- Blackstone Real Estate Income Trust Acquires WPT Industrial Real Estate Investment Trust (WPTIF) for $3.1B “WPT Industrial Real Estate Investment Trust and Blackstone Real Estate Income Trust, Inc. announced today that WPT has entered into an arrangement agreement under which BREIT will acquire all of the outstanding units of WPT through a series of transactions that will result in unitholders receiving US$22.00 per Unit in an all-cash transaction valued at US$3.1 billion including the assumption of debt.” (Via press release)
- Cushman & Wakefield Names John Forrester as Next CEO “It’s the end of the second quarter, but Cushman & Wakefield is already looking toward 2022, naming Global President John Forrester as the brokerage’s next CEO. Effective Jan. 1, 2022, Forrester will replace current CEO and executive chairman Brett White, who has worked at C&W for the past six years, plans to remain as executive chairman — presiding over strategy, mergers and acquisitions, and succession planning — and will work closely with Forrester.” (Commercial Observer)
- Companies Thought They Had Plans for Fall. Now They Are Scrapping Them. “No longer is a September return a target for many companies. Some employers, such as banking giant Wells Fargo & Co. and managed-care company Centene Corp., have in recent days shifted return-to-office dates to October. Meanwhile, a range of other prominent companies now predict it will be 2022 until most workers return.” (The Wall Street Journal)
- Multifamily Investment Reached a Record $53B in Q2 “As transactions have risen, strong investor demand has pushed cap rates lower. This is especially true in hot markets like Phoenix, Dallas/Ft. Worth and Austin. Dallas/Ft. Worth led the way in apartment investment in the first half with $7.7 billion changing hands. That represented 8.4% of total sales in the US. The metro posted a 74.8% increase over its first half 2020 volume and a 50.4% increase over its first half 2019 volume.” (GlobeSt.com)
- LA tenants now have more options to sue landlords for harassment “Although state laws banning landlord harassment are already in place, L.A. tenants and advocates have argued that beefed up local protections were a necessary defense against a rising tide of aggression by landlords who turn to nasty intimidation tactics as a displacement strategy. The problem has likely been exacerbated during the pandemic, as many renters have been unable to make payments and eviction moratoriums have prevented landlords from initiating legal proceedings. L.A. County’s eviction moratorium runs through September.” (The Real Deal)
- Marcus & Millichap (MMI) Beats Q2 Earnings and Revenue Estimates “Marcus & Millichap (MMI) came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.” (Zacks Equity Research)
- WeWork and Cushman & Wakefield Are Forming $150 Million Partnership “As part of the alliance, Cushman would make a $150 million investment in the planned merger between WeWork and a public company later this year. That merger, expected to value WeWork at $9 billion including debt, will cap off the firm’s effort to reconstruct its balance sheet following the high-profile collapse of its planned initial public offering in late 2019.” (The Wall Street Journal)
- Two Senators File Bill to Kill Carried Interest “It’s not the first time this year that Democrats have taken aim at the tax provision. President Biden indicated in April that he wanted to end carried interest along with some other tax provisions that favored real estate. Democrats also filed the Carried Interest Fairness Act in May 2021. But with the current balance in Congress, particularly in the Senate with the filibuster, this might be difficult to pass as a standalone bill.” (GlobeSt.com)
- Industrial Vacancy Below 1% Near Nation’s Busiest Port: CBRE “As of Q2 2021, industrial vacancy in the South Bay remained less than 1%, CBRE said, while average industrial asking lease rates, at $1.14 per SF, were higher than any other area in greater LA. Cushman & Wakefield found the vacancy a bit higher at 1.8% and the average asking rents a bit lower at $1.08 per SF but noted that average was 12.5% higher than a year ago — a year when rents had already grown 7.2%.” (Bisnow)
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