S&P Global Market Intelligence offers our top picks of real estate news stories published throughout the week.

Commercial real estate investment in the US fell 57% year over year to $78 billion in the first quarter, according to a report from CBRE Group Inc.

Single-asset sales in the first quarter stood at $58 billion, down 55% on an annual basis, according to the commercial real estate services firm's "Q1 2023 U.S. Capital Markets Figures" report. Entity-level sales slipped 40% year over year to $9 billion.

Multifamily assets remained the most in-demand among real estate investors, raking in $25 billion during the period, although it plunged 64% compared with the same period in 2022.

Industrial and logistics properties came in second with $18 billion in volume, down 55% from a year ago.

CHART OF THE WEEK: Canadian REIT capital offerings up in Q1 QOQ

⮞ Publicly traded Canadian real estate investment trusts secured C$846 million in capital offerings in the first quarter, up from C$129.7 million raised the previous quarter.

⮞ C$806 million of capital was secured via debt offerings, while the remaining C$40 million was scored through common equity offerings.

⮞ The two sectors that pulled in capital were the retail sector with C$790 million and multifamily sector with C$56 million.

Financing

– SL Green Realty Corp. secured $500 million from a six-bank syndicate led by Crédit Agricole and Aareal Bank to refinance the 47-story office building at Third Avenue 919 in New York City, the Commercial Observer reported, citing a source with knowledge of the deal.

– Catalfumo Construction and Development Inc. obtained $340 million to build The Ritz-Carlton, a branded condominium development at 2200 PGA Blvd. in Palm Beach Gardens, Fla., according to the Commercial Observer. The financing was provided by Madison Realty Capital, the report said.

– Intercontinental Real Estate Corp. secured $150 million to finance the construction of 7 Seventy House, a 382-unit mixed-use development at 770 Jackson St. in downtown Hoboken, NJ, Multi-Housing News reported.

Property transactions

– Genting Group agreed to divest a 15.5-acre site at 1431 N Bayshore Drive along Biscayne Bay in Miami to SmartCity Miami LLC for nearly $1.23 billion, the South Florida Business Journal reported.

– Kearny Real Estate Co. sold the Corona Lakeside Logistics Center, a five-building, 730,000-square-foot spec industrial center in Corona, Calif., to GLP Capital Partners for $325 million, the Commercial Observer reported, citing sources.

– Blackstone Inc. paid $133 million to purchase the 473-unit Ellington Midtown apartment buildings at 17th St. in Atlanta from an affiliate of Goldman Sachs Asset Management LP, the Atlanta Business Journal reported, citing Fulton County property deeds.

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