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Commercial Real Estate News

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An affiliate of Starwood Capital Group has agreed to buy Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) and its more than 24,000 US apartment units in a cash-for-stock transaction valued at approximately $2.85 billion. The Connecticut-based Starwood headed by noted real estate investor Barry Sternlicht will acquire all of Milestone's subsidiaries and assets after agreeing to pay Milestone unitholders $16.15 per trust-unit in cash...
Real estate investment trusts, both public and non-traded, began 2016 as major net sellers of property seeking to capitalize on higher property valuations at a time when many REIT managers believed underlying net asset values were not being reflected in their share prices. With no shortage of interested buyers and plenty of capital available to fund deals, REITs sold billions of dollars of property through the first three quarters of the year. Now...
Private equity funds have entered the new year with record amounts of dry powder to deploy into commercial real estate. The problem is the large amount of money is available to spend at the same time they have gotten pickier about which properties and markets in which to invest. The total level of capital available to fund managers has been climbing over recent years, from a low of $136 billion at the end of 2012 to $237 billion at the start of...
Wells Fargo & Co. (NYSE:WFC) said it plans to close more bank branches as more of its customers use their phones and computers to make deposits, transfer funds and pay bills online. The bank, the second largest in the country with total assets of $1.74 trillion, announced plans to close more than 400 branches in the next two years. Wells Fargo is a late comer to the branch consolidation trend. It stopped growing its branch network in 2013, whereas...
Rockwood Capital LLC held final close on its Rockwood Capital Real Estate Partners Fund X, lining up $1.1 billion in capital commitments, meeting the fund’s hard cap. With Fund X, Rockwood’s strategy is to balance risk across the value-added spectrum with a focus on “speed-to-income.” The value-added fund will target office, residential, retail and hotel assets in urban and “suburban core” mixed-use environments in the United States. In particular...
National Real Estate Investor
Yellen signals the U.S. economy is close to reaching the Federal Reserve’s goals, CNBC reports. Starwood Capital Group is buying Milestone apartments for $1.3 billion, according to Bloomberg. These are among today’s must reads from around the commercial real estate industry.

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Will the market continue on this upward trajectory of increased lending activity, or will new legislation and the impact of the presidential election create volatility and drive uncertainty?

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We took a look at five trends that will drive the retail property sector in 2016, and found that issues related to sluggish sales and store closings will continue to challenge retailers.

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Manhattan office landlords are facing falling rents and heightened competition, spurring unprecedented spending to accommodate tenants.

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The troubled Pittsburgh Mills mall went for $100 at an auction to Wells Fargo Bank on Wednesday morning in Frazer Township.

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Wall Street Journal
A former UBS office complex in Stamford, Conn., that once housed the world’s largest trading floor is up for sale on the cheap.
An old Brazilian hospital compound is getting a $1.5 billion luxury face-lift thanks to an entrepreneur who plans to convert the São Paulo property into a high-end hotel, residential and retail complex.
Manhattan’s softening retail market is making allies of the pop-up and the landlord.
As Long Island’s Glen Cove prepares to break ground Tuesday on one of the region’s biggest real-estate projects, it faces opposition even as some residents have warmed to such large-scale developments.
Construction spending in New York City’s health-care sector is surging as hospitals update aging facilities and add preventive health services, a new report finds.
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