Oaktree Capital Management, a Claire's debtholder, hopes to raise $1.5 billion in time to outbid a $1.4 billion debt-for-equity bid from a lender group. Buyout bids are due by Aug. 31.
Pacific Investment Management Co. has launched the PIMCO Commercial Real Estate Debt Fund, a development that is part of a growing number of lenders expanding their real estate offerings. PCRED, as PIMCO's fund is called, has $700 million in capital and will target $1 billion to $1.5 billion of equity commitments to put into up to 40 loans.
Anbang Insurance Group is reaching out to potential buyers for a portfolio of luxury hotels, which includes the Essex House Hotel in New York City and InterContinental properties in Miami and Chicago. The portfolio comprises about 15 hotels, sources say.
SL Green is selling its 48.9% stake in Manhattan's 3 Columbus Circle to the Moinian Group, which will have full ownership of the 539,000-square-foot property after the transaction closes sometime in the fourth quarter. The REIT will receive $223.3 million in "net proceeds after certain transaction costs," according to the company.
The first phase of Renaissance Marketplace in Rialto, Calif., has opened with six tenants. The 430,000-square-foot shopping center will include a Cinemark Theatres, 24 Hour Fitness and more than 26 additional tenants when developer Lewis Retail Centers fully opens it in September.
Stores, the National Retail Federation's magazine, ranked the 100 fastest-growing retailers in the US. At the top of the list are Primark, Bass Pro Shops and Build.com, which bring in millions of dollars in sales annually.
Real estate investment trust COPT is planning a 30,000-square-foot retail-and-restaurant structure in Baltimore. The project is at a popular intersection and includes land in front of the Transamerica office tower.
A mixed-use commercial center on Johns Island, S.C., could span 16 acres and feature 13 buildings. The proposed Hayes Park project features buildings such as The Restaurant and The General Store in its plans.
Amazon is envisioning significant changes to the distribution center model, having been granted a patent for an airborne fulfillment center that uses drones for delivery and another pending for a vertical warehouse akin to a skyscraper. While the next generation of warehouses may not match these ideals exactly, Garrick Brown of Cushman & Wakefield predicts: "The evolution in the next 10 years will match what we've seen in the last 40."
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