Alexandria details over $1B pending sales; Blackstone REIT gets $690M loan

TOP NEWS IN REAL ESTATE

* Office real estate investment trust Alexandria Real Estate Equities Inc. is selling or is in talks to sell stakes in a number of properties for up to $1.72 billion. Among the properties is a 66% stake in 50 and 60 Binney in Cambridge, Mass., which the REIT is selling for $798.6 million.

* Blackstone Real Estate Income Trust Inc. secured a $690 million financing for a portfolio of 44 net-leased industrial, office and data center properties across the U.S. Wells Fargo Bank and the New York agency of Singaporean lender United Overseas Bank provided the two-year floating-rate loan for the portfolio, which spans 6.85 million square feet across 10 states.

➤ Majority of US REITs top consensus FFO estimates for Q3

Nearly 70% of U.S. REITs surpassed their consensus funds from operations estimate for the third quarter of 2021, with only 15% missing their earnings estimate.

➤ US housing market: October's new, existing-home sales up barely over prior month

Chart Watch: New and existing-home sales rose slightly month over month in October, while housing starts fell from the previous month.

OFFICE

* City Office REIT Inc. closed the sale of its life sciences holdings in San Diego's Sorrento Mesa submarket for $576 million.

* Shorenstein Properties LLC acquired a newly built office building in Denver for $72 million, Commercial Property Executive reported, citing Denver County records. The Rev360 transit-oriented property features 170,000 square feet across five stories.

* Boston Properties Inc. leased 166,000 square feet of space at its 880 Winter St. life sciences conversion project in Waltham, Mass., comprising 115,000 square feet leased to TScan Therapeutics Inc., 37,000 square feet leased to RVAC Medicines and 14,000 square feet leased to EdiGene.

RETAIL

* CTO Realty Growth Inc. acquired a multi-tenant retail property in Raleigh, N.C., for $70.5 million. The 2005-built Beaver Creek Crossings property offers 320,600 square feet.

RESIDENTIAL

* GL Homes bought 334.5 acres of farmland near Boca Raton, Fla., for a total of $215 million to make way for a planned community, the South Florida Business Journal reported.

* Concordia Properties Inc. acquired the 454-unit Country Club apartment community in Charlotte, N.C., from Jem Holdings LLC for $75 million.

HOTELS

* Key International Inc. and Wexford Real Estate Investors acquired a beachfront hotel in Pompano Beach, Fla. The 219-suite Fort Lauderdale Marriott Pompano Beach Resort & Spa was purchased for $54 million, the Commercial Observer reported.

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