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    Categories: DailyDeals

Today’s 7 CRE Scoops – July 3, 2017

Skilled-nursing business operator Kindred Healthcare is divesting its business, and will sell 89 nursing centers (comprising 11,308 licensed beds) and seven assisted living facilities (totaling 308 licensed beds) for $700M to BlueMountain Capital Management. Louisville-based Kindred leases 36 of those skilled nursing facilities (SNF) to Ventas. As part of the deal, BlueMountain will pay Ventas the allocable amount of the sale price, in exchange for the properties. SNF rent proceeds will make up just 1% of Ventas business after the sale, says company chairwoman Debra A. Cafaro. The transaction is expected to close by year-end. (Via CoStar News)

More than 10 million sq. ft. of industrial space has been leased in North Texas thus far in 2017, and a majority of it has gone to e-commerce and logistics companies. But in some cases, these firms are also targeting retail space in the area. FedEx bought the Big Town Mall just over a year ago, repurposing the area’s first shopping mall into a 334,000-sq.-ft. distribution center. FedEx just sold it for $50.6M, more than seven times the cost of its construction as a 1950s-era mall. Was the property just too flip-worthy? After all, the logistics giant still has distribution centers in Arlington and in south Dallas. (Via Dallas News)

For $650M, Blackstone has agreed to buy 11 shopping malls in Japan. The assets, encompassing roughly 4.6 million sq. ft., are part of a portfolio controlled by Singapore-based Croesus Retail Trust. The transaction is set to be completed in fourth-quarter 2017. When it closes, Blackstone will hold over 10 million sq. ft. in Asia-based retail space. (Via Commercial Property Executive)

News to Note:

Nonresidential Spending Compresses in May; State, Local, Public Construction Up

American Travel This Independence Day Weekend Breaks Records

The Federal Government Now Owns 650 Fifth, But Plans to Sell It

Will Sycamore Split Up Staples? 

Diana Bell: