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Who were Broward’s biggest commercial buyers of 2015?

While Broward County might not have the same glitz and glamour of its southern cousin Miami-Dade, the county had plenty of big-ticket commercial deals last year that racked up millions.

The Real Deal analyzed data from the CoStar group, an information company, to compile a list of Broward’s biggest commercial buyers during 2015.

#1 Prologis – $407.5 million
Prologis, one of the country’s biggest industrial real estate firms, racked up more pricey property purchases in Broward than any other company.
The company sank a total of $407.5 million into 23 properties spread throughout the county, mostly concentrated in Hollywood and Fort Lauderdale.
What helped push Prologis to the top this year was its $820 million acquisition of a 21-property portfolio from Morris Realty Associates. Three of those properties were located in Broward, totaling about $69.4 million.

#2 Starwood Capital Group – $281.9 million
Second on the list was investment firm Starwood Capital Group, headquartered in the wealthy enclave of Greenwich, Connecticut.
The firm put $281.9 million down on 13 properties in Broward, most of which were office buildings located in Fort Lauderdale business parks.
Not to be outdone, Starwood also closed on a massive commercial sale last year. The investment firm was one of three buyers that paid $1.1 billion for Duke Realty’s portfolio of 62 properties in the Southeastern United States.
Among those properties were eight office buildings in Fort Lauderdale and one in Pompano Beach, which made up the bulk of Starwood’s investment total for Broward County last year. Together, they totaled almost $180 million worth of properties.

#3 Norges Bank – $272.3 million
Close behind Starwood was the Norwegian central bank, which had a serious hankering for South Florida real estate last year.
Norges Bank assembled $272.3 million worth of Broward County commercial properties during 2015, landing it in third place for the year’s list of biggest buyers.
Those purchases were spread out over 13 properties between Fort Lauderdale, Hollywood, Pompano Beach, Hallandale and Dania Beach.
All 13 were purchased in a joint-venture with Prologis — our No. 1 contender — as part of the $5.9 billion acquisition of KTR Capital Partners’ portfolio of 322 distribution properties throughout the U.S.
Norges Bank is one of many foreign sovereign wealth funds picking up big chunks of U.S. real estate.

#4 TIAA-CREF – $238.8 million
TIAA-CREF is a Fortune 100 company that provides pensions for teachers and other professionals. It’s also one of the country’s largest real estate investment companies, and holds the No. 4 spot on the list of Broward’s biggest commercial buyers.
The company spent $238.8 million on Broward County properties last year. The interesting part? That was split between just two purchases.
In the first deal, the financial giant picked up Orlando-based Zom’s Casa Palma apartment complex in unincorporated Broward for nearly $90 million.
Next, TIAA-CREF paid the Related Group an incredible $149 million for its Manor at Flagler Village apartment project in Fort Lauderdale.

#5 Global Logistics Properties – $187.7 million
Last but certainly not least is Chicago-based Global Logistics Properties, a multinational real estate firm that specializes in — you guessed it — logistics properties.
Last year, GLP put down an impressive $187.7 million for 11 Broward County properties, all but one of which was located in Fort Lauderdale.
The commercial giant continued this list’s trend of massive portfolio deals with its purchase an Industrial Income Trust assemblage in a deal valued at $4.55 billion.
In Broward, that portfolio’s biggest piece was Sunrise Distribution Center in Fort Lauderdale. It alone fetched $43.8 million.

Three Chinese firms jockeying to buy Starwood Hotels

One of the world’s largest hospitality companies, Starwood Hotels & Resorts Worldwide, might soon be the object of the largest-ever takeover of a U.S. company by a Chinese firm.The Chinese government is in discussion with three companies – Shanghai Jin Jiang International Hotels; HNA, parent of Hainan Airlines; and China Investment Corp., a sovereign wealth fund – one of which will bid on the massive hotel chain.

The government plans to choose just one company to avoid a possible bidding war for Starwood, which owns over 1,200 properties worldwide and manages brands such Westin, W Hotels and St. Regis, unnamed sources told the Wall Street Journal.

It’s not yet clear what the bidders are willing to pay, but the amount is likely to exceed Starwood’s start-of-Tuesday valuation of $12 billion, the Journal reported.

The hotel firm’s stock price jumped 9.1 percent Tuesday to 74.81 on the news, its highest level since 2009. Starwood in April said it was exploring various options that included a sale or merger, largely as a reaction to having lagged behind competitors like Hilton and Marriott. Its longtime CEO, Frits van Paasschen, resigned in February and Starwood has been selling off hotel properties this year.

A potential deal would be the latest in a string of major hotel pickups by Chinese firms. Last year, the insurance giant Anbang bought the Waldorf-Astoria at 301 Park Avenue in New York’s Midtown for nearly $2 billion. And in February, Sunshine Insurance Group, bought the Baccarat Hotel at 20 West 53rd Street, then a Starwood property, paying $230 million.

“Chinese investors have been pretty aggressive in the hotel market over the last year or so,” said Lukas Hartwich, an analyst at Green Street Advisors LLC, told Bloomberg. “Starwood has some pretty powerful brands. It’s an attractive platform, especially if you don’t already own a platform with that kind of cachet.”

All three firms involved in a possible bid for Starwood are state-controlled or partly owned by the Chinese government.

