Blackstone Property Partners and Ivanhoe Cambridge have closed on their previously announced acquisition of Canadian REIT Pure Industrial Real Estate Trust for $2 billion. The REIT, whose industrial assets are mostly in Canada but which does have a few in the US, delisted from the Toronto Stock Exchange.
Invesco Real Estate and Seritage Growth Properties will turn a recently closed Sears store and auto center at Westfield UTC in La Jolla, Calif., into a 226,200-square-foot adaptive reuse project. The space, dubbed The Collection at UTC and jointly owned by Seritage and Invesco, will be leased to retail, entertainment, fitness and dining brands.
US orders for durable goods dropped 1.7% month over month in April, driven by a 29% decrease in civilian aircraft orders. Orders in other categories such as appliances and motor vehicles went up, an encouraging sign for the broader indicator.
The Small Business Jobs Act in New York City aims to give commercial tenants the ability to use arbitration to secure lease renewal. However, the Council of New York Cooperatives & Condominiums is fighting the commercial rent control, saying the 100,000 property owners relying on retail income would suffer.
Exchange Solutions has purchased Marketplace Square, a 169,223-square-foot retail center in Jensen Beach, Fla., for $19 million. The building is 89% occupied with a Hobby Lobby anchor and a Dollar Tree.
The Capital Regional Development Authority wants to use eminent domain for the atrium, retail and office space at XL Center in Hartford, Conn., after several offers to purchase the space from Northland Investment Corp. fell through. However, Northland believes the proposed offers and appraisals are well below value and says it isn't looking to sell right now.
City officials and consultants will host a visioning workshop to determine the options for Imperial Mall in Hastings, Neb. The workshop will address all of the blighted areas in the city, including those in the mall and nearby.
To keep its drivers, ride-share company Lyft plans to spend $100 million to create retail hubs and expanded services for those drivers. The company plans to build retail spaces with amenities such as restrooms and meeting spaces for educational and social events.
Westfield's takeover by Unibail-Rodamco has been approved by Westfield's shareholders despite the erosion in the deal's original $16 billion value. Steven Lowy of Westfield says the deal could lead to more merger and acquisition activity in the industry, especially there is a "dislocation at the moment between REIT pricing and the underlying value of the assets."
Boston, Los Angeles, New York City, San Francisco and Washington, D.C., play an outsize role in the performance of four of the largest apartment REITs, according to Morningstar. The company does not believe that slowing fundamentals in New York and D.C. will significantly affect major REITs, although some market watchers disagree.
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