Editor's Note: Today's edition of the Daily Dose was published late due to technical issues. We apologize for the inconvenience.
Commercial real estate
* The median and average third-quarter sales prices in Queens, N.Y.'s residential market hit records of $600,000 and $651,216, respectively, The Real Deal reported, citing Douglas Elliman. The number of sales in the borough dropped year over year for the eighth consecutive quarter.
In Brooklyn, N.Y., overall prices were down but average co-op sale price set a new record, rising 7% from the previous quarter to $637,848.
* Jones Lang LaSalle Inc. is marketing the 1717 Rhode Island Ave. NW boutique office building in Washington, D.C., for sale, the Washington Business Journal reported. The fully leased, 157,050-square-foot property is owned by an affiliate of the Multi-Employer Property Trust and counts Uber Technologies Inc. and Revolution LLC among its tenants.
The 10-story property is assessed at around $82.3 million.
* Candice King, senior director of capital markets for WeWork Cos. Inc.'s real estate investment platform ARK, said at a Women in Real Estate conference hosted by the NYU School of Professional Studies in New York that real estate lenders should refrain from having a blanket policy against lending to landlords who count coworking companies as tenants, Bloomberg News reported.
King also said ARK's equity partners remain "very committed," according to the news outlet. Canada's Ivanhoe Cambridge has pledged $1 billion toward ARK's $2.9 billion target to buy stakes in buildings where WeWork occupies space.
* Investment manager Rockpoint Group LLC has raised more than 60% of its $3.25 billion target commitments for an opportunistic real estate fund, IPE Real Assets reported, citing sources that track fundraising.
Rockpoint Real Estate Fund VI will invest in offices, hotels and residential assets in the U.S.
* Meritage Properties sold a class A office campus at 200 American Metro Blvd. in Hamilton, N.J., to The Birch Group for $85 million, Commercial Property Executive reported. The 487,072-square-foot property previously changed hands for $67.6 million in 2006, the report noted, citing Yardi Matrix data.
* Starwood Capital Group plans to redevelop part of the 1.27 million-square-foot Mall at Wellington Green in Wellington, Fla., the South Florida Business Journal reported. A roughly 112,000-square-foot former Nordstrom space would be demolished to make way for mixed-use buildings.
The first phase will comprise 700 multifamily units in two buildings, 150 hotel rooms in a 107,000-square-foot building and 22,000 square feet of restaurant space along with 8.25 acres of recreational space that would include a 3.5-acre Crystal Lagoon. The second phase would add 350 multifamily units, 150 hotel rooms and 90,000 square feet of office space.
* Rents for smaller U.S. warehouses, those between 70,000 and 120,000 square feet, have increased more than 33.7% over the past five years fueled by the e-commerce boom, The Wall Street Journal reported, citing CBRE Group Inc. The availability rate of these smaller spaces fell to 7.4% from 11.3% during the period, marking the largest decline compared to other warehouse classes.
Overall industrial rents rose by 23.9% between the second quarter of 2014 and the second quarter of 2019 while leasing costs for bigger warehouses spanning more than 250,000 square feet rose by 15.6%.
CBRE expects U.S. industrial rents to grow roughly 5% in 2020, the report noted, citing Matthew Walaszek, CBRE's associate director of industrial and logistics research.
* Melcor Real Estate Investment Trust agreed to acquire a 283,235-square-foot retail power center in Grande Prairie, Alberta, from an undisclosed third party for about C$54.8 million.
After the bell
* Partners Real Estate Investment Trust agreed to a buyout deal by real estate owner and developer McCowan and Associates Ltd. for 78 Canadian cents per unit in cash, concluding the REIT's strategic review launched earlier in 2019.
* Private equity real estate transactions during the third quarter totaled 2,044 with a combined value of $98 billion, a substantial drop from the year-ago figures of 2,410 deals with an aggregate value of $120 billion, according to the latest data from Preqin.
The Daily Dose has an editorial deadline of 7 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
