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Happy Friday!

Tariffs continue to rock the market, China issues 34% tariffs on U.S. imports, Florida is losing its affordability as high-earners flock to the state, multifamily construction spending drops in February, mortgage rates drop thanks to the 10-Year going down as investors flee the stock market, and D.C. trophy office assets continue to see rental rate increases

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Capital Markets

Headlines

• D.C. Trophy Office Rents Hit New Highs

  While the overall vacancy rate in D.C. was 22.6% at the end of Q4 2024, trophy office vacancy stood at 12.2%, according to CBRE. Achieved rents for trophy space in D.C. averaged $96.10 per SF last quarter, a 9.1% year-over-year increase

• Multifamily Construction Spending Drops In February

  According to the Census Bureau’s report on construction spending, the value of new private construction of multifamily residential buildings put in place in February was reported to be $116.2 billion on a seasonally adjusted, annualized basis. This was down $40 million from the revised (-$720 million) level for January

• Florida’s Affordability Disappearing

  Florida home prices are outpacing the national average, with Miami topping the charts at 60% above Florida’s average price. There are indications that Floridians are leaving the state as high-earners from New York and California move-in driving costs up. Almost half of outbound Floridians are headed to Georgia, the Carolinas, Tennessee, and Texas in search of more affordable markets

• Mortgage Rates Plummeting Due To Tariffs

  The average rate on a 30-year fixed loan plunged 12 basis points to 6.63% on Thursday following the release of tariffs which triggered a sell-off in the stock market that sent investors fleeing to the bond market

• China Hits U.S. With 34% Tariffs On Imports

  China on Friday announced a 34% tariff on all products imported from the U.S.. Combined with 20% in other levies that Trump has imposed on Chinese goods, the total U.S. tariff on some Chinese goods is at least 54%

Deals Deals Deals

Sales

• Industrial: Burlington Distribution acquired an 889K SF industrial warehouse it occupied in Riverside, CA from BlackRock, for $257mm

• Office: Kingsbarn Realty Capital acquired 1601 Vine, a 116K SF office building in Hollywood,CA, for $105mm from J.H. Snyder

• Office: Atlanta Braves Holdings Inc. acquired Pennant Park, a six-building campus with 763K SF in Cobb County, GA, from Rubenstein Partners for $93mm

• Multifamily: PRP acquires Cosmopolitan on the Canal, a 218-unit multifamily property located along the Central Canal in downtown Indianapolis, IN

• Medical Office: Transwestern Investment Group acquired Copper Point, a 93K SF medical outpatient facility in Gilbert, AZ, from RX Health & Science Trust (formerly CA Ventures) for $36mm and financed the purchase with a $25mm loan from First Citizens Bank 

• Retail: Hutensky Capital Partners disposed of Cave Springs Shopping Center, a 177K SF power center in St. Peters, MO, for $22mm. The center was acquired by a local buyer

• Multifamily: 4106 PR, LLC acquired Point Royale Apartments, a multi-family residential community in Victoria, TX, for $11mm

• Retail: Fidelity acquires Independence Square, a 140K SF retail property in Plano, TX from Head Capital Partners

• Senior Housing: The Collaborative Community Housing Initiative acquires a memory care community in Highland Park, IL. CCHI will transform the former senior housing property into a 45- to 50-unit co-living space

Debt

• Office: Nuverse Advisors LLC’s S3 Multi Strategy Global Fund secures a $99mm construction loan from BHI to renovate The Emmett Building, a 17-story office-to-residential use conversion. BHI will provide $40mm and has arrange the remainder of the financing to be provided by other partners

• Multifamily: Himmel + Meringoff Properties recapitalized 525 West 57th Street, a mixed-use building in New York City. Delaware Life provided a $93mm first mortgage in the deal, while Himmel + Meringoff co-Managing Partners provided additional equity

• Multifamily: Grubb Properties secures a $21mm land and predevelopment loan for the recapitalization of a 2.1-acre site to be developed into a 241-unit mixed-use multifamily project

Developments

• Mixed-Use: GRO Investments unveiled a plans to redevelop the historic Miami-Dade County Courthouse as a mixed-use facility. GFO’s plans include restoring the historic building’s facade and interior, and redeveloping the building to include housing, hospitality, office and retail uses

• Retail: Malouf Interests acquired 42 acres in Lucas, TX and to develop a 130K SF grocery-anchored shopping center

• Multifamily: Wood Partners breaks ground on Alta Vista, a 304-unit multifamily development in Lehi, UT. The project is expected to be completed in Q2 2027

• Industrial: ATLAS Capital Partners and Hawkins Development Co. are set to build a four-building industrial campus in Mesa, AZ. The 38-acre site was acquired from Brookfield Properties

• Multifamily: FaverGray delivered of The Aston at Uptown, a 261-unit multifamily community in Altamonte Springs, FL.

• Multifamily: Stellar Communities acquired a 22-acre land assemblage in Rockledge, FL to develop a $72mm 201-unit townhome community

Distress

• Multifamily: Metro Loft Management received a pre-foreclosure filing at 180 Water Street, a 29-story office tower in New York City converted into luxury multifamily units, after defaulting on a $265mm loan for the property, according to a Wednesday filing by special servicer CW Asset Management 

Meme Summary

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