Ares JV wraps up Front Yard merger; Compass files for IPO

TOP NEWS IN REAL ESTATE

* Pretium Partners LLC and funds managed by Ares Management Corp.'s Real Estate Equity and Alternative Credit strategies wrapped up the acquisition of Front Yard Residential Corp. The specialized alternative investment management firm will manage the venture and partner with Ares to optimize and expand Front Yard's portfolio of single-family rental assets.

* Urban Compass Inc., d/b/a Compass, confidentially filed for an IPO of an undisclosed size, The Real Deal reported. The residential brokerage was last valued at $6.4 billion in July 2019, when it raised $370 million in its series G funding round, the publication noted.

➤ What pandemic? US imports in 2020 beat 2019 on sustained consumer surge

U.S. seaborne imports rose at a record rate in December and ended 2020 as a whole higher than in 2019. Work, learn and leisure at home spending alongside COVID-19 treatment spending were the major drivers.

➤ REIT Replay: REIT share prices fall during week ended Jan. 8

The SNL U.S. REIT Hotel index was the sole property sector index to log a weekly increase in share price, at a slight 0.56%. Meanwhile, the office and healthcare indexes logged the largest weekly declines in share price.

OFFICE

* Texas-based companies Cawley Partners and Staubach Capital acquired the two-building, 475,000-square-foot headquarters campus of travel industry software and technology company Sabre Global in Southlake, Texas, using a nearly $60.7 million loan, the Dallas Business Journal reported, citing Tarrant County records. The campus at 3150 Sabre Drive includes the 265,000-square-foot Building A and the 210,000-square-foot Building B.

RETAIL

* Slate Grocery REIT agreed to acquire a portfolio of five grocery-anchored assets in the southeastern U.S. for $54.3 million in an off-market deal. The properties span 396,471 square feet of gross leasable area and are in North Carolina, Georgia and Florida.

RESIDENTIAL

* CA Ventures acquired a 159-unit student housing complex in downtown Boca Raton, Fla., near Florida Atlantic University, for $80 million from an affiliate of Bahrain-based private equity firm Investcorp Holdings BSC, The Real Deal reported, citing records. The 228,000-square-foot University Park was built on about 11 acres at 135 NW 20th St. in 2015, the publication noted.

* Sterret Circle LLC, an Axonic Properties affiliate, acquired 170 condos in the garden-style buildings at 10000 NW 45th Terrace in Doral, Fla., for $37.3 million from TIF-Valencia LLC, the South Florida Business Journal reported. The development, Valencia at Doral, was developed with 317 units in 1992.

INDUSTRIAL

* KKR & Co. Inc. acquired a fully leased 263,000-square-foot industrial property in Goodyear, Ariz., through its core plus strategy. The asset was sold by developers Provident Real Estate Ventures and Merit Partners.

* L+M Development Partners Inc. purchased the 1.15 million-square-foot hub of Amazon.com Inc.-affiliated Amazon Air at Fort Worth Alliance Airport in Texas for an undisclosed amount, the Dallas Business Journal reported, citing Tarrant County deed records. An affiliate of Mesirow Realty Sale-Leaseback Inc. sold the property at 301 Intermodal Parkway in Haslet, Texas.

* Florida-based developer Commerce Development is planning to build a two-building industrial project on about 200 acres along Interstate 85 and Ridgeway Church Road in Commerce, Ga., the Atlanta Business Chronicle reported. The project will include Building 100 that will cover almost 77 acres and include 829,920 square feet, and Building 200 that will cover 117 acres and include 1 million square feet.

MARKETS

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