??? URW sells big mall, Compass ousts CTO and record rent hikes in South Florida slow | The Real Estate Rundown
THE RUNDOWN:
??? Unibail-Rodamco-Westfield sold Arcadia #mall for $538M
?? Record #rent hikes slow in #SouthFlorida
??? #Starwood buys Marathon Oil Tower out of #foreclosure
?? JM Schapiro drops $94M on suburban #Chicago #retail?
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THE DETAILS
??? Unibail-Rodamco-Westfield embraced its divestiture of United States assets when it sold the Westfield Santa Anita complex in Arcadia for $538 million. The sale, which came as part of the mall operator’s to divest from non-core properties in the U.S., was the largest retail transaction in the country since 2018.?
?? More changes are afoot at Compass. The brokerage last week parted ways with chief technology officer Joseph Sirosh and laid off some employees in its tech sector. The moves come as the company enacts a plan to cut costs in a hunt for profitability.
?? Rent in South Florida has seemingly been soaring since the start of the pandemic, but the record hikes have finally shown some signs of slowing down. As experts debate on the reasons behind the deceleration, prospective tenants simply want more relief.
??? In Houston, Starwood Property Trust purchased the Marathon Oil Tower out of foreclosure. Starwood is assuming the $50 million mezzanine loan and $88 million third-party first mortgage. The 41-story office tower was foreclosed upon during the second quarter.
? The Oakland Athletics have one of the most notorious stadium issues in North American professional sports. The MLB franchise could be on the move, but one popular destination that has been floated, Las Vegas, may not be a good fit. The governor of Nevada is reluctant to use public funds for a baseball stadium.
?? JM Schapiro went shopping in suburban Chicago last week. The CEO of Continental Realty Corporation purchased a portfolio of shopping centers in the area for $94 million from DiMucci Companies. The firm plans to target restaurant, entertainment and medical tenants to fill 150,000 vacant square feet.
Senior Real Estate and Real Asset Capital Raiser
2 年$100/ft for Class A office space, even in Houston, sure sounds cheap to me!
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
2 年Thank you for Sharing, The Rundown URW Sold Arcadia Mall and Compass CTO Rent Hikes in South Florida Slow.