Real estate stocks slide as China spooks investors

China’s real estate sector rankled investors this week as the country’s second largest property developer missed a deadline to pay its overseas bondholders. Evergrande, which has built residences in every one of China’s regions, now has 30 days to cure the coupon payment before it defaults. Investor uncertainty over China has grown since regulators scuttled Blackstone Group’s $3 billion deal to acquire property developer Soho China amid a political crackdown on wealthy executives, including billionaire … [more]

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Condor Hospitality selling hotels to Blackstone for $305M

Condor Hospitality is getting out of the hotel business — in fact, it appears it’s getting out of business altogether. The trust is set to sell its hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million in an all-cash, no existing debt deal. The transaction is expected to close in the fourth quarter pending the approval of shareholders, according to Hotel Business. This appears to be the beginning of the end for … [more]

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USPS nears lease for 100K sf distribution center in City of Industry

The United States Postal Service is nearing a deal to lease a warehouse in City of Industry that it will use as a package distribution center, The Real Deal has learned. The Postal Service is expected to take the 109,295-square-foot complex at 321 Vineland Avenue, sources said. USPS declined to comment. The landlord, Maxim Lighting, is a lighting manufacturer that operates in a property next door, records show. The deal comes as e-commerce continues to … [more]

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Valley National acquiring Bank Leumi USA for $1.1B

Valley National Bank is making its second major acquisition in the last three months, this time agreeing to acquire Bank Leumi USA for $1.15 billion. Leumi’s shareholders will receive 3.8 shares of Valley National stock and $5.08 for every share they have, according to Bloomberg. Bank Leumi Le-Israel BM, the parent company of the U.S. banking side of the business, will own more than 14 percent of Valley National commons stock. Valley National will be … [more]

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California law clamps down on unsafe warehouse work conditions

A new California state law aims to rein in warehouse operators like Amazon amid the ongoing e-commerce boom. On Wednesday, Gov. Gavin Newsom signed Assembly Bill 701, which clamps down on unsafe work conditions at warehouses, according to the Los Angeles Times. The law is aimed primarily at workplace quotas. It prohibits companies from firing workers for failing to meet a quota if it interferes with their breaks or use of restrooms, according to a … [more]

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Robert Durst’s nephew sues Durst family for cutting off trust payments

The courtroom drama surrounding the Durst family did not end with Robert Durst’s murder conviction in Los Angeles on Friday. A new chapter emerged this week in a lawsuit filed by Robert Durst’s nephew Evan Kreeger, who alleges members of the legendary real estate family have stopped making regular distributions to his trusts while his parents attempt to force him into a guardianship. Kreeger filed a petition in New York State Supreme Court on Tuesday … [more]

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Benedict Canyon nabs tidy profit on Santa Clarita apartment complex

Multifamily investor Benedict Canyon Equities has sold a 148-unit apartment complex in Santa Clarita for 55 percent more than it paid three years ago. The Brentwood-based firm sold the Retreat at 2290 Oak Ridge Drive to MKB Ventures for $54.1 million — or about $365,500 a unit — according to Commercial Observer. Benedict Canyon bought the property from Silkand Engineering Associates for $35 million in March 2018. The Retreat comprises seven buildings and includes two … [more]

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Covid surge dims enthusiasm for ICSC Vegas conference

It’s been nearly two years since the real estate community has been able to attend its big Las Vegas retail industry bash, ReCon, hosted by the former International Council of Shopping Centers. The December conference is usually a highlight of the year, along with being great for business. But The Real Deal found mixed reactions about attending from those who would normally be enthusiastic regulars at the event. ICSC — whose new tagline, “Innovating Commerce … [more]

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