Historically, the fourth quarter—especially the last two weeks of the year—tends to see a slowdown in deal activity across several sectors. Deal activity trails off in most industries in December as money managers, brokers, lenders, and property owners prepare for the new year. Exceptions to this trend are often found in industries like retail and hospitality, where holiday-driven demand fuels heightened activity.
The commercial real estate (CRE) market followed its typical seasonal slowdown in December, yet big-ticket transactions remained robust, with 40 nine-figure deals recorded—just slightly below November’s 41—marking continued strength in high-value activity since tracking began in summer 2024.
The news comes even as interest rates continue to climb. The yield on the 10-year Treasury rose another 40 basis points in December, pushing the yield on that instrument to over 4.60%. (By early January, that yield was pushing 4.70%). Yet higher interest rates have yet to take a meaningful bite out of sales transaction velocity.
The average sale price of the nine-figure December deals was more than $225 million. Beyond the 40 big-ticket deals last month, another 66 transactions fell between $50 million and $100 million. There were also four more nine-digit deals in the first few days of 2025— so the momentum spilled over into the new year.
The top announced sale was the $1.6 billion acquisition of nearly 80 manufactured housing communities by RHP Properties, the Farmington Hills, Michigan-based company that is ranked as the third-largest owner of manufactured home sites nationwide. Brookfield was the seller in that deal.
In another big portfolio sale, INDUS Realty Trust paid $575 million—$134 per square foot—to Childres Klein for a 21-property industrial portfolio consisting of last-mile, regional, and bulk logistics properties. The portfolio, of which 16 of the buildings are in Charlotte and five in Charleston, were 94% leased at the time of the deal.
In the office segment, the Sail Tower in Austin, TX defied the office doom and gloom by selling for more than $520 million. Cousins Properties paid nearly $650 per square foot for that property. The office tower, developed in 2022, is 100% leased to a Fortune 20 company through 2038.
In Miami, Oak Row Equities spent $520 million on an assemblage on Brickell Bay drive. Representing one of South Florida’s largest real estate deals, the property spans 485 feet along the bay and has the potential to be redeveloped into multiple high-rises exceeding 3.1 million square feet in total. These buildings could include a mix of condominiums, hotel rooms, office spaces, or a combination of all three, according to a March CBRE news release announcing the site’s availability for sale.
Download the full list of “big” buyers and tune in to our podcast, The CRE Weekly Digest, for more commentary on early dealmaking news and emerging opportunities.
Subscribe To Insights
Be the first to get the latest news, updates and insights from LightBox.
