Net lease retail REIT Agree Realty is acquiring a more-than-100-asset retail portfolio in a sale-leaseback deal with Sherwin-Williams. The portfolio is trading at more than $150 million, and the deal is expected to close by the end of the year.
CatchMark Timber Trust is devoted to diligent forest management and subscribes to a certification process administered by the Sustainable Forestry Initiative, said Jerry Barag, the REIT's president and CEO. "Timberland, as you might expect, is a heavily regulated industry," he said, adding that "generally, those regulations happen at a state level and at a local level where timberland practices are much more dictated."
National Retail Properties has a broadly diversified portfolio that includes convenience stores, according to CEO Jay Whitehurst. The REIT is on target to meet its guidance of $600 million to $700 million of acquisitions for 2018, and it expects the same level next year, he said.
Sears has hired Jones Lang LaSalle to market the 500 stores that are the subject of Chairman Edward Lampert's $4.6 billion bid for the retailer. The company has had interest from several potential suitors, sources said, which could drive up the price.
UK-based toy retailer Hamleys is negotiating a lease on a 30,000-square-foot space near Macy's New York City flagship, a source says. The retailer, which has a growing global presence that includes three stores in Mexico, is seeking to raise its profile in the US after the closure of Toys R Us.
Wall Street banks are scrutinizing US financial and economic data for any early warning of a recession in 2019. JPMorgan Chase puts the odds of a recession next year at 35%, while Bank of America sees a 20% to 30% chance.
Rakuten and Walmart have teamed to debut an online store in Japan called Walmart Rakuten Ichiba Store, which will sell about 1,200 products from US brands, including toys, apparel and outdoor goods. Walmart will fulfill orders in the US and Rakuten will handle the delivery.
A Starwood Capital Group bond offering in Israel backed by a portfolio of US shopping centers has been one of the worst-performing on the market, falling 42% since it was offered in March. Starwood, which believes the offering has value, is considering buying a position in the bonds, a spokesman said.
Jones Lang LaSalle reports that US hotel transactions have reached $29.7 billion year-to-date for 2018, a year-over-year increase of more than 25%. Investors such as private equity and REITs are behind many of these deals, which are being driven by the sector's strong fundamentals.
The self-storage asset class is unlikely to experience a recession even though street-rate rents are dropping as new supply is built, according to Brian Somoza, managing director at JLL Capital Markets. "The sector has been recession-resistant because the demand for self-storage space is based on life events, such as marriage and divorce, renovating and relocating," he said.