Hammes closes $739M healthcare RE fund; Related, 13th Floor eye Fla. condo

TOP NEWS IN REAL ESTATE

* Private equity firm Hammes Partners raised $739 million for its healthcare real estate fund, the Milwaukee Business Journal reported. Hammes Partners IV invests a minimum of $10 million in healthcare properties.

* The Related Group and 13th Floor Investments LLC made a $500 million offer for the Castle Beach Club Condo in Miami Beach, Fla., the South Florida Business Journal reported, citing a document. The 1966-built beachfront condominium comprises 570 units across 18 stories.

➤ US housing market: 2022 opens with a 19.2% house price surge

The 20-City Composite index also logged a 19.1% year-over-year growth in January.

➤ US hotel occupancy drops slightly in week ended March 26 – STR

Hotel occupancy in the U.S. declined slightly to 65.5% during the week, while average daily rate and revenue per available room posted gains, according to data from STR.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

OFFICE

* Corum Real Estate Group and Fair Street Partners acquired a Macy's store in Boulder, Colo., for $32 million, the Denver Business Journal reported, citing property records. They plan to transform the department store in the Twenty Ninth Street Shopping Center into 154,000 square feet of open office space and 9,000 square feet of retail space.

* A joint venture between an institutional investor and CBRE Investment Management LLC acquired an interest in 100 Binney St. office building in Cambridge, Mass., from an undisclosed seller. The office and laboratory property spans 432,931 square feet and is anchored by Meta and Bristol Myers Squibb.

RETAIL

* First National Realty Partners LLC bought a Brandywine, Md. shopping center from a joint venture between Velocis LLC and Katz Properties LLC for $64 million, Commercial Observer reported March 31, citing a source with knowledge of the deal. Brandywine Crossing at 15802 Crain Highway spans 231,000 square feet and is anchored by a 60,000-square-foot Safeway.

* Seritage Growth Properties' board approved its plan to terminate its election to remain a real estate investment trust. The company will convert to a C corporation. It has obtained all needed approvals to terminate its REIT election, which will be retroactively effective Jan. 1.

INDUSTRIAL

* A joint venture between Staley Point Capital LLC and Bain Capital Real Estate LP acquired two industrial properties across California, Commercial Observer reported. The buyers obtained $70.3 million in debt for the acquisitions of a 159,964-square-foot warehouse facility in Santa Fe Springs and a two-building industrial complex totaling 154,485 square feet in Buena Park, according to the report.

* Summit Industrial Income REIT purchased a 50% stake in a joint venture related to a 40-acre property in the Aberfoyle Industrial Park in Puslinch, Ontario. The development-ready site at 7475 McLean Road can accommodate about 790,000 square feet of density.

* A Vecellio Group Inc. affiliate secured a construction loan worth around $52.7 million to develop an industrial park near West Palm Beach, Fla., the South Florida Business Journal reported. The development will comprise three warehouses totaling 435,800 square feet.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.