Real Estate Really Lets Itself Go – Commercial Observer
A week after Thanksgiving, we all feel a little bigger. The waistline expands, and if it’s not nipped in the bud, it stays that way and our appetites just grow the next time you feed.
We don’t know what was in that Thanksgiving turkey, but some owners seem to have given up ever losing weight. (We’re talking about the deal size!)
Hackman Capital Partners and Square Mile Capital Management have swallowed CBS Studio Center for $ 1.85 billion. If it closes on time, it’s likely the biggest LA real estate deal in 2021.
In order not to be outdone, Blackstone put down what would be a pretty hefty chunk of change for anyone else in the world ($ 2.8 billion). for 124 logistics properties across the US and Europe with a purchase from Cabot Properties.
But even at a somewhat lower level, the appetite for real estate has reached tapeworm dimensions.
Maybe it was Art Basel in the air, but there’s no denying that Miami had a hell of an active week.
The hospitality giant Major Food Group is apparently Entry into the development business. They are working with JDS Development to build a new 259 unit condominium on 888 Brickell Avenue.
Jay Shidler acquired The Sealofts in Boynton Village, a rental in Boynton Beach on 600 Sea Lofts Drive, for $ 153 million.
And Key International and Wexford Real Estate Investors popped up $ 54 million Buy the Fort Lauderdale Marriott Pompano Beach Resort & Spa, a 219-room, 4.2-acre oceanfront hotel located on 1400 North Ocean Boulevard.
There was also serious financing and refinancing. Lennar multi-family communities Raised $ 130 million in funding for Vesada Apartments in Doral. Gables Residential, the Atlanta-based company, received $ 115 million from Wells Fargo for the Development of the planned 295 unit property by the sea at 333 North New River Drive East in Fort Lauderdale. And the bank OZK provided a Home loan of $ 121.5 million to Two Roads Development and Alpha Blue Ventures for their luxury 24-story apartment Forté on 1309 South Flagler Drive in West Palm Beach.
And don’t forget leasing! Echelon fitness announced a new 10,035-square-foot studio at The Boulevard, the Goldman Sachs-powered luxury rental at 5700 Biscayne Boulevard (Hey, Owners! Here’s How To Slash That Appetite!) Eight rental contracts were signed in Centrepark, Colonnade Properties’ office complex in West Palm Beach, totaling 57,072 square feet. And the coup de grace (at least as far as the square footage is concerned): King Ocean Services announced a 157,528 square feet of move and expansion to the Prologis Beacon Lakes industrial park, 13155 NW 19th Lane in the Airport West submarket.
Ooh la LA!
Along with the billion dollar CBS deal, big things were happening in LA too.
Onni group Picked up Marina Shores, a 6.17-acre mall in Long Beach, for $ 67.9 million that they want to demolish and convert into an apartment building.
Pacshore partner $ 90.5 million looted for the 152,834 square foot 97 percent leased 2600 West Olive Avenue from Granite Properties.
And in the world of leasing, Signal Brands, the fashion house behind GUESS and Nine West, has signed a deal 22,000 square meters with the CIM Group at 5600 West Adams.
What about NYC?
In a still tense hospitality industry, we were delighted to see Jeff Sutton’s Wharton Properties hit the nail on the head 15-year lease, approximately $ 300 million with special for his planned 363 room hotel on 25 West 34th Street.
Gotham also had its share of leases: Kohn Pedersen Fox 38,000 feet expansion at Tishman Speyers 11 West 42nd Street; Shen Milsom & Wilke, the consulting firm, occupy a full 12,526 square foot floor at 275 Madison Avenue; Private equity company Incline Equity Partners is moving from 100 Park Avenue to 505 Fifth Avenue; and a whole mess of rental agreements at Fisher Bros. ‘ 1345 Avenue of the Americas.
But what excites us the most should be something outside the city limits: a new toy “R” Us lands in the American Dream Mall! (Thank goodness we won’t have to rely on Amazon this Christmas. Well, not entirely relying on them anyway.)
No, we won’t train, thank you very much.
We stay in there and have a nice long read. About, let’s say the trials on Billionaires’ Row and how sales of luxury condominiums in Manhattan are generally evolving.
Or you can get an insight into what is happening at Brookfields 660 Fifth Avenue.
Finally one can wonder why some Buy tenants instead of renting out their property.
Until next week!