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Essential IR Insights Newsletter - February 2023

Pfizer screens brokers for HQ sale; California warehouse rates expected to rise

Commercial real estate

* Pfizer is looking to appoint a real estate adviser for the sale of its headquarters complex on East 42nd St. in Manhattan, N.Y., as it plans to consolidate its operations into a more technologically modern location in the city, the New York Post reported. The two buildings span a total area of 975,000 square feet.

CBRE, Cushman & Wakefield, Avison Young and Newmark Grubb Knight Frank took part in the contest.

* CWCapital Asset Management has put the $149.4 million loan that backed UBS Group AG's trading floor complex in Stamford, Conn., on the market, Bloomberg News reported, citing a source. The buyer of the "matured non-performing" loan would control the former UBS property, the report noted.

* Marijuana growers in California are expected to raise demand for warehouses as legal pot companies search for space to grow their supply, according to a report from Reuters. Prologis Inc., Rexford Industrial Realty Inc. and Terreno Realty Corp. are among the industrial warehouse companies that should benefit even if they do not directly lease to marijuana companies, the report noted, citing fund managers and analysts.

* Holliday Fenoglio Fowler LP closed the sale of The Addison in downtown Brooklyn, N.Y., on behalf of Waterton. The 271-unit, multihousing property was sold to Bentall Kennedy for about $154.3 million.

* A SmartStop Asset Management LLC affiliate made a foray into the student housing market by acquiring a 186-unit student housing community, The Summit, for approximately $70 million. The seven-building property, purchased in a transaction facilitated by SmartStop Asset Management, is located next to the University of Nevada campus in Reno.

* The Ohio Bureau of Workers Compensation Board committed $50 million to Focused Healthcare Partners' Senior Housing Fund I, marking its first investment in the healthcare real estate market, IPE Real Estate reported. The fund will consider several property types including senior housing, skilled nursing and medical office, according to the report.

* Architecture and development company Flank bought Carlyle Group's stake in the Hilton Brooklyn in New York for $88 million to become the sole owner of the property, according to The Real Deal. Flank and Carlyle purchased the site in 2012 for $38.2 million to develop a 196-room hotel.

Flank refinanced the hotel with a $55 million senior bridge loan from M&T Bank and a $15 million mezzanine loan from Terra Capital, the report noted. The hotel is reportedly part of a mixed-use project at 265 State St. at the Boerum, which has 128 condo units.

* Software company Take-Two Interactive signed a 15-year lease for 61,383 square feet at Durst Organization's building at 1133 Sixth Ave. in Manhattan, The Real Deal reported. The company will occupy the entire second and third floors of the 1.1 million-square-foot asset.

* Liberty Property Trust acquired a five-acre industrial site in Chicago's O'Hare Airport metro area, with the company planning to redevelop the site starting in early 2017. Plans include the demolition of an existing 60,000-square-foot building, which will be replaced with a 96,962-square-foot high industrial building.

* Turtle Creek Village, one of Dallas' first mixed-use projects, is being sold, and is understood to garner a lot of interest from both investors and developers, The Dallas Morning News reported. Lincoln Property Co. purchased the 9-acre retail and office scheme three years ago after the project went into foreclosure.

* Real estate investment and development firm Gerding Edlen on Dec. 15 acquired Neponset Landing in Quincy, Mass., for $89.5 million, the Boston Business Journal reported. Northwestern Mutual Real Estate was the seller of the 280-unit luxury residential community.

After the bell

* Pebblebrook Hotel Trust closed the sale of the 618-room Manhattan NYC hotel in Manhattan, N.Y., for $217.5 million.

* Sunstone Hotel Investors Inc. has entered into a private placement agreement for $240 million of senior unsecured notes. The placement consists of $120 million of 4.69% senior notes with a nine-year term and $120 million of 4.79% senior notes with an 11-year term.

* Shareholders at Global Net Lease and ARC Global Trust II Inc. approved the two companies' combination in separate Dec. 20 meetings. The transaction is expected to close Dec. 22.

* City Office REIT Inc. acquired two class A office buildings in Phoenix for $101 million. The SanTan Corporate Center was picked up for $58.5 million from Columbia Property Trust Inc., which announced the sale Dec. 15, and 5090 N. 40th St. was acquired for $42.6 million.


Amaya Inc. former CEO David Baazov's plan to take the Montreal-based online gambling company private fell through, The Globe and Mail reported. Baazov said that the premium demanded by some shareholders of the company was more than what he and his investors were willing to pay, according to the publication.

The day ahead

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

In Asia, the Hang Seng was up 0.37% to 21,809.80, and the Nikkei 225 fell 0.26% to 19,444.49.

In Europe, as of midday, the FTSE 100 had fallen 0.10% to 7,036.59, and the Euronext 100 was down 0.36% to 928.34.

On the macro front

The Bank Reserve Settlement report, the MBA mortgage applications report, the EIA petroleum status report and the existing home sales report are due out today.

Now featured on S&P Global Market Intelligence

The Property Ledger: Crombie REIT closes asset sales; Automotive Properties to buy Montreal asset: The Dec. 20 edition of the North American property ledger also includes Mainstreet Health and UMH Properties closing on respective property purchases.

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