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Investment Sales Post Second-Highest Q3 Total on Record
Even as it represented a 6.6% year-over-year decline, the third quarter represented the second-highest Q3 investment sales total on record at $143.1 billion nationally, says CBRE. That’s because the high water mark for U.S. Q3 sales volume was set in 2018.
CBRE attributed much of the Y-O-Y decline to a sharp drop-off in entity-level deals. However, individual-asset sales were up slightly to $96.1 billion, remaining near cyclical-high levels. Portfolio volume surged 51.4% Y-O-Y, driven by Blackstone’s $18.7-billion acquisition of GLP’s U.S. industrial portfolio.
The Blackstone/GLP transaction also drove a 63.2% Y-O-Y increase in U.S. industrial sales volume. Sales volume for individual industrial assets was up by 13.8% from a year ago, the largest increase among the sectors, CBRE says.
Meanwhile, retail volume decreased by 55.7% Y-O-Y. This was again due to a sharp decline in entity-level and portfolio deals such as Brookfield’s 2018 acquisition of GGP for $15 billion.
Pictured: A property in the U.S. GLP portfolio acquired by Blackstone.
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