Asset Class Archives - Page 7 of 124

Asset Class

July 28, 2023

Apartment Developers Turn to Non-Bank Lenders for Construction Loans

Apartment developers are finding ways to pay for new construction projects–without using loans from traditional banks. For years, multifamily developers have relied on large, short-term loans from banks to finance the construction of new apartment buildings. But rising interest rates and a string of banks failures—most prominently Silicon Valley Bank, Signature Bank and First Republic…

July 27, 2023

ExchangeRight Fully Subscribes $98 Million Net-Leased Portfolio Designed for Recession Resilience

ExchangeRight, one of the nation’s leading providers of diversified real estate DST and REIT investments, has announced that it has fully subscribed its Net-Leased Portfolio 59 DST, a $98,345,000 offering totaling 261,644 square feet and net-leased to grocery, pharmacy, medical, and other necessity-based national tenants operating essential businesses. The portfolio has been structured to provide…

July 26, 2023

West Coast Cities Slam Brakes on Housing Production Amid Worsening Crisis

Up and down the West Coast apartment construction sites are falling quiet despite high demand in a worsening housing shortage. Fewer multifamily projects have broken ground this year from Seattle to San Diego in one of the slowest starts to apartment construction in a decade. In San Jose, no apartments have broken ground after more…

July 26, 2023

PetSmart’s Owner Sells Minority Stake to Apollo

PetSmart’s majority owner, BC Partners, has entered a definitive agreement to sell a minority stake in PetSmart to funds managed by affiliates of Apollo, an asset management business. BC Partners, alongside co-investors including GIC and the PetSmart management team, will remain the majority shareholder of PetSmart and retain control of the Board.

July 26, 2023

Public Storage to acquire Simply Self Storage for $2.2 billion

Self-storage operator Public Storage (PSA.N) said on Monday it has entered a deal to buy Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion, as it looks to expand its market presence. Demand for storage space has waned from the heights of the pandemic, as people return to offices, and some analysts expect…

July 25, 2023

Why Blackstone Was Able To Turn Simply Self Storage Into an Extra $1 Billion in Under Three Years

Blackstone Real Estate Income Trust's deal to sell Simply Self Storage to Public Storage for $2.2 billion signals more than the seller collecting $1 billion over what it paid less than three years ago. It also indicates optimism about long-term self-storage demand in certain parts of the country didn't ease with the pandemic...

July 24, 2023

‘I’ll Show You Mine, You Show Me Yours’: More Office Tenants Looking At Owners’ Books Before Signing Leases

It's traditional in lease negotiations for the owner of an office building to ask a prospective tenant to show proof that they are in good financial standing and can be expected to pay rent every month....

July 21, 2023

US Hotel Occupancy, Daily Rates Jump in Week Ended July 15

US hotel performance improved in all three metrics during the week ended July 15, STR reported, citing the latest data from CoStar, which provides information and analytics in the property markets. Occupancy increased to 72.0% from 61.8% a week earlier and was up 0.1% from the comparable week in 2022.

July 19, 2023

Newly Formed BGO Industrial REIT Acquires Interest In 9.4M SF Portfolio

BGO Industrial Real Estate Income Trust, a nontraded REIT formed by investment management firm BentallGreenOak, acquired an interest in a 9.4M SF industrial “seed portfolio” of 29 buildings in the Midwest.