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Good Morning!

Jobs report is out and certainly slowed down, another major retail group shuts its doors, the D.C. real estate market is awaiting the impact of federal layoffs, and Rexford completes $1.5bn in acquisitions in 2024

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Capital Markets

Headlines

• Volcom, Quicksilver, and Billabong Stores To Close

  Liberated Brands will close 124 stores for the beach and outdoor brands following a bankruptcy filing. The company reported a $12.5mm loss in 2024

• D.C. Real Estate Market Awaiting Impact Of Federal Layoffs

  D.C. is home to over 300,000 federal employees and has 17.3mm SF of government leased offices and 36.7mm SF of government owned offices. With the new administration seeking to downsize the government workforce by 2.3mm personnel the impact to the D.C. market could be significant

• Rexford Completes $1.5BN in Acquisitions In 2024

  Rexford acquisitions in 2024 projected to generate a 5.6% stabilized yield, while repositionings and redevelopments stabilized in 2024 yielded a 7.5%

• U.S. Adds 143,000 Jobs In January, Unemployment Falls To 4%

  Nonfarm payrolls in January rose by a seasonally adjusted 143,000 for the month, down from 307,000 in December and below the 169,000 forecast

Deals Deals Deals

Sales

• Multifamily: MG Properties acquired a 35-story multifamily community from Greystar for $309mm in San Diego, CA

• Industrial: Rockpoint acquired a 607K SF industrial distribution facility located in Uxbridge, MA for $120mm. The asset was 73% leased at sale

• Multifamily: BH Group acquires a 338-unit multifamily portfolio from Mast Capital and TPG Angelo Gordon for $84mm in Miami, FL

• Industrial: JW Mitchell sold a 1.6mm SF industrial portfolio made up of a 613K SF warehouse in Atlanta, GA and a 1mm SF warehouse in Memphis, TN. The buyer financed the deal with a $70mm loan from Wells Fargo

• Hospitality: HSL Properties acquired an Arizona hotel portfolio, consisting of a 180-key Sheraton and 129-key Courtyard by Marriott in Mesa, for $50mm from Power Hotel Group

• Multifamily: MLG Capital acquired Summit Crossing, a 336-unit multifamily property in Kansas City, MO

• Multifamily: Comunidad Partners acquires a 302-unit affordable housing community in Plano, TX from Waterton

• Hospitality: The Georgetown Company acquired the 308-key Hotel Harrington building in downtown Washington D.C

• Retail: Milbrook Properties acquired Westend Square, a 152K SF shopping center in Tallahassee, FL, for $24mm from a private seller

• Office: Cross Ocean Partners and Palisade Group acquire a 223K SF Office asset in Calabasas, CA from Gemdale USA

• Self Storage: Westport Properties acquires a 2,284-unit self-storage portfolio in Carson, CA and Carlsbad, CA. The portfolio is managed by StoreQuest Self Storage

Debt

• Multifamily: ARC Multifamily Group secures a $58mm Fannie Mae senior loan and $9mm preferred equity investment from Pensam Capital to refi a 420-unit multifamily community in Pendergrass, GA

• Multifamily: AMAC Development secured a $34mm loan from Affinius Capital to refinance a multifamily asset in Dallas, TX

• Senior Housing: Charter Senior Living secures a $10mm HUD-insured loan to refi a 64-unit senior housing community in Parkville, MD

Developments

• Multifamily: Related Group files plans for $148mm 345-unit multifamily development in Miami, FL’s Coconut Grove

• Multifamily: Carr Properties and Barings to redevelopment of 425 Montgomery Street, a former office building into a 237-unit multifamily asset in Alexandria, VA. The $131mm project secured a $84mm construction loan from Kennedy Wilson

• Retail: Kroger acquires 14 acres in Little Elm, TX, planning new store

• Industrial: A JV between Ryan Cos. and Alidade Capital broke ground on Chandler Freeways Business Park, a 190K SF industrial development in Chandler, AZ. Plans call for the conversion of the two-story office building into an 88K SF industrial facility and a second, 103K SF industrial asset. Completion is scheduled for Q4

• Industrial: Southwire, a wire and cable manufacturer, plans the construction of a 1.2mm SF distribution center in Bremen, GA. Completion is expected by Q3 2026

Distress

• Office: David Werner Real Estate Investments to acquire 300 East 42nd St, an office building in NYC, from Fortress for $52mm. The asset last traded for $123mm in 2019

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