Key facts
- Michael J. Levitt, a former CEO of Brixmor Property Group and affordable housing advocate, has died at 94.
- CoStar and four other major brokerages are facing a class-action lawsuit alleging a price-fixing conspiracy.
- A Lowe's warehouse in Mesa, Arizona, was sold for $116 million.
- A UK pension fund is acquiring a £450 million residential portfolio from Blackstone.
- Apollo is planning to close its mortgage REIT after selling $9 billion in loans.
Michael J. Levitt, a significant figure in affordable housing and the former CEO of Brixmor Property Group, has passed away at the age of 94. His contributions to the real estate sector, particularly in developing accessible housing solutions, are being recognized.
In parallel, the commercial real estate landscape is marked by legal challenges and significant transactions. CoStar, a major player in real estate data and analytics, along with four other prominent brokerages, is facing a class-action lawsuit. The suit alleges a conspiracy to fix prices within the industry, raising concerns about market practices.
Amidst these developments, QuadReal has announced strategic plans for growth in the build-to-rent (BTR) sector, signaling continued investment in residential rental properties. The market also saw a substantial transaction with the sale of a Lowe's warehouse in Mesa, Arizona, for $116 million. Additionally, Silverline and JR Real Estate acquired an office portfolio in Fairfax for $12.5 million, while a UK pension fund is set to purchase a £450 million residential portfolio from Blackstone.
Further market activity includes Apollo's decision to shutter its mortgage REIT following a $9 billion loan sale. Green Street has introduced a new infrastructure solution, acknowledging the increasing overlap between infrastructure and commercial real estate. In a move toward adaptive reuse, Beam Reach has proposed converting a former Google building into multifamily housing.