4 Apr, 2022
Blackstone buys Canada assets for C$230M; Nitya eyes $500M for multifamily fund
TOP NEWS IN REAL ESTATE
* Canadian real estate company Kevric Real Estate Corp. sold the 1100 Atwater office building and the Air Canada Tower in Montreal for a total of over C$230 million. Blackstone Inc.'s Blackstone Real Estate acquired the properties from Kevric, which retained an interest in the buildings.
* Real estate investment firm Nitya Capital seeks to raise $500 million for its first fund focused on buying multifamily properties, the Houston Business Journal reported. The Nitya Opportunity Fund I is looking at raising $200 million at its initial close in May.
➤ Average short interest in US REITs edges higher in 1st half of March
Healthcare Realty Trust's 8.7-percentage-point spike in short interest to 12.4% of its shares outstanding boosted the healthcare sector's average as of March 15.
➤ US companies further trim pandemic-era cash buffers
The median cash ratios of U.S. corporations is at the lowest level since the fourth quarter of 2019 as companies run down the liquidity buffers they built up at the start of the COVID-19 crisis.
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OFFICE
* Manulife Investment Management sold a two-building office campus in San Diego to an unnamed buyer for $145 million, Commercial Property Executive reported. The Governor Pointe Business Park spans more than 200,000 square feet and is fully leased to Mitchell International and University of California, San Diego.
* Rubenstein Partners LP acquired the 5600 Headquarters Drive office property in Plano, Texas, for an undisclosed amount. The property spans 250,000 square feet on a 27-acre site.
RESIDENTIAL
* S2 Jupiter Island LLC, part of S2 Capital LLC
* Lincoln Avenue Capital LLC is acquiring an apartment complex in Amherst, N.Y., from Sutton Place of America LLC for about $40.8 million, the Buffalo Business First reported, citing documents filed with the Amherst Industrial Development Agency. The buyer expects to close the transaction in the second quarter and spend an additional $36.4 million to renovate the 246-unit Sutton Place Apartment.
* FriedLam Partners LLC paid roughly $63.4 million for an apartment community in Durham, N.C., the Triangle Business Journal reported, citing Durham County property records. A limited liability company in care of Concordia Properties sold the 1972-built SoHo Apartment Homes with 400 units across a collection of two-story buildings.
* USA Properties Fund Inc. is building a $63 million affordable apartment community in Portland, Ore. The Canopy Apartments at Powell will comprise 169 units and is expected to be completed by late 2023.
INDUSTRIAL
* Amazon.com Inc. agreed to sublease its industrial facility in San Leandro, Calif., to logistics company Dependable Highway Express Inc., the San Francisco Business Times reported, citing sources familiar with the property. The sublease for the 294,146-square-foot facility at 200 Halcyon Drive is for five years.
* Logistics Property Co. LLC is set to begin the construction of a new logistics facility in Aurora, Ill., the Chicago Business Journal reported. The Butterfield Distribution Center will feature 271,000 square feet on 17.6 acres and is expected to be delivered in early 2023.
HOTELS
* The Radco Cos. acquired The American Hotel in Atlanta from Legacy Ventures Hospitality for an undisclosed amount. The seller will continue to provide management services for the 315-room hotel.
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