Guten Tag Amigos!

We’re back! Just in time for the Holidays, relaunching the newsletter at time when deals are slowest. Job openings were up yesterday, Trump threatens to raise tariffs, Dollar store earnings will be closely watched in the net lease space, homebuyers jump on mortgage rates, and YTD corporate defaults are on par with 2023

Capital Markets

Headlines

• Job Openings Were Up in October

  Job openings totaled 7.74 million on the month, up 372,000 from September

• Trump Threatens 100% Tariffs on Brics Nations

  On Saturday, Trump (through Truth Social) declared he would raise Tariffs on Brics Nations if they decided to back a currency other than the US dollar. Brics countries include: Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates

• All Eyes on Doller Store Earnings

  With low-income households feeling the effects of inflation, discount retailers have cut earnings forecasts. Dollar General and Dollar Tree report earnings this week with Wall Street eyeing sales

• Homebuyer Demand Jumps as Rates Drop

  Mortgage applications jumped 6% for the week, the highest level since January. Applications were 21% lower than the same week one year ago

• Corporate Defaults Climb in October

  The U.S. recorded 11 defaults in October, the highest monthly default count since May 2023. Global 2024 YTD defaults sit at 123 vs. 127 in 2023

Deals Deals Deals

Sales

• Office: SL Green to buy the 201K SF former Pepsi HQ in Manhattan for $130MM from Morgan Stanley 

• Office: Princeton University acquires a 158K SF suburban office asset from Cali Futures for $33MM in West Windsor Township, NJ

• Student Housing: Inland acquires a 673-bed, 277-unit, student housing community in South Carolina near USC (no, not the Trojans). The asset was fully occupied and built in 2023

Debt

• Industrial: Bridge Logistics Properties secures a $10.3MM construction loan with Wintrust Bank to build a spec 76K SF warehouse in Somerset, NJ

• Multifamily: Cape Advisors secures a $26MM bridge loan from RMWC to acquire and improve a 135-unit multifamily asset near University of Maryland

Developments

• Industrial: Tishman Speyer and Mitsui Fudosan America break ground on the 380K SF phase I of Bake Freeway Business Park, an industrial development in Irvine, CA

• Multifamily: Maddd Equities to develop a 73-unit affordable condominium tower in Central Harlem in New York City

• Multifamily: Cresset Real Estate Partners and Fidelis Residential Partners form a JV to develop a 9-building, 252-unit multifamily community oustide Houston, TX

• Office: Portman delivers a 530K SF office tower in Atlanta, GA

• Data Centers: Digital Realty acquires a 155-acre site for $160MM in Charlotte, NC from The Keith Corporation

Leasing

• Industrial: Omega Morgan, a company specializing in moving heavy machinery, signs a 250K SF lease at CRG’s The Cubes at Etna in Columbus, OH

• Office: Eastern Bank signs a new 52K SF leases at HBRE’s 601 Edgewater Dr in Boston, MA

• Office: WeWork signs a 304K SF lease at Vornado’s 330 W 34th St in New York City. WeWork will manage the space for Amazon

Meme Summary

Interested in advertising? Then get in touch with us