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Blackstone in $18.7B deal; Hospitality Properties buying Spirit MTA assets

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Blackstone in $18.7B deal; Hospitality Properties buying Spirit MTA assets

Commercial real estate

* Blackstone Group LP agreed to buy the industrial warehouses portfolio in the U.S. of Singapore-based GLP Pte. Ltd. for $18.7 billion in a deal that is expected to make the buyer one of the largest owners of U.S. logistics assets.

The private equity giant, through Blackstone Real Estate's global opportunistic BREP strategy and its unlisted Blackstone Real Estate Income Trust, is purchasing 179 million square feet of urban and infill logistics properties, according to a news release.

* Blackstone unit Link Industrial Properties paid more than $200 million for the 3.8 million-square-foot Stone Mountain Industrial Park in Tucker Ga., from a partnership between Ackerman & Co. LLC and Investcorp, the Atlanta Business Chronicle reported, citing records from DeKalb County. The deal for the warehouse portfolio closed May 14, according to the report.

* Hospitality Properties Trust agreed to acquire a net lease portfolio from retail-focused Spirit MTA REIT for $2.4 billion in cash, excluding transaction costs.

The assets comprise 774 service-oriented retail properties, including those held in the seller's master trust in 2014 and three assets owned by Spirit Realty Capital Inc., Spirit MTA's external manager.

* Kimco Realty Corp. sold the 617,810 square-foot Latham Farms shopping center in Albany County, N.Y., to a joint venture of Flaum Management Co. Inc. and The Davis Co. for an undisclosed amount, the Albany Business Review reported. The property, which the real estate investment trust acquired for $58.6 million in 2000, is now assessed for $40.8 million by the town, with a full market value of $65.3 million, the publication said, citing the assessor's office.

The shopping center, with a few vacancies, is leased to Home Depot, Hannaford, Dick's Sporting Goods, Sam's Club and All-Star Wines & Spirits.

* Shipping supply company Uline Inc. is planning a roughly 1.1 million-square-foot distribution center in Kenosha County, Wis., the Milwaukee Business Journal reported, citing filings with the state. The building will serve as the company's third distribution facility on the site where it completed an 880,000 square-foot building in 2017 and is now building a second that will comprise 800,000 square feet, according to the report.

Construction of the new facility will begin after Uline has secured approvals from local governments.

* An affiliate of multifamily-focused Cottonwood Communities Inc. bought the 245-unit Luma West Palm Beach apartments at West Palm Beach, Fla., for $66.92 million, or $273,143 per unit, the South Florida Business Journal reported, citing county records. The 10.25-acre property offers a pool, a fitness center and a business center, among other amenities. Luma at West Palm Beach sold the asset to CC West Palm LLC, according to the report.

* Retailer Ace Hardware will expand its 450,000 square-foot distribution center in Wilmer, Texas, to more than double its size, according to The Dallas Morning News. The expansion will comprise shipping and warehouse space that is expected to become available mid-2020.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was down 0.08% to 26,880.45, and the Nikkei 225 fell 0.92% to 20,410.88.

In Europe, around midday, the FTSE 100 was down 0.39% to 7,133.74, and the Euronext 100 was down 0.39% to 1,018.09.

On the macro front

The PMI manufacturing index, the ISM manufacturing index and the construction spending report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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