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Was Accelerated Job Growth in June a Sign of Things to Come? Economists Weigh In

If Steve Hovland’s near-term outlook for U.S. job growth is correct, the second half of 2017 looks quite promising for the commercial real estate industry. “The pace of hiring should accelerate in the second half of the year as Congress moves past healthcare reform and begins to lift regulations that stymie growth,” says the director of research at Irvine, California-based HomeUnion Inc., an online real estate management firm that helps individuals invest remotely in rental..

July 13, 2017

Kimco Realty Acquires 746,000 SF Shopping Center in Portland for $131.8M

PORTLAND, ORE. — Kimco Realty Corp. (NYSE: KIM) has acquired Jantzen Beach Center, a 746,000-square-foot open-air shopping center in Portland, for $131.8 million. The property is located at in northern Portland near the Oregon-Washington border. Jantzen Beach Center was 96 percent occupied at the time of sale. Notable tenants include Home Depot, Target, TJ Maxx, HomeGoods, Ross Dress for Less, Burlington, Petco, Best Buy, DSW and Michaels. Jantzen Beach Center was built in 1972. It..

July 12, 2017

Madison Realty Provides $270M Construction Financing for 1 MSF Mixed-Use Development in Brooklyn

NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood. The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway. The Rheingold Brewery opened in 1883, and was the eighth largest..

July 11, 2017

Robust Apartment Demand Leads to Healthy Occupancy, Stabilizing Rent Growth, Says RealPage

RICHARDSON, TEXAS — Apartment demand surged to a near-record volume during second quarter of 2017, according to real estate technology and analytics firm RealPage Inc. With demand topping completions by a wide margin in the quarter, occupancy is essentially full and the annual pace of rent growth has stabilized. Richardson, Texas-based RealPage tracks the 100 markets with the most existing apartment units. Santa Rosa/Petaluma, California is the smallest market RealPage tracks, with 25,144..

July 11, 2017

Kennedy Wilson Sells 576-Unit Multifamily Asset in Metro Seattle for $109M

KENT, WASHINGTON — Real estate investment firm Kennedy Wilson (NYSE: KW) has sold Rock Creek Landing, a 576-unit apartment community in Kent, about 20 miles south of Seattle, for $109 million. The buyer was not disclosed. The cash proceeds of $73 million from the transaction will be used to fund the company’s recent acquisition of 90 East, a 573,000-square-foot, Class A office development in the Bellevue, Washington, area. Rock Creek Landing is located at 1024 Central Ave. North in..

July 10, 2017

Gelt Acquires 580-Unit Apartment Portfolio in Lakewood, Colorado for $107M

LAKEWOOD, COLO. — Gelt Inc. has acquired a 580-unit apartment portfolio in Lakewood, a western suburb of Denver, for $107 million. The two-property portfolio includes Ascend at Red Rocks and Elevate at Red Rocks. Built in 1981 and located at 13105 W. 2nd Place, Ascend at Red Rocks is comprised of 408 units spanning 16.5 acres. The property offers one-, two- and three-bedroom units ranging from 850 square feet to 1,260 square feet. Built in 2000 and located at 409 Zang St., Elevate at..

July 7, 2017

Aimco Acquires Full Ownership of Palazzo Multifamily Portfolio for $451.5M

LOS ANGELES — Apartment Investment and Management Company (Aimco) (NYSE: AIV) has acquired the remaining interest in a Los Angeles multifamily portfolio for $451.5 million. Aimco already owned 53 percent interest in the properties, and bought the remaining 47 percent from its joint venture partners, institutional investors advised by J.P. Morgan Asset Management. The acquisition now gives Aimco complete ownership of three Palazzo communities. These include the 521-unit Palazzo at Park La..

July 6, 2017

Regional Malls Live On Through Reimagining, Repurposing, says Transwestern

We’ve all been subject to the doom and gloom reports surrounding the retail sector. E-commerce is going to be the end of brick-and-mortar retail; retailers are going bankrupt; regional malls are no longer viable. While some of this talk is true — the retail sector is undoubtedly undergoing an evolution — statistics on malls tell a more positive story, according to a recent report by Transwestern. The report — "Why Mall Reuse is Just Beginning" — opens with the fact that regional..

July 6, 2017

Greystar-Led Fund to Acquire Monogram Residential Trust for $3B

PLANO, TEXAS — Monogram Residential Trust Inc. (NYSE: MORE), an owner and developer of high-end apartment communities, has entered into a definitive merger agreement to be purchased by a newly formed perpetual life fund led by Greystar Real Estate Partners. The purchase price is $3 billion, including debt. Other principals of the fund, known as Greystar Growth and Income Fund LP, include affiliates of APG Asset Management, GIC and Ivanhoe Cambridge. Monogram's stockholders will receive $12..

July 5, 2017

Canada Pension Plan Investment Board to Acquire Parkway for $1.2B

TORONTO AND HOUSTON — Canada Pension Plan Investment Board (CPPIB) and Parkway Inc. (NYSE: PKY) have entered into a definitive agreement under which CPPIB will acquire Parkway, a Houston-based real estate investment trust, for $1.2 billion. The transaction, expected to close in the fourth quarter of this year, equates to $23.05 per share. Parkway owns the largest office portfolio in Houston, according to CPPIB. Located in the Westchase, Greenway and Galleria submarkets, the 19 properties..

June 30, 2017