US retail sales rose 0.4% in June from the previous month, beating analysts' forecasts and capping a four-month stretch of increases, according to the Commerce Department. Sales increased in 11 of 13 categories, and overall sales were up 3.4% from June of last year.
Prologis has agreed to acquire Industrial Property Trust from Black Creek Group for $3.99 billion. The portfolio consists of 236 properties with 37.5 million square feet of industrial space.
Over the last several months, three money managers have issued $1.6 billion of "enhanced" collateralized loan obligations, which are structured to hold a larger amount of very low credit-rated loans than is typically seen in a CLO. These enhanced CLOs are worrying to investors already concerned about the US economy, and they highlight the decline in corporate loans' average credit ratings.
Medical Properties Trust has structured a $1.55 billion sale lease back with health care services company Prospect Medical Holdings for 14 acute care hospitals and 2 behavioral health hospital facilities. In separate transactions, the REIT has also invested in seven community hospitals for $145 million and one acute care hospital for $55 million.
Vornado Realty Trust has challenged two of Arcadia Group's seven planned Company Voluntary Agreements. While several British retailers have used CVAs to close stores and reduce their rent burdens, some property owners are starting to push back against the practice.
More than 12 investors are bidding for Anbang Insurance Group's portfolio of 15 luxury hotel properties, illustrating the still-strong demand for such assets. The highest bid is $5.8 billion.
Mack-Cali Realty has sold a 373,420-square-foot office building in Paramus, N.J., for an undisclosed amount. The buyer was a joint venture between Onyx Equities and Garrison Investment Group.
Jerry Barag, president and CEO of CatchMark Timber Trust, notes that timber prices and lumber prices are uncorrelated and that while lumber prices are typically volatile it doesn't affect the steady demand for timber. "Weak lumber prices can have long-term impacts on timber prices, but the dynamics of the manufacturing process and the raw materials are different from a capital standpoint," he says.
Apartment landlords have filed a suit in federal court, challenging the new rent regulations in New York on the grounds that it violates constitutional protections. The suit asks that the courts direct the state legislature to "go back to the drawing board and come up with something else," says Andrew Pincus, attorney for the landlords.
Freedom Development Group has purchased a 102,647-square-foot shopping center in Park Forest, Ill., within a federal Opportunity Zone. The three-building property is anchored by Family Dollar and includes an auto repair center and grocery store.
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