Week in Review for July 21 ? 27:
- Liberty Property Trust (NYSE: LRY) acquires 30.7 acres for an industrial park development in Pennsylvania?s Lehigh Valley. Construction for the property, which Liberty bought?for?$4.2 million, is scheduled to begin in November.
- On a similar note, the industrial/warehouse sector enjoys increasing demand as it rebounds from the ?08-09 downturn. Though rents are yet to increase, CoStar reports, a lack of new inventory is driving increasing competition for existing portfolios.
- According to Morningstar (NASDAQ: MORN), real estate funds have posted an average annual return of 33% for the past three years, ahead of all other funds the firm tracks.
- As worldwide interest rates remain extremely low, Singapore-based hospitality firm Far East REIT bets on increased investor interest in REITs as it prepares for a $558 million (USD) IPO.
- In the U.S., meanwhile, CommonWealth REIT (NYSE: CWH) plans a public offering of $175 million of unsecured senior notes. It plans to use this funding to pay back outstanding loans and possible property acquisitions in the future. ?
- One Loudoun Downtown, LLC, a joint venture of Miller and Smith and North American Sekisui House (NASH), begins development of a 358-acre master-planned community in Loudoun County, Virginia. This mixed-use development will be constructed in two phases, and will include a hotel, retail, offices, multifamily, and town homes. Much of its mixed-used space will be built for LEED certification.
- Despite the strong growth of industrial real estate in the U.S., the manufacturing sector of the economy slows to its lowest level since 2010, reports Reuters.
- According to a survey by KPMG, commercial real estate executives? outlook?toward both their industry and the broader economy?has declined since last year.
- Agree Realty Corp. acquires three Wawa?convenience store/gas stations in Pennsylvania, Delaware, and New Jersey. The firm purchased the properties for $14.2 million, which included the assumption of their remaining mortgage debt. Agree Realty is also working with Wawa as the chain expands in Florida.
Source: http://llenrock.com/blog/commercial-real-estate-week-in-review-159/
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