Jim Cramer -- REIT Sector Hammered but Still Buying Opportunities

NEW YORK (TheStreet) -- TheStreet's Jim Cramer focused on Blackstone's  (BX)  deal to buy BioMed Realty Trust (BMR) for $23.75 per share in an all-cash deal. 

On Thursday's CNBC "Stop Trading" segment, he said the real estate investment trust sector has been hammered. However, despite the selling pressure, the Blackstone move shows there are buying opportunities out there.

Cramer, co-manager of the Action Alerts PLUS portfolio, said the selling pressure has been notable, with the sector-tracking iShares U.S. Real Estate ETF (IYR)  down roughly 12% from highs made earlier this year. 

IYR Chart
Macy's M and iShares U.S. Real Estate ETF IYR data by YCharts

The decline got Cramer thinking about Macy's (M) . Earlier this summer at the Delivering Alpha conference, Macy's was highlighted as a top pick by activist investor Starboard Value thanks to the value of its real estate. 

This notion of the unlocked real estate value sent the stock to new highs near $73 per share in July before quickly shocking investors by falling more $23 per share to $53, Cramer said. 

However, Macy's may now come back in favor -- the retail industry has begun acting more bullishly in recent trading sessions, he concluded.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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