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Gramercy buys $521M logistics portfolio; San Francisco office sold for $350M

Commercial real estate

* Gramercy Property Trust Inc. said it closed a $521 million acquisition of a core logistics portfolio comprising 17 bulk warehouses.

The 10.3 million-square-foot, class A portfolio has 15 "stabilized assets" and two "value-add" assets. The deal takes the company's 2016 investment volume to more than $1.3 billion.

* American Realty Advisors acquired the fully leased Foundry Square III office property in San Francisco's SoMa district for around $350 million, the San Francisco Business Times reported, citing a source familiar with the property. The deal, at $1,200 per square foot, is one of the highest per-square-foot prices ever paid for a commercial building in the city, the report said.

Tishman Speyer and J.P. Morgan Asset Management sold the 10-story, 291,093-square-foot building. The sellers invested $170 million for its development, and the property opened in 2014, according to the report.

* A subsidiary of Thailand-based residential developer Land and Houses PCL snapped up the Yard apartment tower in Portland, Ore., for approximately $126.7 million, according to a filing. The 284-unit property is around 50% occupied.

The Portland Business Journal noted in a report that the developers of the 21-story asset had not been looking to sell the property, but the offer apparently proved "too good to refuse."

* The Durst Organization acquired the Clock Tower development site in the Long Island City neighborhood of Queens, N.Y., for about $175 million, with plans to build a large rental project on the site, The Real Deal reported.

Property Markets Group and Hakim Organization sold the property, which allows for a project of around one million square feet. The sellers had previously planned to build an 800-unit project on the site, the report said.

* There is a $120 million redevelopment plan by BET Investments for the shuttered Granite Run Mall in Media, Pa., The Philadelphia Inquirer reported. BET is run by Michael Markman and Toll Brothers Inc. co-founder Bruce Toll.

The project involves 400 apartments along with retail, entertainment and healthcare space. The plans reflect a growing trend of converting defunct malls into mixed-use projects, the report noted.

* China Oceanwide Holdings Ltd., which acquired three land parcels totaling 26.27 acres in Honolulu, Hawaii, for $280 million through a subsidiary, said it plans to develop an international luxury resort on the site under the Atlantis brand. The company is planning approximately 800 hotel rooms, about 524 luxury residential units, restaurants and a waterpark, among other features, according to a filing.

* The Puget Sound Business Journal reported that the recent sale of the One Twelfth @ Twelfth office campus in the Seattle submarket of Bellevue, Wash., set a new record at approximately $202.7 million.

The three-building, class A asset comprises 480,389 rentable square feet and is fully leased.

* Procter & Gamble completed an $83 million deal to transfer 2.4 acres at Fort Point Channel in Boston in two portions for General Electric's planned headquarters, The Boston Globe reported. State agency MassDevelopment acquired more than an acre with two vacant buildings for $57.4 million and General Electric bought the remaining portion for $25.6 million, the report said.

The land was acquired in two portions as the state agency used a grant program that only distributes funds to public agencies. The agency plans to redevelop the two buildings. Massachusetts Gov. Charlie Baker pledged $120 million in incentives for General Electric to shift its headquarters from Connecticut, with state officials recently increasing the amount to $125 million, the report said.

After the bell

* Gazit-Globe Ltd. said it will not proceed with a planned public offering of convertible unsecured subordinated debentures in Canada due to "current market conditions," just days after filing the preliminary prospectus for the C$90.0 million issuance.


* Home sales in the seven-county metro Chicago area jumped 18% year over year in November to reach the highest level for the month since 2005, according to RE/MAX. Sales had fallen 5% on the year in October.

The November median sale price increased 9% from the year-ago period.

* The median sale price for Orlando, Fla., homes increased 8.70% year over year in November, and home sales that closed in November were up 6.71% on the year, the Orlando Regional REALTOR Association reported.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng slipped 0.18% to 22,020.75, while the Nikkei 225 increased 0.66% to 19,401.15.

In Europe, around midday, the FTSE 100 was up 0.31% to 7,020.64, and the Euronext 100 was up 0.57% to 927.51.

On the macro front

The market focus report, the housing starts report and the Atlanta Fed Business Inflation Expectations report are due out today.

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The Short Report: REIT short interest down in November 2nd half: Short interest among U.S. equity REITs fell 20 basis points on average to 3.20% of outstanding shares during the second half of November.

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