S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Gramercy in the groove

* Gramercy Property Trust established an e-commerce joint venture and landed the venture's first acquisition deal, valued at $642 million. The goal for the joint venture is to acquire, own and manage class A distribution facilities that will be leased to e-commerce tenants across the U.S.

Separately, the company is acquiring a 41-building modern warehouse industrial portfolio for $479 million. The buildings span 7.8 million square feet and are spread across six key logistics markets in the U.S. The company also plans to fully redeem its outstanding senior notes due 2019.

Poles apart

* Quality Care Properties Inc.'s main tenant, HCR ManorCare, is reportedly contesting Quality Care's push to have an independent receiver assume operations of the company's properties, according to various trade publications. Quality Care filed a complaint in a California state court arguing that an independent receiver should operate the HCR ManorCare-leased facilities after the embattled tenant repeatedly failed to pay the full amount of its rent.

* ARC New York City REIT Inc. brushed off Cove Partners III LLC's criticisms of the company's charter amendment proposals and argued that the activist shareholder has not provided in its proxy any clear solution that would add value to the company. Calling Cove Partners' claims "untrue and based on exaggerated assumptions," the company urged shareholders to vote in favor of the proposals at its Sept. 7 annual meeting.

Forming up

* Wheeler Real Estate Investment Trust Inc. set up a new operating committee of its board that will be in place through March 1, 2018, and will comprise three independent directors. Shareholder activist Stilwell Value LLC recently argued that the value of Wheeler's assets is not adequately reflected in the stock's current market price and disclosed plans to seek representation on the REIT's board.

Road to REIT

* Zayo Group Holdings Inc. is exploring its options toward becoming a REIT, although it will wait to see how the pending buyout of Lightower by its wireless telecommunications peer Crown Castle International Corp. pans out.

Crown Castle President and CEO Jay Brown said on the company's second-quarter earnings call that 80% to 85% of the Lightower assets his company is acquiring qualify as good REIT income.

Simon settles

* Simon Property Group Inc. settled a dispute over radius restrictions at its Woodbury Common Premium Outlets in Central Valley, N.Y., after a two-year investigation that the company said was "an unnecessary distraction."

The company agreed to pay the state of New York a $945,000 settlement fee and to end certain restrictions that prevented retailers from opening outlet stores within a specified radius of the shopping center, according to The Wall Street Journal.

Funded

* SL Green Realty Corp. and Vornado Realty Trust refinanced their jointly owned office property at 280 Park Ave. in Manhattan, N.Y., with a new $1.2 billion loan. According to The Real Deal, SL Green and its partner the Moinian Group also snagged $550 million in new financing for their Sky luxury rental tower in New York City.

* Ashford Hospitality Prime Inc. secured a new $40 million loan for its Bardessono Hotel And Spa in Yountville, Calif., and expects to see roughly $1 million in annual interest cost savings.

Up for grabs

* Aiming to focus on its core markets of Quebec and Ottawa, Cominar Real Estate Investment Trust is looking to divest properties in its noncore markets with a more than C$1.2 billion fair value estimate. The company plans to use the proceeds in large part to cut its debt level.

* As part of its ongoing liquidation process, New York REIT reportedly put its 1440 Broadway office building in Manhattan, N.Y., on the block. The property could trade for $580 million, The Real Deal reported, citing Real Estate Alert.

Featured during the week on S&P Global Market Intelligence

Data Dispatch: Class A mall operators suffering foot traffic slump: Thasos data

Data Dispatch: US REIT capital raising up 25% YTD through Aug. 15

Data Dispatch: LaSalle boosts stake in 10 REITs, cuts position in 28 during Q2

Data Dispatch: Cohen & Steers boosts stake in GGP in Q2'17

Data Dispatch: AEW Capital Management initiates 3 REIT positions in Q2