The spinoff of commercial real estate services firm Newmark Group is expected to become effective on Nov. 30, BGC reports. The stock distribution will be to BGC stockholders of record as of the close of business on Nov. 23, 2018 (the record date).

The national portfolio owned by New York City-based MCR and BLT of Stamford, CT, encompasses 5,958-guestrooms at 53 Marriott and Hilton select service and extended stay hotels located in 15 states and 31 markets.

Under the terms of the GRP I joint venture, Northwestern Mutual will acquire an 85% interest in the 17-center portfolio which is currently valued at $368 million.

On the radio program, the mayor pointed to the city's public housing and affordable housing programs and took a swipe at the City of San Francisco, who he said enacted zoning policies that has transformed it to a city for the wealthy.

The 23 Class A properties are located in the Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa markets.

The board approved a budget for the expansion not to exceed $300 million.

The New York City-based real estate investment firm has acquired a 50,000-square-foot lot—55 Buena Vista Ave.—for $18.3 million. The 400,000-square-foot rental apartment development it plans to build at the site will feature 361 rental apartment units.

The closing on the property marks the second Jacksonville acquisition for the Fogelman-Thackeray partnership in the past 120 days and grows Fogelman's Jacksonville portfolio to more than 1,900 units.