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Good Morning!

Homeowners are dealing with property tax increases, consumers brace for higher prices from proposed tariffs, JCPenney to merge and create a retail conglomerate, and after revealing plans for a new stadium in downtown Philly the Sixers are rumored to be staying put.

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Capital Markets

Headlines

• On Average U.S. Residential Property Taxes Are Up 5.1% From 2023

  Research from , with some county’s seeing a 64% increase following the surge in property values seen post-Covid

• Consumers Brace for Windfall of Proposed Tariffs

  A recent survey showed consumers were looking to make purchases of foreign electronics and consumer goods in anticipation of rising costs. The proposed tariffs would apply a 25% fee on Mexican and Canadian imports and 10% on Chinese imports

• JCPenney and SPARC Group Merge to Form Catalyst Brands

  SPARC Group, which includes Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica, has merged with JCPenney. The merger is backed by shareholders Simon Property Group, Brookfield Corporation, Authentic Brands Group and Shein. Catalyst Brands sold U.S. operations of Reebok and is exploring strategic options for the operations of Forever 21

• Sixers to Remain in South Philly

  City Hall sources revealed the NBA team has struck a deal with Comcast Spectacor and will not be building a new arena in Center City. Comcast plans to develop the destination into an entertainment district over the next decade

Deals Deals Deals

Sales

• Office: Haddad Brands acquired Two Park Avenue, a 1mm SF office asset in New York, from Morgan Stanley for $360mm

• Retail: A JV between Sterling Organization and Cohen & Steers acquired Bridgepointe Shopping Center, a 232K SF power center in San Mateo, CA, for $127mm from Nuveen Real Estate

• Multifamily: Flatiron Realty acquires a multifamily portfolio in Brooklyn, NY for $120mm from the Pintchik family. Derby Copeland Capital provided a $90mm acquisition loan and a $8mm funding facility

• Industrial: CIP Real Estate acquired a 809K SF industrial park in Mesa, AZ for $168mm from Canyon Partners. JP Morgan provided a $94mm acquisition loan

• Multifamily: Knightvest Capital has acquired a 417-unit multifamily community in Dallas, TX from Waterton. The asset last traded for $50mm in 2018

• Medical Office: Montecito Medical Real Estate acquired a 66K SF outpatient facility in Chandler, AZ for $30mm from Unbound Development and Webb Investments

• Student Housing: Horizon Realty Advisors acquires a 181-unit, 524-bed student housing community on the University of Illinois - Urbana Champaign campus from Blue Vista Capital Management

• Office: Radler Enterprises Inc. acquired, a 207K SF suburban office building in Houston, TX from EQT Exeter

Debt

• Senior Housing: Brookdale Senior Living secured a $344mm refi on a senior housing portfolio of 47 communities across 14 states under its master credit facility agreement. The seven-year, fixed-rate note was obtained through Fannie Mae’s DUS program

• Multifamily: GMF Group secured a $65mm CMBS refinancing package for a 17-asset manufactured housing portfolio across Florida. Citigroup originated the five-year, interest-only mortgage

• Self Storage: Cohen Investment Group secured a $52mm refi loan for a 471K SF self storage complex in Virginia Beach, VA. Bank of America provided the fixed-rate loan

• Student Housing: Dominion Group secures a $47mm 10-year, fixed-rate loan with a 30-year amortization from Nationwide Insurance for a 240-unit student housing asset near University of Tennessee, Knoxville

Developments

• Data Centers: Lincoln Property Co., Gigabit Fiber, and Tradition Holdings to develop a $1bn, 800K SF, 540 megawatt data center campus in Red Oak, TX

• Industrial: Glenstar Logistics delivers a spec 551K SF distribution center in Gaffney, SC, the first of five buildings at the $415mm, 290-acre industrial campus

• Hospitality: Keyah Real Estate Group to develop a 262-key hotel in Miami, FL

• Multifamily: Helu Development begins construction on a 336-unit affordable housing development in San Marcos, TX

Distress

• Office: Murphy Development Group and InSite Real Estate to acquire 311 S. Wacker Dr from its lenders for ~$70mm. Zeller Realty Group and Cindat Capital Management acquire the asset for $302mm in 2014

• Multifamily: APF Properties sells a 110K SF building in Midtown New York for $67mm. The building was sold as a development site and was previously facing foreclosure

Capital Raising

• Diversified: Texas TRS commits $692mm to real estate funds. Blue Owl Real Estate received $400mm in commitments, AEW $130mm, and the rest was allocated to Inceptiv Management, Two Sigma, and Northampton Capital Partners

Meme Summary

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