Here’s our latest weekly roundup of top national commercial real estate stories, as reported by our plugged-in and in-the-know CoStar News team.
BGC Partners Files to Take NGKF Public
BGC Partners Inc., the parent company of Newmark Grubb Knight Frank (NGKF), will be the first major commercial real estate firm to test the IPO market this year. BGC announced it has filed a confidential draft registration statement with the U.S. Securities and Exchange Commission to spin off NGKF as a separate public company.
Sears Hires Eastdil to Sell Properties as Part of $1 Billion in Cost Cuts
Eastdil Secured will market and sell at least $1 billion of real estate properties owned by Sears Holdings Corp. as the retailer rolls out a restructuring program targeted to cut costs this year by at least $1 billion. The cuts include cost reductions from the previously announced closure of 108 Kmart and 42 Sears stores as well as plans to look for other opportunities to monetize its real estate portfolio.
DRA Advisors Buys 184-Property Cabot Industrial Portfolio for +$1 Billion
Investment adviser DRA Advisors has acquired a 19.8 million-square-foot portfolio of warehouse and distribution properties across 21 states from Boston-based private equity firm Cabot Properties, Inc. The $1.07 billion sale reflects the strong demand for virtually all sizes and types of warehouse buildings in the tight US industrial property market, where the average vacancy rate hovers at just over 5%.
Amazon Air: E-Tailer Picks Cincinnati for $1.5 Billion Air Cargo Hub, 'A Base for Future Growth'
Amazon.com's 3.3-million-square-foot shipping hub at Cincinnati/Northern Kentucky Airport in Hebron, KY will serve both the internet commerce giant's emerging air cargo service and its growing global network of distribution and fulfillment centers. The e-commerce giant will pour $1.49 billion into developing the centralized air hub to be built over several years to support its growing fleet of Prime Air cargo planes.