Commercial Real Estate & Business News – November 5, 2015

Private Equity Funds Sitting on $244 Billion of Cash Earmarked for CRE

In case anyone thought private equity funds might start shying away from ever-pricier commercial real estate, the numbers would say otherwise. CRE private equity funds ended the third quarter with $244 billion of dry powder available for investment, according to the Preqin, a leading source of data and intelligence on the alternative assets industry, including real estate. North American-focused funds constitute the largest proportion of that dry powder, with 52% of that focused on this region... Read more »

CRE Investors Begin to Rethink Strategy

Good news seems to abound when it comes to the US economy, and investors both foreign and domestic have responded throughout the year by looking for deals in the nation's commercial real estate. And with property performance fundamentals improving, the market does not seem to have any real weaknesses, according to a third-quarter investment outlook just published by Chicago-based JLL. Rents in each sector, for example, will most likely strengthen in 2016... Read more »

From Massachusetts to Mesa: Transmission parts distributor buys property for $18.6M

The owner of a Massachusetts transmission parts distributorship has bought a Mesa apartment property for $18.6 million. Dean Curtis’ Deancurt Mesa II LLC has bought the 204-unit Bayview Apartments from a California entity called New Bayview Apartment Properties LLC. The sale amounts to $91,000 per unit. Curtis’ Dean Transmission Parts is based in Agwam, Massachusetts near Springfield and the Connecticut border... Read more »

Pillar at Scottsdale Sells for $95.8M

Seattle-based PrivatePortfolio Group LLC sold the Pillar at Scottsdale multifamily complex at 17212 N. Scottsdale Rd. in Scottsdale, AZ to Security Properties, Inc. and Intercontinental Real Estate Corporation for $95.75 million, or about $178,000 per unit. Located in the Outer Scottsdale Airpark submarket of Maricopa County, the 584,324-square-foot multifamily property was built in 1999 on 28.5 acres. The 539- unit apartment complex is comprised of a mix of... Read more »

Walgreens-Rite Aid Merger Will Significantly Impact Net Lease Sector

Like other retail sectors, the drug store sector continues to consolidate. Walgreens Boots Alliance Inc. recently announced plans to acquire Rite Aid, and the $17.2 billion deal would pare the drug store sector to two national players—Walgreens and CVS. The acquisition will likely have a significant impact on the retail real estate industry, particularly the net lease sector, experts contend... Read more »

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