Full Story:
CNBC
More Summaries:
Tesla
7/29/2021

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.

7/28/2021

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."

Full Story:
Bloomberg