Commercial Real Estate continues to expand its footprint. Top firms and investors in the industry are moving forward with transactions, construction plans and more. COVID-19 has made a detrimental impact on our economy, but despite all of that the CRE industry remains optimistic, focused on the future ahead.
Here are just a few recent examples of CRE’s forward momentum:
Lone Star Funds
The Dallas-based private equity firm signed a deal to buy the Japanese hotel brand, Unizo Holdings Co. for $1.9 Billion
The Boston-based private equity-firm has acquired the 73,000-square-foot Denville Commons Shopping Center in New Jersey for $22.6 million.
Madison Square Garden
Owner of the L.A. Clippers, Steve Ballmer, has agreed to purchase Madison Square Garden’s Forum arena for $400 million.
A six-story, Class A office building in Virginia was acquired by Comstock. The asset sold for $35.9 million.
Bedrock Real Estate Investors
The investor sold a seven-story office building in Tribeca, which features a luxury goods retailer flagship, Shinola. The NYC building sold to a private investor for $16.75 million.
Marcus & Millichap
The CRE brokerage expanded its network in the industry with the purchase of Metropolitan Capital Advisors.
Federal Realty Investment Trust
A joint venture has been led by Federal REIT for a portfolio of 39 mixed-use properties in New Jersey. The deal was traded for $203 million.
Jones Lang LaSalle (JLL)
JLL has arranged $18.8 million in financing for an apartment development in Denver, named “Bloom at Cherry Creek.”
Bridge Investment Group
Landex Development has landed a $21.5 million loan from Bridge Investment Group for Artisan 4100, a multifamily property in Maryland.
A private investor purchased Mirador Apartments in Arizona for $3.5 million.
The company has secured a $90 million construction loan from an insurance company with plans to develop a 157,000-square-foot Walmart-anchored shopping center in New Jersey.
The Singapore investor has raised $1.8 billion in equity for its latest fund, MUSEL Private Trust.
A condo community in DC, The eNvy, has used virtual technology to help drive sales during COVID-19. Within a week, sales accelerated at the property, with an average price of $936,700 each.
Mesa West Capital
Mesa West Capital has provided $33.5 million to Wildhorn Capital to acquire a rental community in Austin, Texas.
The LA-based real estate investor closed a deal for a development site in Williamsburg, Brooklyn for $18.2 million.
The real estate company, which owns more than 400 grocery shopping centers, has strengthened their balance sheet with a $375 million loan. This will serve as a means of financial support during the COVID-19 pandemic.
Innovo Property Group & Square Mile Capital Management
Innovo & Square Mile have secured $305 million in construction financing to develop a one million square foot, two-story Class A logistics and distribution facility in the Bronx.
Columbia Property Trust
The firm recently sold a three-building office complex, Pasadena Corporate Park, in LA for $78 million.
Los Angeles County Museum of Art
The museum has begun renovations amid the Coronavirus outbreak. Construction has been deemed essential and will remain that way until noted otherwise.
Each of these business deals are unique and important in their own way, but they all relay one important message: Now is the time to look ahead.
CRE investors and firms are making transactions during this time, which just goes to show how important it is to remain optimistic and get deals done.
Source: Lone Star Funds – 4/3/20, Marcus & Millichap – 4/1/20, Mapletree Investments – 4/7/20, Kimco Realty – 4/3/20, JLL – 4/2/20, Innovo & Square Mile – 4/6/20, Longpoint Realty – 4/7/20, Federal REIT – 3/18/20, DC Condo – 3/24/20, MSG – 3/25/20, Mesa West – 4/6/20, Bridge Investment Group – 4/6/20, Comstock – 4/6/20, Williamsburg Development – 4/3/20, Columbia Property Trust – 4/1/20, Bedrock Real Estate Investors – 3/27/20, Cypress Equities – 4/8/20, LA County Museum of Art – 4/8/20, Mirador Apartments – 4/21/20
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