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Forest City plans mixed-use Dallas project; Modell's selling NY warehouse

Commercial Real Estate: 2020 Review

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


Forest City plans mixed-use Dallas project; Modell's selling NY warehouse

Commercial real estate

* Forest City Realty Trust Inc. partnered with Trademark Property to develop the 40-acre, mixed-use Trinity River park project on Riverfront Boulevard in Dallas, The Dallas Morning News reported. Preliminary plans for Trinity Park include 400,000 square feet of shopping and restaurant space, as well as 3.5 million to 4.0 million square feet of commercial and residential space.

The developers are poised to buy vacant land on both sides of the Margaret Hunt Hill Bridge, with plans to link the properties with new roadways under the bridge. Forest City Senior Vice President Jim Truitt told city planners and designers that the company plans to provide mixed-income housing as part of the project, in return for public funding, the report noted.

* The Modell family, which own the Modell's sporting apparel and equipment retail chain, are nearing the sale of a warehouse on Marconi Avenue in the Bronx, N.Y., for more than $100 million, Crain's New York Business reported, citing several sources with direct knowledge of the deal. The publication noted that it was not immediately clear who is buying the two-story, nearly 300,000-square-foot property.

* A Vermont county and Propy, a San Francisco-based startup developing a blockchain-powered registry for real estate transactions, closed on a $10 deal that marked "the first complete blockchain deal in the U.S.," The Real Deal reported. The news outlet noted that Katherine Purcell transferred her Burlington, Vt.-based property to her limited liability company, showing "how property records registered via the public Ethereum blockchain would be recorded and what the resulting documentation would look like."

Propy founder and CEO Natalia Karayaneva said her company is looking to determine "how to make sure that your title deed, your property rights, will be there forever."

* A partnership among Gerry Ranglas/RV Management, Wermers Properties and Loma Linda University Endowment bought the 336-unit Tuscany Ridge apartment community in Peoria, Ariz., for $54 million, the Phoenix Business Journal reported. The seller is a New York-based pension fund adviser represented by CBRE Multifamily Institutional Properties in Phoenix.

* Washington D.C.-based Crown Acquisitions Inc. paid roughly $50.3 million for the 240-unit College Square apartments in Davis, Calif., the Sacramento Business Journal reported, citing property records. The buyer could make upgrades and add to the property's value, or consider renting some units by the bed, the publication said, citing Sal Saglimbeni, an adviser with Marcus & Millichap who worked on the deal.

* Landlord PCCP LLC is still marketing the two-tower Northstar Center in downtown Minneapolis despite a recent $62.7 million sale deal with a Taconic Capital Advisors LP affiliate, the Minneapolis / St. Paul Business Journal reported. The deal was meant to keep the building from foreclosure while PCCP searches for a buyer, the report said, adding that the company has now entered into a joint venture with Taconic and Somera Road Inc. The complex includes a 222-room Crowne Plaza hotel and a 955-stall parking ramp at Sixth Street and Marquette Avenue.

* The Property Markets Group is planning to build a three-tower, 867-unit apartment project in downtown Orlando, Fla., across from the Orange County Courthouse, Orlando Sentinel reported, citing property records.

* Major discount retailer Dollar General agreed to lease over 240,000 square feet of warehouse space in a new building developed by Tejon Ranch and Majestic Realty Co. The building is located at Tejon Ranch's 1,450-acre masterplanned Tejon Ranch Commerce Center near the Los Angeles basin.

* The EB-5 immigration visa program, which is used as a source of funding for a number of high-end condominium projects, is being extended by six months, Mansion Global reported, citing a $1.3 trillion spending bill passed by the U.S. Congress March 23. The extension will do nothing to reform the program, the report noted.

The day ahead

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

In Asia, the Hang Seng was up 0.79% at 30,548.77. The Nikkei 225 rose 0.72% to 20,766.10.

In Europe as of midday, the FTSE 100 was up 0.45% at 6,952.81 and the Euronext 100 was up 0.27% at 999.02.

On the macro front

The Chicago Fed National Activity Index and the Dallas Fed manufacturing survey are due out today.

Now featured on S&P Global Market Intelligence

* Data Dispatch: Most US REITs top Q4'17 earnings forecasts: All publicly traded real estate investment trusts in the industrial and self-storage sector surpassed their fourth-quarter 2017 consensus earnings estimates, while 69.2% of diversified REITs missed their consensus earnings estimates.

* Data Dispatch: US REIT capital markets activity drops 39% YTD: Chart Watch: U.S. real estate investment trusts completed four capital offerings in the first half of March totaling $813 million, excluding offerings by existing shareholders.

* Data Dispatch: Healthcare's inefficiences make sector appealing to private equity: Announced private equity and venture capital U.S. healthcare deals reached an all-time high in terms of number of deals in 2017, with 128 deals valued at approximately $14.2 billion announced last year, S&P Global Market Intelligence data shows.

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