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Walgreens Looking to Go Private

Reports surfaced on Walgreens looking to go private via a deal with Sycamore Partners

Good Morning!

CPI data is out today! Market now expects another rate cut, Walgreens is looking to go private, Powel expected to stay through end of term in 2026, retail strips are growing, affordable housing is facing new challenges/opportunities, and refinancing’s of residential homes ticked up last week

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Capital Markets

Headlines

  • November CPI Data In Line With Expectations, Rate Cut Expected

    Data released this morning shows CPI rose by 2.7% year-over-year, a slight uptick from October’s 2.6% annual increase. The index rose 0.3% month-over-month, also in line with expectations. Markets are now pricing a 25bps cut for the next central bank meeting

  • Walgreens Seeking to go Private via Sycamore Partners

    Reports surfaced on Tuesday that Walgreens could be looking to take itself private via a deal with Sycamore Partners. Reports lead the stock to shoot up nearly 20% on Tuesday

  • Trump Treasury Pick Says Fed Chair can Serve Remainder of Term

    Scott Bessent, who will be Treasury Secretary under Trump, said Fed Chair Jerome can finish his term. The Fed Chair said he would not step down if asked and was not sure he could legally be pushed out. Jerome Powell’s term ends in May 2026 and was originally appointed by Trump in 2018, then reappointed by Biden in 2022

  • Retail Store Openings Are Still In Full Force

    A report by CBRE analyzed 50,000 retail clusters and found that 45% of those had higher than average store growth. These clusters tend to have higher population growth and lower crime

  • Affordable Housing Facing a Shortage

    A report by Colliers reveals a large amount of affordable housing units created with LIHTC in the 1990’s are now reaching their end triggering a mark-to-market opportunity for owners at time when the average renter cannot afford to own a home

  • Home Mortgage Refinance Demand Rose 42% Over Last Year

    Applications to refi a home loan rose by 27% week-over-week and were 42% higher than a year ago. Average residential loan rates for a 30-year fixed interest term loan were 6.67%, 4% lower than a year ago

Deals Deals Deals

Sales

  • Office: Cousins Properties to acquire Sail Tower, a 804K SF office tower leased to Google in Austin, TX for $522mm. Trammell Crow Co. developed the tower. formerly known as Block 185

  • Multifamily: A JV between Hudson Valley Property Group and Wheelock Street Capital acquired a 22-property, 4,768-unit affordable housing portfolio from Inland Group. The properties span across the Western U.S.

  • Office: SL Green to acquire PGIM’s 49.9% interest in the 834K SF office asset, 100 Park Ave, in New York, NY

  • Multifamily: Mesirow acquires a 410-unit multifamily asset in San Diego, CA for $185mm

  • Multifamily: Cortland acquires a 484-unit apartment community in Atlanta, GA for $96mm from NALS Apartment Homes

  • Industrial: SENTRE acquires a 322K SF industrial asset in Tolleson, AZ for $49mm from Brennan Investment Group

  • Industrial: CIP Real Estate acquires two industrial parks in Carlsbad, CA from Peregrine Realty Partners. The 127K SF, 7-building portfolio traded for $34mm

  • Office: Capital Commercial Investments acquires a 30% occupied 327K SF office asset in Houston, TX

  • Medical Office: A JV between Cypress West Partners and TPG Angelo Gordon acquired a112K SF Medical Office Building in Salt Lake City, UT from Healthcare Realty

Debt

  • Hospitality: Clarion Partners secures a $677mm refi for its 52-Courtyard by Marriott hotel portfolio. The debt terms consisted of a non-recourse senior mortgage with 5-year, fixed-rate interest

  • Hospitality: MCR secures a $300mm loan to refinance a 22-hotel portfolio spanning across TX, FL, NM, and CA. The loan was securitized via a floating-rate SASB CMBS transaction with J.P. Morgan and BMO acting as co-lead managers

  • Multifamily: A JV between Hornrock Partners and GTIS Partners secured a $115mm loan to refi a 389-unit luxury apartment asset in Hackensack, NJ from Northwestern Mutual 

  • Multifamily: The Community Builders and Pine Street Inn secured financing for the redevelopment of a former 131-key hotel into a 99-unit, age-restricted affordable housing community in Boston, MA. Total costs including acquisition and development came in at $49mm

Developments

  • Mixed-Use: Lincoln Property Group announces it will develop the mixed-use entertainment district for the Cleveland Browns. It will include 300K SF of retail, 2 hotels, 1,100 multifamily units, and 500K SF of office

  • Multifamily: One Thousand Group acquires a Miami development site in Edgewater for $53mm

  • Multifamily: Novare Group and Batson-Cook Development Company break ground on a 271-unit garden-style community in Knoxville, TN

Capital Raising

  • Multifamily: Red Stone Equity Partners LLC closed on its latest fund, Fund 113, a $263mm LIHTC equity investment fund. The proceeds will be used to finance the construction and/or rehab of 1,672 units of affordable housing

Leasing

  • Office: Travelers Insurance Company renews its 123K SF lease at SL Green’s 485 Lexington Ave in New York, NY

Meme Summary

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