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The Fed cut rates and reduced its rate cut outlook for 2025, Lennar to spin-off its land holdings, industrial sublease availability climbs, return to office mandates continue to take effect, mall owners look to food courts to drive foot traffic, and Biden looking to fast tract data center development

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Capital Markets

Headlines

• Lennar To Spin Off Land Holdings Into New REIT

  Lennar filed to spin-off $5bn to $6bn of developable land into a REIT called Millrose. The REIT will hold and sell land to Lennar

• Fed Cuts Rates by 25bps, Signals Less Cuts in 2025

  The Fed signaled that there might only be two 25bps rate cuts in 2025, down from the prior projection of four 25bps rate cuts in September

• U.S. Industrial Sublease Availability Reaches All-Time High in Q3 2024

  Industrial sublease availability reached 199mm SF in Q3 2024, a 225% increase from two years prior. A study by Savills shows how these sublease spaces have been absorbed by the market and the shift in tenant type

• Return-To-Office Mandates Continue For Major Companies

  Companies like AT&T and Sweetgreen are the latest to announce return to office mandates

• Restaurants Driving Foot Traffic At Malls

  Mall landlords are increasing the amount of space dedicated to food courts and bars in hopes of luring shoppers post-meal

• Biden Considering Fast-Tracking AI Data Center Development

  The White House in talks of using executive actions to help data center developers overcome the energy constraints which have limited construction following wave of AI-driven demand

Deals Deals Deals

Sales

• Hospitality: OYO completes the acquisition of G6 Hospitality from Blackstone for $525mm

• Multifamily: ClearWorth Capital acquires a 304-unit multifamily community in Dallas-Ft.Worth, TX

• Multifamily: AvalonBay Communities sells a 265-unit multifamily community in Seattle, WA to an undisclosed buyer

• Industrial: STAG Industrial acquired a 173K SF industrial property in Salt Lake City, UT from ViaWest Group

• Retail: Edgemark acquires a 64K SF Whole Foods-anchored retail center in Fayetteville, AK

• Multifamily: Green Courte Partners acquires a 51-unit active-adult community outside Atlanta, GA

Debt

• Multifamily: ICONIQ Capital and Sentral secure a $525mm SASB CMBS loan to refinance a 6-building, 1,790-unit apartment portfolio. Newmark Group arranged the financing with Deutsche Bank and Goldman Sachs

• Mixed-Use: Terra secured a $170mm construction loan to develop a planned $1bn mixed-use development in Miami, FL. SCALE Lending was the lead lender on the construction loan

• Self Storage: Tulfra Real Estate secures a construction loan from Fulton Bank for the development of a 795-unit, 260K SF self storage facility in Jersey City, NJ. Public Storage will be the operator

• Multifamily: A New York-area developer secures a $24mm loan to refinance a 57-unit apartment community in Brooklyn, NY. Bank of Montreal provided the non-recourse, five-year interest-only, 65% LTV loan

• Industrial: Kansas City-based developer secures a $13mm loan for a 200K SF industrial asset in Wichita, KS through a life insurance company

Developments

• Multifamily: The Annex Group to build a $55mm, 201-unit affordable housing community in Dubuque, IA. Completion is expected for fall 2026

• Industrial: PCCP and Distribution Realty Group to develop a 704K SF, 4-building, industrial center in Murfreesboro, TN. Delivery is expected in late 2025

Capital Raising

• Student Housing: Landmark Properties and Stockbridge recapitalize The Retreat East, a 602-bed student housing development near the University of Central Florida campus in Orlando, FL

• Office: Pillar Commercial recapitalized Collins Square, a 215K SF office building in Dallas, TX. The recap retires the building’s current debt

Leasing

• Office: Eversheds Sutherland signed a 94K SF at CP Group’s Bank of America Plaza in Midtown Atlanta, GA

Meme Summary

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