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16 Mar, 2021
By Dawood Fakhir
TOP NEWS IN REAL ESTATE
* A 50/50 joint venture between funds managed by Blackstone Group Inc.'s Blackstone RE Partners and Starwood Capital Group agreed to acquire Extended Stay America Inc. and its paired-share real estate investment trust, ESH Hospitality Inc., for nearly $6 billion, or $19.50 per paired share. The all-cash transaction represents a premium of 15.1% over the March 12 closing stock price.
* JRK Property Holdings acquired the 164-unit Harrison Glendale mixed-use luxury multifamily property in downtown Glendale, Calif., for $90.7 million in an off-market transaction, L.A. Biz reported. The property includes two five-story LEED-certified buildings and a 15,100-square-foot retail space.
➤ Path less certain for PPP deadline extension in Senate than House
While banking groups are lauding legislation that would extend the deadline for Paycheck Protection Program loan applications, its passage in the upper chamber of Congress is not guaranteed.
➤ Top SEC official signals ESG disclosures are coming
"Human capital, human rights, climate change — these issues are fundamental to our markets, and investors want to and can help drive sustainable solutions on these issues," SEC acting Chair Allison Herren Lee said at a March 15 virtual event.
OFFICE
* Demand for office space in Silicon Valley, Calif., is on an upward trajectory since the beginning of the new year, the Silicon Valley Business Journal reported, citing new data from commercial real estate brokerage Newmark. Jon Mackey, executive managing director at the brokerage's San Jose, Calif., office, attributed the rise in inquiries to the increasing clarity on how the vaccines were going to work, according to the report.
RESIDENTIAL
* An affiliate of Laramar Group acquired the 241-unit City Gate Apartment Homes apartment complex at 2890 Brighton Blvd. in the River North Art District of Denver for about $83.9 million, the Denver Business Journal reported, citing property records. A Mesirow Financial Holdings Inc. affiliate originally purchased the property for $52.1 million in 2014, the publication said, citing records.
* Morgan Properties LLC and Olayan America acquired four apartment complexes in Boca Raton and West Boca, Fla., for a total of approximately $126.2 million as part of a $1.75 billion national portfolio deal, the South Florida Business Journal reported. The communities include the 191-unit Savannah Place apartment complex west of Boca Raton, Fla., purchased for $31.1 million; the 235-unit Camino Real Apartments & Townhomes bought for about $46.8 million; the 180-unit Tuscany Pointe at Boca Apartments Homes at 23054 Post Gardens Way, which was acquired for $30.7 million; and the 106-unit Somerset Place Apartments & Townhomes at 5614 Wellesley Park Drive, which traded for $17.7 million.
* The COVID-19 pandemic gave rise to the biggest housing boom since 2006, just before the housing bubble burst and set off a global recession, according to a report by The Wall Street Journal. However, the current boom is different as the mortgages are stricter, down payments are higher, and the prices are being supported by a tight supply, the publication said.
INDUSTRIAL
* Real estate investment trust Duke Realty Corp. said it reached eight new development deals since the start of the first quarter. The projects will cost about $373 million and total 3.7 million square feet. The properties are 58% preleased.
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