Rockrose buys NYC building stake; Terra gets $142M loan for Fla. project

TOP NEWS IN REAL ESTATE

* Rockrose Development LLC acquired the stake it does not already own in a 21-story office building in New York City's NoMad neighborhood for $145 million, The Real Deal reported, citing company executives. The 260,000-square-foot property at 11 E. 26th St. was valued at $275 million in the off-market transaction, and the stake was sold by Adams & Co., the building's managing agent.

* Terra Group LLC secured a $141.8 million construction loan for its mixed-use project in Bay Harbor Islands, Fla., the South Florida Business Journal reported. The five-story property at 1177 Kane Concourse will comprise 90 residential units, 98,800 square feet of offices and 14,900 square feet of commercial area.

➤ NAV Monitor: US equity REITs trade at median 3.1% premium to NAV on Jan. 3

Chart Watch: The farmland sector traded at the highest premium to net asset value as of Jan. 3, while the office, hotel and regional mall sectors traded at large discounts.

➤ Federal Reserve committee shift signals more aggressive stance on inflation

Even proponents of accommodative monetary policy on the Fed's rate-setting committee are arguing for interest rate hikes, one economist said.

OFFICE

* An entity associated with Boyd Watterson Asset Management LLC acquired the nine-story Columbia Bank Center in Tacoma, Wash., for $58 million in an off-market transaction, the Puget Sound Business Journal reported. A company affiliated with Christian Haub sold the 186,000-square-foot building.

* Highwoods Properties Inc. established a 50/50 joint venture with Brand Properties LLC to develop a 135,000-square-foot office building known as 2827 Peachtree in Atlanta's Buckhead business district. The partners plan to kick off construction during the first quarter, with completion expected in the third quarter of 2023.

RESIDENTIAL

* Virtu Investments LLC purchased the Cerasa apartment building in Bellevue, Wash., for $109 million. The property contains 154 units and was sold by Evergreen Point Development LLC.

* TA Realty LLC paid $91.2 million for an apartment complex in Raleigh, N.C., the Triangle Business Journal reported. TriBridge Residential LLC sold the 401 Oberlin Apartments property, which comprises 244 apartment units and retail space on the ground floor.

* Sares Regis Group Operating Inc. bought a class A+ community in Dallas from Lacera, Multi-Housing News reported. The buyer secured a $89.9 million loan originated by KKR Real Estate Finance Trust to secure the 325-unit Park Lane property.

INDUSTRIAL

* IDS Real Estate Group bought the 33-building Walnut Business Park in Walnut, Calif., for $108.6 million. The multitenant industrial park spans 330,946 square feet and is 100% leased.

* A Realty Income Corp. affiliate purchased an industrial property in Elkton, Md., from Mid-Atlantic Distribution Center LLC for $76.5 million, the Baltimore Business Journal reported, citing state records. The property at 515 Fletchwood Road spans 756,000 square feet, according to the report.

HOTELS

* U.S. hotel occupancy in the week ended Dec. 25, 2021, fell by 9.5 percentage points from a week prior to 44.3%, and it was down by 8.7 percentage points from the comparable week in 2019, according to data from STR, a company that tracks the hospitality industry. STR said that while closures and service disruptions related to the omicron variant of the coronavirus affected performance in New York City, overall U.S. occupancy was less impacted.

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