Good morning. Welcome to CREalts! Every day, we cover the top stories in alternative CRE sectors. Today, we learn about troubles at a NYC office building and Norges’ bet on US neighborhood retail.
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TOO DISTRESSED?: Former Pfizer HQ office-to-residential conversion faces collapse risk. Read more here.
RETAIL THERAPY: Norges announces $500M in US neighborhood retail assets. Read more here.
RATE EXPECTATIONS: Newmark study finds Fed rate hikes are better than cuts for CRE returns. Read more here.
SQUARE DEAL: Csquare targets up to $1.35B in Brookfield-backed IPO. Read more here.
EXTENDED STAY: Northern VA extended-stay hotel destined for residential conversion sells for $35M. PLAYER: Mark Morris. Read more here.
EXTENDED STAY: Noble Investment Group goes on 149-property spending spree in bet on upscale extended-stay. PLAYER: Mit Shah. Read more here.
BOUTIQUE: Kinseth Hospitality buys Irish Cottage & Suites in Galena, Illinois. PLAYERS: Ben Kinseth, Shana Craven. Read more here.
BOUTIQUE: Manga Hotel Group buys NYC’s Chelsean for $50M, plans Toor rebrand. PLAYER: Sukhdev Toor. Read more here.
SPORTS ARENAS: Las Vegas developers spend nearly $30M on land to build NBA arena and private airstrip. Read more here.
MARINAS: Pyramid Global buys Naples Bay Resort & Marina in Florida. Read more here.
MARINAS: Blue Water buys 2 marinas in Delaware and Virginia. Read more here.
CAMPGROUNDS: Open Road Resorts acquires Raccoon Mountain Campground and Caverns outside Chattanooga, TN. PLAYERS: Chase Becker, Jim Omstrom. Read more here.
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Disclaimer: The authors of CREalts are not finance or tax experts. This email is for educational use and not financial advice. Do your own research and consult with professionals before making financial decisions. Our content, which may contain affiliate links and sponsor posts, is subjective and not to be used as the only basis for such decisions. We are not responsible for any losses from relying on this information. Past performance of any asset is not indicative of future results.
