Manulife’s Onay Payne Breaks Down Impact Investment, and the LDS Church Makes a $249M Farmland Acquisition

Plus: CBRE and Blackstone Mortgage Trust Announce Strong Earnings   Brought To You By: This week in commercial investments, Onay Payne, senior managing director at Manulife Investment Management, discusses how the government can work with private investors like her firm to promote sustainability and social returns in CRE. Plus, the Church of Jesus Christ of Latter-day Saints purchases a 42,000-acre farm portfolio from Farmland Partners REIT, while CBRE, Blackstone, and Alexandria report strong earnings. [Dual Mandate: How Manulife’s Onay Payne Balances Smart Investing With ESG Concerns]( Payne sat down with CO to talk about how government can work with private investors like her firm to promote sustainability and social returns in CRE. [Read More](   Top Investments Of The Week   - Blackstone Mortgage Trust [Wins]( D.C. Office Portfolio at Auction for Bargain Price - Prime Residential [Pays]( $115M for SoCal Multifamily Property - Oscar Engelbert, Jens Grede [Buy]( Beverly Hills Office at 26% Discount - Rexford Buys [Another]( Inland Empire Industrial Property for $70M - Local SoCal Developer Pays [$32M]( for Office-to-Resi Conversion [Fannie Mae](   Acquisitions   [Farmland Partners REIT Sells 42K-Acre Farm Portfolio to LDS Church for $249M]( A real estate investment trust (REIT) that specializes in sale-leasebacks of U.S. farmland has sold a 46-farm portfolio spanning more than 41,500 acres across eight states to an investment vehicle of The Church of Jesus Christ of Latter-day Saints. [Read More](   Fundraising   [Pinnacle Partners Closes $90M Opportunity Zone Fund, Invests in Four Projects]( The fund opened two and a half years ago and has already invested the equity to fund four multifamily projects across four states. It raises equity by investing through federal Opportunity Zone tax incentives. [Read More](   Stock Spotlight   Empire State Realty Trust | $10.94 | -0.43 | -3.78% As of October 25, 2024 12:40 PM EDT This week, the New York REIT's stock dropped, though it announced plans to exceed the $195 million worth of Brooklyn retail properties in acquired in 2024. [View real-time trading data >>]( Vornado | $43.60 | +0.10 | 0.23% As of October 18, 2024 3:52 PM EDT This week, Scotiabank raised its price target on Vornado, a New York office REIT, to $38 from $33, on the heels of an enormous $3.5 billion office refinancing in Manhattan. [View real-time trading data >>](   Other Stories From This Week   [CBRE Reports Increased Revenue, Cash Flow in Q3]( The company’s performance — particularly in office leasing and property management — coupled with a sunnier macroeconomic climate has it hopeful for a similarly robust Q4. [Read More]( [Blackstone Mortgage Trust Reports $1.8B in Loan Payoffs, $600M in Resolutions]( The originations arm of Blackstone said it anticipates resolving more than half of its $2.3B in impaired loans. [Read More]( [Alexandria Real Estate Reports Higher Revenue, Leasing Activity During Q3]( The life sciences-focused real estate investment trust based in Pasadena, Calif., reported $791.6 million in revenue during the third quarter of this year, a nearly 11 percent year-over-year increase from the third quarter of 2023. [Read More]( [Fannie Mae]( What We're Reading This Week   - [Retail]( space is going fast and pushing out local shops [WSJ] - NYC’s Grand Central needs $3 billion in [repairs]( under JP Morgan’s tower [Bloomberg] - NY Fed says banks are [obscuring]( commercial real estate risks by extending loan terms [Reuters] [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 10/28/2024