Commercial Real Estate
Top stories summarized by our editors
2/22/2018

Host Hotels & Resorts placed three Hyatt hotels -- Andaz Maui at Wailea in Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point in Bonita Springs, Fla. -- under contract to buy for $1 billion. The REIT sold the Key Bridge Marriott in the Washington, D.C., region for $190 million and has a contract to sell the W New York for $190 million.

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GlobeSt
2/22/2018

Institutional investors are doubling down on their search for greater yield as commercial real estate deals become scarcer, interest rates rise and the opportunity for property appreciation lessens. "What is occurring now more so than in the past is that every institutional investor is looking for outperformance," says Brian McAuliffe of CBRE Capital Markets.

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CBRE Capital Markets
2/22/2018

REIT executives signal they are ready for the changing economic environment, with 87% confident in their business prospects, according to the BDO Global REIT Report. Nearly half, or 46%, of global REIT executives surveyed predict that growth will continue over the next two years, says Stuart Eisenberg, national leader of BDO USA's real estate practice.

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BDO USA, Stuart Eisenberg
2/22/2018

Slate Acquisitions reportedly is already selling some of the $1.14 billion in assets that it will acquire from Cominar REIT when the deal closes in March. Sources say it is about to sell a Toronto office tower and has put two retail centers on the market, all with the goal of avoiding land property transfer taxes.

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CoStar Group
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Cominar REIT, Slate, Cominar
2/22/2018

Bixby Land Co. and AXA Investment Managers have formed a joint venture to make up to $400 million in industrial property acquisitions. The JV will target assets in the $10 million to $40 million range, which is similar to Bixby's acquisition criteria.

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CoStar Group
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Bixby, AXA Investment Managers, Axa, JV
2/22/2018

Internal and external benchmarking is key if the real estate industry is to meet its goal of a 50% emissions reduction by 2030, according to Micah Brill, vice president at ULI Greenprint. Collaboration with tenants is also important, because they "really are responsible for maybe more than 50% of energy use at any given property," he said.

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Nareit
2/21/2018

About 57% of Costco members are also Amazon Prime members, compared to 13% five years ago, according to a survey from MoffettNathanson. "Americans appear to be buying into the concept of owning two 'shopping' memberships as the value proposition is fundamentally different," the firm wrote in a research note.

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Costco, Amazon
2/21/2018

Hurricane repairs, rising home values and millennials' big moves into home ownership gave Home Depot's same-store sales a 7.5% boost in the fourth quarter, topping analysts' estimates for 6.5% growth. The retailer has invested in customer service and tech improvements to drive higher sales at existing stores.

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Home Depot
2/21/2018

Gap brand President and CEO Jeff Kirwan has stepped down after three years and parent Gap Inc. has launched a search for a new chief, the company said Tuesday. Kirwan led efforts to create a more efficient supply chain and improve the fit and quality of its fashions.

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Jeff Kirwan
2/21/2018

Existing-home sales fell 3.2% in January month over month for a seasonally adjusted annual rate of 5.38 million, while the median sales price was 5.8% higher than a year ago. Year over year, sales were down 4.8%, the biggest drop since August 2014, according to the National Association of Realtors, reflecting a shortage in inventory.