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Essential IR Insights Newsletter - February 2023

Simon introduces new Texas mall wing; Kilroy signs up Amazon at Seattle project

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* Simon Property Group Inc. introduced a new wing at The Galleria mall in Houston that will feature 110,000 square feet of retail and restaurant space. The company is investing $30 million in the conversion of the former Saks Fifth Avenue store into Galleria IV and expects most of the new shops to open in the second quarter of 2017, the Houston Business Journal reported.

* Kilroy Realty Corp. signed for a 12-year lease at the REIT's 320,000-square-foot Westlake Terry office development in greater Seattle's South Lake Union neighborhood. Westlake Terry comprises 320 Westlake Avenue North and 321 Terry Avenue North.

* Wheeler Real Estate Investment Trust Inc. acquired the 151,673-square-foot Franklin Village shopping center in Kittanning, Pa., for $13.1 million. The 98%-occupied property, which is anchored by Shop 'n Save and Big Lots, is the company's first asset in the state.

* Reven Housing REIT Inc. agreed to buy as many as 72 single-family homes in the Birmingham, Ala., metropolitan area in a roughly $5.6 million portfolio deal with Easy Rentals LLC. The transaction covers 65 properties that are leased for one year, one on a month-to-month lease and six that are vacant.

* Pro Real Estate Investment Trust completed its purchase of four Canadian properties that are part of the roughly C$58.3 million, 11-property deal it announced in October. The company paid C$21.8 million for the four assets, which are in Nova Scotia and Prince Edward Island.

* Fibra Inn is investing 176.8 million Mexican pesos to convert the Arriva Express Guadalajara Plaza del Sol Hotel in Mexico to the AC Hotels by Marriott brand. Renovation of the hotel kicked off in December, with operations likely to begin in the second quarter of 2017.

Additional coverage

Wynn Resorts forming $472M JV for Las Vegas retail: Crown Acquisitions will pay $472 million for a 49.9% interest in a portion of Wynn Resorts' retail space.

Investors Real Estate to buy back up to $50M of shares, nears $300M in financing: The company also detailed a financial guidance revision, preferred share redemption and recent property transactions.

Hudson Pacific picks up stake in Calif. office campus for $150M: The acquisition adds to the company's footprint in Stanford Research Park in Palo Alto, Calif.

Liberty Property Trust issues FY'17 guidance, details development activity: The company said it expects to cut its dividend as a result of its strategic repositioning and property sales.

Bluerock Residential JV closes $76M Ga. apartment acquisition: The company invested about $25.5 million for a 98% equity stake in the venture.

BRT Realty Trust to change name to BRT Apartments Corp.: The company's board approved a plan to convert its jurisdiction and form of organization to a Maryland corporation.

Smart REIT forming JV for C$75M Canadian project: The REIT is partnering with Jadco Corp. to develop two towers on a portion of its shopping center lands in Greater Montreal.

As of Dec. 13, US$1 was equivalent to 20.25 Mexican pesos.