CBL exits Chapter 11; Public Storage acquires All Storage portfolio for $1.5B

TOP NEWS IN REAL ESTATE

* Retail real estate investment trust CBL & Associates Properties Inc. completed its Chapter 11 reorganization, through which it reduced its debt and preferred obligations by approximately $1.7 billion, the company said. The common stock of the newly reorganized company is expected to commence trading on the NYSE Nov. 2 under the symbol CBL.

* Public Storage purchased a portfolio of 56 self-storage properties for $1.5 billion. The All Storage portfolio, totaling 7.5 million net rentable square feet, consists of 52 assets in Dallas-Fort Worth, Texas; three assets in Oklahoma City; and a single property in Killeen, Texas.

➤ REIT stocks close largely flat during week ended Oct. 29

The Dow Jones Equity All REIT index inched up a very slight 0.05% during the recent week. By property sector, self-storage REITs saw the largest increase in share prices, while office REITs experienced the largest decline.

➤ S&P 500 earnings, week of Nov. 1: 100 companies to report

Analysts expect nine of the 11 sectors in the S&P 500 to post earnings gains year over year.

OFFICE

* An HNA Group affiliate that owns the office towers at 245 Park Ave. in Manhattan, N.Y., and 181 W. Madison St. in Chicago filed for bankruptcy, The Real Deal reported. The affiliate is seeking to replace SL Green Realty Corp. as property manager of the 245 Park Ave. building with MB Real Estate Services, which manages the 181 W. Madison St. property, according to the report.

RETAIL

* Canada's Onni Group of Cos. Ltd. paid $136 million for a 1.2 million-square-foot shopping center in Burbank, Calif., the Commercial Observer reported. The seller was Barings, the news outlet said, citing an announcement from Newmark, which represented Barings in the transaction.

RESIDENTIAL

* Zillow Group Inc. is looking to sell about 7,000 homes for nearly $2.8 billion, Bloomberg News reported, citing people familiar with the matter. According to the report, the company bought "too many" houses, and many of those houses are now being listed for less than Zillow paid.

* Singapore hospitality company Ascott Residence Trust acquired a freehold 548-bed student accommodation asset in Champaign, Ill., for nearly US$83.3 million. The property, named Seven07, spans 15 stories across 218 units.

HOTELS

* SPI Hospitality LLC bought a portfolio of five new extended-stay hotels in Washington state for $88 million from West77 Partners, the Puget Sound Business Journal reported. The properties are spread across Redmond, Tukwila, Lakewood, Vancouver and Richland.

INDUSTRIAL

* Alternative investment firm Arcapita Group Holdings Ltd. and real estate investor Arden Group Inc. formed a joint venture focused on industrial properties in urban centers across the U.S. The venture closed on an initial portfolio of properties valued at over $550 million, totaling approximately 5 million square feet. An additional $250 million of properties are expected to close in the near term.

* Scannell Properties sold an industrial building in St. Petersburg, Fla., for $94.5 million, the Tampa Bay Business Journal reported, citing JLL Capital Markets. The facility offers 236,976 square feet at 1950 102nd Ave.

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