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Good Morning!

A very festive week. The government avoids a shutdown over the weekend, Party City is shutting down, DC has some potential redevelopment opportunities, and Trump wants to take back the Panama Canal. Busy Friday last week with quite a list of deals closed right before the start of the Holidays

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Capital Markets

Headlines

• Government Shutdown Avoided

  Biden signed a bill on Saturday avoiding a government shutdown. The deal funds the government through March 14

• FTC’s Rule on Disclosure of “Junk Fees” Excludes Multifamily

  A new rule aimed at disclosing hidden fees when booking hotels excludes multifamily owners

• Party is Over

  Party City files for bankruptcy and begins to shut down stores. The company had files for bankruptcy in January of 2023 but was only able to bring its debt down from $2bn to $1bn

• DC Redevelopment Opportunity

  The federal office buildings between the National Mall and The Warf mega project might soon be up for sale and could be an opportunity within a prime corridor

• Trump To Take Back Panama Canal?

  President-elect Trump mentioned taking back control of the canal from Panama during a Sunday rally, citing large fees to cross the critic transport channel. The Panama president took it an affront to the nation’s sovereignty

Deals Deals Deals

Sales

• Retail: SLS Properties acquired a 189K SF shopping center in Houston, TX from Gulf Coast Commercial Group

• Industrial: Stonepeak acquired 6-logistics centers in La Porte, TX for $244mm from Starwood Capital. The portfolio totaled 2.3mm SF

• Industrial: Cofe Properties acquires a 307K SF two-building industrial portfolio in Charleston, SC for $49mm. Nuveen provided a 5-year, fixed-rate $29mm loan

• Industrial: Diamond Properties acquires a 245K SF two-building distribution center in Indianapolis, IN from Clarion Partners

• Industrial: Foxfield acquires a 169K SF industrial asset in Duluth, GA from Barco for $19mm. The deal was financed with a $9mm loan from Aegon Insurance

• Multifamily: Weidner Apartment Homes acquires Montera Village, a 550-unit multifamily community in Fort Worth, TX from Hillwood Multifamily

• Multifamily: Levco Management acquired a 296-unit multifamily community in Newport News, VA from Haley Residential 

• Multifamily: Kushner Cos. acquired a 276-unit apartment community in Miami, FL’s Edgewater neighborhood from Aimco for $190mm

• Multifamily: Hamilton Zane acquires a 264-unit garden community in Clarksville, TN

• Multifamily: FCP acquires a 250-unit apartment complex in Miramar, FL for $68mm from Trammell Crow Residential. JP Morgan provided a $53mm acquisition loan

• Multifamily: Alliance Realty Partners, LLC acquires a 220-unit multifamily community in Plymouth, MA

• Multifamily: Cityview acquires a 112-unit multifamily community in Los Angeles, CA’s Hollywood Hills. The asset traded for $36mm

• Life Sciences: A local investor acquired a 67K SF office in San Diego, CA for $12mm to be converted into a life sciences asset

Debt

• Multifamily: Alloy Development secured $290mm in financing from New York Life Real Estate Investors to develop a 44-story, all-electric tower at 505 State Street in New York, NY

• Office: Taubco and Landau Properties secure a construction loan to develop a 125K SF office building in Miami, FL

Developments

• Data Centers: NTT Global Data Centers Americas is looking to develop a 225K SF data center in Lancaster, TX

• Multifamily: Woodfield Development and Flagler Realty break ground on a 358-unit mixed-use development in West Palm Beach, FL

• Multifamily: TS Communities to develop a 339-unit affordable housing in the Bronx, NY. Tishman Speyer is targeting completion in 2027

• Multifamily: Woodfield Development delivers a 227-unit multifamily project in Charleston, SC

• Multifamily: Wood Partners acquires a 9-acre, fully-permitted site in Boston, MA for $4.7mm to develop a 198-unit multifamily community

• Senior Housing: LRT Company plans to develop a 204-unit senior housing community in Providence, RI. The company recently acquired a 12acre site

• Industrial: Rockefeller Group delivers a 418K SF distribution center in Surprise, AZ

• Industrial: The Opus Group begins construction on a 251K SF spec industrial project in Marysville, OH

Leasing

• Office: Ropes & Gray, a Boston Law Firm, signed a 413K SF lease renewal at BXP’s Prudential Tower in Boston, MA

Meme Summary

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