CHICAGO — Brookfield Property Partners LP (NYSE: BPY) has made an unsolicited proposal to acquire GGP Inc. (NYSE: GGP) for $14.8 billion. The offer is made up of $7.4 billion in direct share purchases at $23 per share, as well as $7.4 billion in shares in the combined company post-acquisition. Brookfield already owns approximately 34 percent of GGP. Existing GGP shareholders would own approximately 30 percent of the combined company. The transaction is subject to the negotiation and..
Percentage of U.S. Adults Who Prefer In-Store Shopping Versus Online Is On the Rise, Says Coldwell Banker Commercial Survey
MADISON, N.J. — Although the retail landscape has faced disruption in recent years, nearly half of U.S. adults prefer to make purchases in-store rather than online, according to a new survey conducted by Madison-based Coldwell Banker Commercial Affiliates. “Despite doomsday headlines about the retail industry and how e-commerce has taken over, our survey has found that Americans still enjoy and remain loyal to in-store shopping, regardless of the retail climate,” says Fred Schmidt,..
NEW YORK CITY — New York REIT Inc. (NYSE: NYRT) has agreed to sell a 346,728-square-foot office building in Midtown Manhattan for $255 million. The 10-story property is located at 333 W. 34th St. between the Herald Square and Hudson Yards submarkets. The building is fully leased to four tenants including the Metropolitan Transportation Authority, The Segal Co., Godiva Chocolatier and Sam Ash. Over the last 15 years, the building has received over $25 million in capital improvements,..
Brandywine Realty, Drexel University Break Ground on Phase I of $3.5B Schuylkill Yards Project in Philadelphia
PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN), in partnership with Drexel University, has broken ground on Phase I of the mixed-use, master-planned Schuylkill Yards Innovation Community in West Philadelphia’s University City district. The first phase of the $3.5 billion development will include a 1.3-acre community park at the corner of 30th and Market streets known as Drexel Square, which will be situated directly across from Amtrak’s 30th Street Station. Other components of..
TULSA, OKLA. — Sales of net leased properties settled in at nearly $11.4 billion during the third quarter of 2017, up 15 percent over the average for the past five third quarters ($10 billion), according to a recent report from Stan Johnson Company, a national brokerage and advisory firm specializing in net leased assets. The report tracks net leased properties across the office, industrial and retail real estate sectors. “This was the largest third-quarter move in six years and..
NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets. Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement..
Griffin-American Healthcare REIT IV Acquires Nine-Property Seniors Housing Portfolio in Central Florida for $110M
TAMPA AND ORLANDO, FLA. — Griffin-American Healthcare REIT IV Inc., co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a nine-property seniors housing portfolio totaling 1,140 units in Central Florida. The properties are located in cities throughout greater Tampa and Orlando. Acquisitions include Spring Haven Retirement in Winter Haven; Lake Morton Plaza in Lakeland; Renaissance Retirement in Sanford; Forest Oaks in Spring Hill; Bayside Terrace in..
Economists: Job Growth Strong, But Expect Slow Wage Growth as Inflation, Labor Participation Remain Low
The U.S. economy added 261,000 new jobs in October, its highest monthly total of 2017, according to the latest report from the U.S. Bureau of Labor Statistics (BLS). The revised numbers suggest that the U.S. economy has recovered well from hurricanes Harvey and Irma, as evidenced by strong growth in the construction and leisure and hospitality sectors. In addition, the overall unemployment rate dropped to 4.1 percent, down 70 basis points from 4.8 percent at the beginning of the..
NEW YORK — The Moinian Group has broken ground on 3 Hudson Boulevard, a planned 53-story, 2 million-square-foot office tower located within the 60-acre Hudson Yards district on Manhattan’s far west side. The New York-based developer, which owns, manages and has in development more than 4 million square feet of commercial and residential real estate holdings throughout Manhattan, expects to deliver the Class A building by 2021. The property will occupy an entire block between 11th..
ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units..