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Good Morning!

Lots of deals today, too many deals, all the deals. CBRE is acquiring the remaining amount of Industrious, Meta and Microsoft announce layoffs, and retail is bouncing back with 4.1% vacancy across the U.S.

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Capital Markets

Headlines

• CBRE to Acquire Industrious at $800mm Valuation

  Since 2020, CBRE had invested in Industrious through an ~40% equity interest and a $100mm convertible note. CBRE will acquire the remaining equity stake for ~$400mm, reflecting an implied enterprise valuation of ~$800mm

• Meta to Cut 5% of Staff

  Meta is set to cut 5% of its workers, focusing on the lowest performers. Meta has had waves of layoffs in 2022 and 2023.

• Microsoft to Pause Hiring for its Consulting Practice and Layoff Staff

  Microsoft plans to stop hiring in parts of its consulting business in the U.S. and lay off some employees

• National Retail Vacancy at 4.1%

  The national retail vacancy rate remained at 4.1% throughout 2024, driven by limited new development and increased post-pandemic demand

  Top 10 U.S. Retail Markets by Vacancy Rate

  

Deals Deals Deals

Sales

• Life Sciences: King Street Properties acquires a 242K SF life science campus in San Diego, CA from Alexandria Real Estate Equities for $120mm. The transaction also involved a $166mm seller carry-back loan

• Hospitality: Ashford Hospitality Trust completes sale of 315-key Courtyard Boston Downtown for $123mm

• Retail: Wafra Inc. has completed the sale of Short Pump Station, a 91K SF shopping center in Richmond, VA, to Nuveen. A PropMemo source revealed there was an assumable debt component to the transaction

• Multifamily: Donaldson Impact Investments and Affordable Homes & Communities to acquire Country Place Apartments, a 312-unit multifamily community in Burtonsville, MD, for $63mm

• Office: Accesso acquired Sawgrass Lake Center, a 240K SF office building in Sunrise, FL from American Realty Advisors

• Multifamily: BSR Real Estate Investment Trust acquired a 277-unit multifamily building in McKinney, TX for $61mm from GFI Capital Resources Group

• Industrial: Ares Management Real Estate acquired a 199K SF distribution center in Taunton, MA from Brookfield Asset Management for $44mm

• Industrial: BKM Capital Partners acquired a five-building industrial park in Houston, TX totaling 261K SF for $34mm from Longpoint Realty Partners

• Multifamily: Gindi Equities announced the sale of a 222-unit multifamily community at in Kernersville, NC for $34mm. The company had previously acquired the asset for $25mm in 2021

Debt

• Hospitality: Driftwood Capital secured a total of $207mm in senior construction financing and C-PACE financing from City National Bank of Florida and Bayview PACE for the Westin Cocoa Beach Resort & Spa on Florida’s Space Coast. Breaking ground in September 2024, the $420mm, 502-key resort is scheduled to open in 2027

• Retail: MetLife Investment Management and M&J Wilkow secured a $120mm fixed-rate refi for Town Center of Mililani, a 477K SF grocery-anchored shopping center in Oahu, HI from PGIM Real Estate 

• Multifamily: Trammell Crow Residential and Cigna secured a $75mm, three-year, floating-rate loan through a national life insurance company to refinance a 250-unit multifamily asset in Denver, CO

• Industrial: GreenPoint secures a $71mm loan to acquire 163 acres of industrial outdoor storage across 5 states. The loan was provided by RealTerm 

• Multifamily: The Williams Family and Morgan Creek Ventures secure a $56mm loan from Avatar Financial Group to redevelop a 600-unit project in Boulder, CO

• Hospitality: Urban Street Development secured $39mm in permanent and construction financing to fund the expansion of the Hotel Indigo Tallahassee – CollegeTown. The hotel will expand from 143 rooms to 237

• Self Storage: A JV between LaTerra Development and Platinum Storage secured a $21mm construction loan to redevelop a former big box retail space into self-storage

Developments

• Mixed-Use: Toro Development Company started work on Medley, a $560mm, 43-acre mixed-use community in Johns Creek, GA. Phase I includes an equity investment from Ascentris and a $158mm construction loan from Banco Inbursa for the first phase

• Multifamily: BRIDGE Housing, Portland Housing Bureau, and Tri-County Metropolitan Transportation District of Oregon will break ground on HollywoodHUB, a 224-unit $155mm affordable housing project in Portland, OR

• Multifamily: The NRP Group is developing a 336-unit affordable housing asset in San Antonio, TX. The development is expected to cost $92mm and deliver in 2027

Distress

• Office: Flynn Properties in talks to acquire a $417mm loan backed by Paramount Group’s Market Center in San Francisco, CA. Paramount Group defaulted on the loan this past summer, on a deed-in-lieu transaction

• Office: Gaines Investment Trust acquired a 311K SF office asset in Irvine, CA for $42mm from CBRE Investment Management. The asset previously traded for $120mm in 2017

• Multifamily: Blackstone filed for preforeclosure action on the the $55mm loan for Dynamic Star’s and Namdar Realty Group’s Fordham 2.7mm SF mixed-use project in the Bronx, NY. Blackstone and Rialto Capital acquired the loan as part of Signature Bank’s real estate loan book from the FDIC 

Leasing

• Office: The FDIC signed a 10-year 148K SF lease at Edward J. Minskoff Equities 1.6mm SF 1166 Avenue of the Americas in Manhattan

Meme Summary

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