Brookfield Asset Management proposes to privatize Brookfield Property Partners

TOP NEWS IN REAL ESTATE

* Brookfield Asset Management Inc., along with its institutional partners, is proposing to acquire all of the limited partnership units of Brookfield Property Partners LP that it does not already own at $16.50 per unit, or $5.9 billion in total value.

* Goldman Sachs Group Inc. and Lincoln Property Co. are set to acquire the Hollywood 959 office campus in Los Angeles' Hollywood Media District for about $186 million, Commercial Observer reported, citing three sources familiar with the deal.

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OFFICE

* Microsoft Corp. signed a lease for 85,000 square feet at the Ambercreek building at 9800 NE Gibbs Drive in Hillsboro, Ore., the Portland Business Journal reported, citing a person familiar with the deal.

* Private equity giant KKR & Co. Inc. acquired the First Republic Center mixed-use property in the College Terrace neighborhood of Palo Alto, Calif., for $103.6 million, the Silicon Valley Business Journal reported, citing a Santa Clara County deed record.

Commercial real estate firm Blox Ventures LLC and joint venture capital partner Angelo Gordon sold the 77,191-square-foot property that is anchored by First Republic Bank's regional office hub.

* Affiliates of Weas Development sold a research and office facility comprising a 372,856-square-foot building and a neighboring 118,620-square-foot office building that are both leased to U.S. Department of Defense contractor Leonardo DRS in Menomonee Falls, Wis., for about $100 million to California-based Bascom Group and London's Capital Trust Group, the Milwaukee Business Journal reported. The buyers used a $63.7 million loan from Citigroup to fund the transaction.

* Video game and software giant Epic Games Inc. acquired the 87-acre Cary Towne Center site to build a global headquarters campus in a $95 million deal with Turnbridge Equities and Denali Properties, the Triangle Business Journal reported. Development of the campus, which will include office and recreational space, is expected to begin in 2021, with completion expected in 2024.

RETAIL

* Deferred Tax LLC is planning to build a new $50 million project comprising approximately 322,507 square feet of commercial and retail space on 47 acres east of Atlanta near Athens, the Atlanta Business Chronicle reported, citing plans filed with Oconee County.

RESIDENTIAL

* Japan's Softbank Group agreed to a new $200 million investment to recapitalize Katerra Inc. The new funding will result in Softbank owning a majority stake in the Menlo Park, Calif.-based construction startup, The Wall Street Journal reported, citing people familiar with the matter.

* Velocis LLC added a residential property to its predominantly office portfolio with the purchase of the 201-unit Beverley apartment property in the Ballantyne area of Charlotte, N.C., for $53 million, the Charlotte Business Journal reported. The community at 11926 N. Community House Rd., developed by Proffitt Dixon Partners LLC, was 71% leased at the time of the sale, the publication noted.

* YMP Real Estate Management acquired the 690-unit The Park at Hurstbourne luxury apartment development in the Fern Creek area of Louisville, Ky., for $70.5 million, the Louisville Business First reported, citing a Cushman & Wakefield official. Real estate development company Beitel Group sold the property.

* An affiliate of Prudential Real Estate Investors sold the 286-unit Solmar on Sixth apartments in the Flagler Village neighborhood of Fort Lauderdale, Fla., for about $92.4 million, the South Florida Business Journal reported. Flagler Ft. Lauderdale Development LLC sold the apartment complex at 408 NE Sixth St. to Sterling Equities affiliate Se Solmar LLC.

* BPM Real Estate Group sold the Sunset Summit apartment complex totaling 261 units in the West Hills area of Portland, Ore., for about $80.8 million to Prime Residential, the Portland Business Journal reported, citing Institutional Property Advisors.

INDUSTRIAL

* WPT Industrial Real Estate Investment Trust purchased 108 acres of land at Loop 303 and Bethany Home Road in Glendale, Ariz., for $23.2 million from Scottsdale Investment Management, the Phoenix Business Journal reported, citing real estate database Vizzda. The industrial REIT plans to build Sarival Logistics Center, a 2.25 million-square-foot industrial campus on a speculative basis on the acquired site in multiple phases. WPT is under contract to acquire an additional 40 acres adjacent to the site, the publication noted.

* Steelwave LLC and New York Life Real Estate Investors purchased 74 acres of land from Alsup 303 Industrial Park LLC in Glendale, Ariz., for $14.4 million to develop a two-building industrial park that will total more than 1 million square feet, the Phoenix Business Journal reported.

MARKETS

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