Plans filed for potential $356M Amazon project; JLL walks from Trump hotel sale

TOP NEWS IN REAL ESTATE

* Developer Panattoni filed plans for a $356 million distribution center project near the Arlington Municipal Airport in Arlington, Wash., with Amazon.com Inc. expected to be the tenant, the Puget Sound Business Journal reported, citing real estate industry and other sources. The project would be a five-story structure spanning 2.8 million square feet on a 75-acre property.

* A spokesman for Jones Lang LaSalle Inc. told The Washington Post reporter Jonathan O'Connell that the real estate services and brokerage firm is ceasing its involvement in procuring a buyer for U.S. President Donald Trump's Washington, D.C., hotel. The 263-room hotel was expected to sell for about $500 million, and the marketing process was stopped in November 2020 after receiving lower than expected bids, The Real Deal reported.

➤ Canadian real estate capital market activity down 24.7% in 2020

Chart Watch: Publicly traded Canadian real estate companies raised C$8.64 billion through capital offerings in 2020, with the retail sector accounting for the biggest share at C$3.31 billion.

➤ UK REIT sector needs to 'grow a lot bigger,' say top property executives

The current scale of many of the country's real estate investment trusts means they are struggling to offer the level of total return that would attract greater investment, an EPRA webinar heard.

RETAIL

* Pennsylvania Real Estate Investment Trust said it executed a rezoning agreement to add up to 1,065 multifamily units and a hotel at the Moorestown Mall in Moorestown, N.J. The deal is part of the retail real estate investment trust's strategy of selling land parcels from its portfolio to multifamily developers.

RESIDENTIAL

* Brinkman Real Estate sold the 256-unit Union Pointe apartment community in Longmont, Colo., for $76.9 million to Investors Real Estate Trust, or Centerspace, the Denver Business Journal reported. The per-unit price of $300,390 reflects a record for a multifamily deal in the area, the report noted.

* The Wall Street Journal featured a report on the rise in rental home construction across the U.S. as investors expect Americans to keep moving to the suburbs even if they cannot afford to buy. Single-family landlords have been reporting record occupancy and rising rents since the COVID-19 pandemic began, the publication noted.

* Zurich Alternative Asset Management has created a core U.S. real estate fund and acquired assets for European pension funds, IPE Real Assets reported. The fund has an investment capacity of $500 million, managing director Sean Bannon told IPE Real Assets. The fund has acquired properties in Seattle; Charlotte, N.C.; and Coral Gables, Fla.

* Berkshire Group plans to raise $1.5 billion for a fund aimed at securitized multifamily debt in the U.S., IPE Real Assets reported. The Texas Permanent School Fund has invested $60 million in Berkshire Multifamily Debt Fund III.

INDUSTRIAL

* Canada's Nexus REIT signed conditional agreements to buy six industrial properties in London, Ontario, and two industrial buildings in Edmonton, Alberta. The company also completed an acquisition in Ajax, Ontario. The agreements total C$117.5 million and would add about 1.3 million square feet of gross leasable area to Nexus' portfolio.

MARKETS

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