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Who were Broward’s biggest commercial buyers of 2015?

While Broward County might not have the same glitz and glamour of its southern cousin Miami-Dade, the county had plenty of big-ticket commercial deals last year that racked up millions.

The Real Deal analyzed data from the CoStar group, an information company, to compile a list of Broward’s biggest commercial buyers during 2015.

#1 Prologis – $407.5 million
Prologis, one of the country’s biggest industrial real estate firms, racked up more pricey property purchases in Broward than any other company.
The company sank a total of $407.5 million into 23 properties spread throughout the county, mostly concentrated in Hollywood and Fort Lauderdale.
What helped push Prologis to the top this year was its $820 million acquisition of a 21-property portfolio from Morris Realty Associates. Three of those properties were located in Broward, totaling about $69.4 million.

#2 Starwood Capital Group – $281.9 million
Second on the list was investment firm Starwood Capital Group, headquartered in the wealthy enclave of Greenwich, Connecticut.
The firm put $281.9 million down on 13 properties in Broward, most of which were office buildings located in Fort Lauderdale business parks.
Not to be outdone, Starwood also closed on a massive commercial sale last year. The investment firm was one of three buyers that paid $1.1 billion for Duke Realty’s portfolio of 62 properties in the Southeastern United States.
Among those properties were eight office buildings in Fort Lauderdale and one in Pompano Beach, which made up the bulk of Starwood’s investment total for Broward County last year. Together, they totaled almost $180 million worth of properties.

#3 Norges Bank – $272.3 million
Close behind Starwood was the Norwegian central bank, which had a serious hankering for South Florida real estate last year.
Norges Bank assembled $272.3 million worth of Broward County commercial properties during 2015, landing it in third place for the year’s list of biggest buyers.
Those purchases were spread out over 13 properties between Fort Lauderdale, Hollywood, Pompano Beach, Hallandale and Dania Beach.
All 13 were purchased in a joint-venture with Prologis — our No. 1 contender — as part of the $5.9 billion acquisition of KTR Capital Partners’ portfolio of 322 distribution properties throughout the U.S.
Norges Bank is one of many foreign sovereign wealth funds picking up big chunks of U.S. real estate.

#4 TIAA-CREF – $238.8 million
TIAA-CREF is a Fortune 100 company that provides pensions for teachers and other professionals. It’s also one of the country’s largest real estate investment companies, and holds the No. 4 spot on the list of Broward’s biggest commercial buyers.
The company spent $238.8 million on Broward County properties last year. The interesting part? That was split between just two purchases.
In the first deal, the financial giant picked up Orlando-based Zom’s Casa Palma apartment complex in unincorporated Broward for nearly $90 million.
Next, TIAA-CREF paid the Related Group an incredible $149 million for its Manor at Flagler Village apartment project in Fort Lauderdale.

#5 Global Logistics Properties – $187.7 million
Last but certainly not least is Chicago-based Global Logistics Properties, a multinational real estate firm that specializes in — you guessed it — logistics properties.
Last year, GLP put down an impressive $187.7 million for 11 Broward County properties, all but one of which was located in Fort Lauderdale.
The commercial giant continued this list’s trend of massive portfolio deals with its purchase an Industrial Income Trust assemblage in a deal valued at $4.55 billion.
In Broward, that portfolio’s biggest piece was Sunrise Distribution Center in Fort Lauderdale. It alone fetched $43.8 million.

Three Chinese firms jockeying to buy Starwood Hotels

One of the world’s largest hospitality companies, Starwood Hotels & Resorts Worldwide, might soon be the object of the largest-ever takeover of a U.S. company by a Chinese firm.The Chinese government is in discussion with three companies – Shanghai Jin Jiang International Hotels; HNA, parent of Hainan Airlines; and China Investment Corp., a sovereign wealth fund – one of which will bid on the massive hotel chain.

The government plans to choose just one company to avoid a possible bidding war for Starwood, which owns over 1,200 properties worldwide and manages brands such Westin, W Hotels and St. Regis, unnamed sources told the Wall Street Journal.

It’s not yet clear what the bidders are willing to pay, but the amount is likely to exceed Starwood’s start-of-Tuesday valuation of $12 billion, the Journal reported.

The hotel firm’s stock price jumped 9.1 percent Tuesday to 74.81 on the news, its highest level since 2009. Starwood in April said it was exploring various options that included a sale or merger, largely as a reaction to having lagged behind competitors like Hilton and Marriott. Its longtime CEO, Frits van Paasschen, resigned in February and Starwood has been selling off hotel properties this year.

A potential deal would be the latest in a string of major hotel pickups by Chinese firms. Last year, the insurance giant Anbang bought the Waldorf-Astoria at 301 Park Avenue in New York’s Midtown for nearly $2 billion. And in February, Sunshine Insurance Group, bought the Baccarat Hotel at 20 West 53rd Street, then a Starwood property, paying $230 million.

“Chinese investors have been pretty aggressive in the hotel market over the last year or so,” said Lukas Hartwich, an analyst at Green Street Advisors LLC, told Bloomberg. “Starwood has some pretty powerful brands. It’s an attractive platform, especially if you don’t already own a platform with that kind of cachet.”

All three firms involved in a possible bid for Starwood are state-controlled or partly owned by the Chinese government.