Good Morning!

Homebuyer mortgages applications are down, the U.S. is looking to redevelop the Gaza strip, office labor cost is highest in the West Coast, and the U.S. wants to set up a Sovereign Wealth Fund

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Capital Markets

Headlines

• Homebuyer Mortgage Demand Drops

  Mortgage applications to purchase a home last week dropped 4%, compared with the previous week. The average 30-year fixed rate mortgage rate sat at 6.97%

• U.S. to Redevelop Gaza?

  During a press conference on Tuesday, the U.S. President suggested the U.S. could take over Gaza and develop it into the “Riviera of the Middle East”

• U.S. to Establish Sovereign Wealth Fund

  U.S. President signed an executive order with plans for a government-run sovereign wealth fund to serve as an economic development tool and perhaps be used to buy TikTok

• Labor in Western U.S. Markets Is Getting More Expensive

  A recent report by JLL, details how office-suing employee salaries are on average higher in the West. Wage growth over the last 5 years has gone up by over 5% in the those markets with cities becoming more expensive as a result

  

Deals Deals Deals

Sales

• Industrial: Home Depot has acquired its own 1.4mm SF distribution center in Savannah, GA from the Savannah Economic Development Authority. The price was undisclosed

• Self Storage: AVAD Capital acquired a portfolio of nine self-storage facilities totaling 5,180 units and 783K SF in Midland, TX and Odessa, TX from Extra Space Storage REIT

• Industrial: The Realife Management Group acquired a 263K SF fully leased facility in Indianapolis, IN from The O’Donnell Group Inc. The price was undisclosed

• Multifamily: Blue Ocean Real Estate acquires a Villa Ladera, 184-unit multifamily community in Dallas, TX

• Multifamily: PPR Capital Management acquired Infinity at Plaza West, a 224-unit garden-style multifamily community in Kansas City, MO, for $34mm. The transaction involved a 3.90% fixed-rate loan assumption

• Retail: Westwood Financial has purchased Eastway Square, a 130K SF shopping center in Charlotte, NC, from Forum Partners. The property last traded for $13mm in 2020

Debt

• Multifamily: Moshe Braver secures $148mm in construction financing from Dwight Mortgage Trust to develop a 24-story multifamily asset in Queens, NY

• Industrial: Bixby Capital Management refinanced an industrial and office portfolio totaling 2.2mm SF in Southern and Northern California, Florida, Georgia and Texas. PGIM Real Estate provided the 10-year, $142mm fixed-rate loan

• Multifamily: Michael and Ed Ostad secure $98mm in acquisition financing from Derby Copeland Capital for the acquisition of a 26 multifamily building portfolio in Brooklyn, NY

Developments

• Hospitality: Slatkin Brothers seeking $700mm recap of Casa Del Mar Hotel in Santa Monica, CA to develop 350 residences

• Industrial: Trinity Capital and Barings began construction on Phase Two of Horizon 16 Industrial Park, a future 1.5mm SF 6-building logistics campus in Savannah, GA. Currently three of the facilities are underway on a speculative basis

• Industrial: Mack Real Estate Group is developing a 1.2mm SF industrial project in Scottsdale, AZ. Construction has begun on the 305K SF Phase I of the project

• Retail: A local development group acquired a 9 acre site with a 176K SF building from Burlington Stores Inc. in Spokane, WA for $10mm. The group will explore redevelopment options

Meme Summary

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