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Good Morning!

Big day today with the Fed expected to make a final rate cut announcement for 2024. Amazon workers prepare to strike, Honda & Nissan in merger talks, Black Friday retail traffic spikes across malls, renter’s amenity preferences shift to functionality and sustainability, and retail rent growth is shown to be strongest in prime business districts

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Capital Markets

Headlines

• Black Friday In-Store Retail Traffic Exceeds Pre-Pandemic Numbers

  A report from Placer.ai showed indoor malls saw a 5% increase year-over-year during Black Friday weekend, while open-air shopping centers saw a 6% increase

• Fed Expected To Cut Rates Today

  The Fed will make its announcement today, with many predicting a 25bps rate cut

• Honda and Nissan in Merger Talks

  The two automotive manufacturers are exploring a merger as they look to stay competitive in a growing EV market

• Amazon Workers Ready to Strike

  Union officials are preparing members to strike outside Amazon distribution facilities beginning on Thursday (December 19) over the company’s refusal to negotiate begin contract talks with workers

• Retail Rent Growth Strongest in Prime Business Districts

  A report by CBRE showed that rent growth was strongest in 2024 in downtown districts where retail coexists with prime/trophy office space. Retail rent growth was higher than in entertainment districts due to those districts already having a 74% premium to “prime:” downtown districts

• Apartment Renters Reveal Favorite Amenities

  Walk-in closets, large windows, and high-efficiency appliances among the most sought after amenities according to a survey conducted by Greystar. Sustainability features tended to be favored in the Northwest and West markets

Deals Deals Deals

Sales

• Multifamily: TPG Real Estate acquires a 74-community manufactured housing portfolio spanning 12,000 homesites across Canada from Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) for $740mm

• Office: 601W is under contract to buy 303 E Wacker Dr, a 910K SF office asset in downtown Chicago, IL, at $67psf

• Industrial: TA Realty acquires Ironwood Commerce Center, a 4-building industrial park totaling 505K SF in Opa-Locka, FL from Link Logistics

• Mixed-use: A JV between Blake Partners, JAM Real Estate Partners and The Straus Group acquire a 144K SF office and retail asset in New York’s Midtown for $48mm

• Retail: KPR Centers acquires Eagle Plaza, a 230K SF grocery-anchored shopping center in Voorhees Township, NJ from First National Realty Partners for $42mm

• Multifamily: Brazos Residential acquired a 224-unit affordable housing asset in Arlington, TX

• Medical Office: Stockdale Capital Partners acquires a 83K SF medical outpatient center for $33mm in San Francisco, CA from Vukota Capital Management

• Office: A private investor acquired a 133K SF office building in Chula Vista, CA for $30mm from an affiliate of Harbor Associates 

• Self Storage:

• Retail: RCG Ventures acquires a 215K SF retail center for $27mm in Covington, LA

• Retail: Greenberg Gibbons acquires a 83K SF grocery-anchored center in Atlanta, GA for $17mm from Northlake Square, LLC

Debt

• Diversified: Goldman Sachs issues BMARK 2024-V12, a CMBS securitization with a total pooled balance of $752mm

• Office: Deutsche Bank acquired the office portion of 180 and 202 Broome Street for $222mm and the retail spaces for $15mm, in New York’s Lower East Side.

• Hospitality: A JV between Rockpoint, Highgate and hotelAVE secured a $115mm refi for the Renaissance Boston Seaport Hotel, a 471-room luxury hotel, from Barings

• Multifamily: Jebco Ventures and Omnium Real Estate secured $47mm in construction financing from Centennial Bank to build a 27-unit multifamily condominium tower in Sarasota, FL

• Office: Fenway Capital Advisors secured a $17mm refi for a 130K SF office complex in Sacramento, CA. Goldman Sachs funded the five-year, interest-only loan

Developments

• Student Housing: Subtext to develop the VERVE Charlottesville, a 1,332-bed, 729K SF student housing development next to UVA’s campus

• Industrial: MDH Partners delivers Phase II of Northcross Commerce Center consisting of 2 Class A facilities totaling 254K SF in Charlotte, NC

• Retail: Terry Commercial Realty is looking to develop a 40K SF boutique retail center north of Atlanta, GA

Distress

• Diversified: Flagstar Bank (formerly New York Community Bank) looking to sell $343mm of troubled loans on its balance sheet

Leasing

• Industrial: Aaron’s, a home appliance retailer, signed a 171K SF at on of Jackson-Shaw’s assets outside Fort Worth, TX

Meme Summary

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