In what’s being deemed the second-biggest real estate in China’s history, Dalian Wanda will divest 91% of its tourism property holdings and 76 hotels to Sunac China for $9.3B. “Through this asset transfer, Wanda Commercial’s debt ratio will be greatly reduced, all the proceeds will be used to repay loans. Wanda Commercial plans to repay most of the bank loans this year,” Wanda owner Wang Jianlin said to Caixin business magazine. (Via Reuters)
Workers have broken ground on Amazon’s first Orlando warehouse, an 850,000-sq.-ft. fulffilment center just south of the Florida city’s namesake international airport. The shipping hub is expected to create 1500 full-time jobs when completed in 2018. Amazon sourced the site selection through Travistock Development. Seefried Industrial Properties is the builder. As part of deal terms, Amazon will take a 15-year lease at the property, and the county will reimburse $12.5M of the $14M needed to improve Boggy Creak Road, which services the area. (Via Orlando Sentinel)
Private equity real estate investor FPA Multifamily has sold a 508-unit Denver portfolio comprising two adjacent Red Rocks-branded properties. Los Angeles-based real estate investor Gelt Inc. bought the apartment communities in a $107M deal. “This transaction is Gelt’s largest since our inception in 2008 and we have now acquired more than 6,700 units. We plan to keep moving forward by acquiring an additional $500 million over the next 12 months,” says Gelt partner Keith Wasserman. (Via MultiHousing News)
More News to Note:
Blackstone Buys Leading Showroom Space Operator for Undisclosed Price
Amazon’s Underwater Warehouses
More K-Mart Stores are Closing
Gary Barnett Tops Himself with Next Manhattan Tower Project
