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RLJ Lodging sells Fla. hotel for $189M; Ill. data center trades for $119M

Commercial real estate

* RLJ Lodging Trust sold the 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club in St. Petersburg, Fla., for a total of $188.5 million. The net proceeds from the sale will be used to pay down the remaining balance on the company's credit facility, as well as for general corporate purposes.

* T5 Data Centers sold a 208,000-square-foot data center in Elk Grove Village, Ill., for $118.9 million, The Real Deal reported. The buyer of the 10-MW facility at 1441 Touhy Ave. was IPI Partners, a joint venture between ICONIQ Capital and an Iron Point Partners affiliate, according to the report.

* Howard Hughes Corp. bought two vacant class A office buildings located adjacent to its Hughes Landing development in The Woodlands master-planned community in Texas in a $53 million deal. The two buildings total 257,025 of rentable square feet and the deal includes excess land that allows for the development of an additional office building.

* Canada's Allied Properties REIT and RioCan Real Estate Investment Trust agreed to lease up to 433,752 square feet at The Well Tower in Toronto to Shopify, taking office occupancy at the project to 71%. The Well Tower's commercial section, which the REITs are jointly developing, comprises more than 1 million square feet of office space. Construction of the section is expected to complete in 2021, with renting out slated for 2022.

* The Wall Street Journal featured a report on how the development of what would be the tallest tower in Sacramento, Calif., has divided the California Public Employees' Retirement System's board due to the risks involved in the project. Citing people familiar with the situation, the publication reported that three directors on the board voted against a new $550 million commitment to the planned office-condominium-retail complex earlier in the summer.

The 301 Capitol Mall project's return target of 5.8% was deemed by real estate advisory firm RCLCO as too aggressive for the local market, according to the people. The firm added that the projected returns were still too low to justify the project's risk, according to the report.

* Second-quarter sales volumes of South Florida's office and multifamily markets fell year over year, The Real Deal reported, citing data firm Vizzda and the Miami Association of Realtors. The total second-quarter sales volume in the region's office market declined 8.7% year over year to $799.4 million, while the total sales volume for the multifamily market dropped 22% year over year to $999.7 million.

* StarPoint Properties paid $193 million for a Wells Fargo & Co.-anchored office building encompassing approximately 207,000 square feet in Beverly Hills, Calif., the Los Angeles Business Journal reported. The seller of the 12-story property at 433 N. Camden Dr. was Camden Properties Ltd., the publication added.

* Allmark Properties received a $50 million loan from Capital One to refinance a 538-unit portfolio of six contiguous apartment communities in Rancho Cucamonga, Calif., The Real Deal reported. The fixed-rate, 10-year loan was provided through Fannie Mae.

* USAA Real Estate Co. and Opus Group have leased a 423,726-square-foot industrial building in Chicago's Streamwood suburb to logistics company Expeditors International, Commercial Property Executive reported. The 35-acre development at 10 Falcon Court is expected to complete in the fall.

After the bell

* Canadian retail giant Loblaw Cos. Ltd. is spinning out its 61.6% stake in Choice Properties Real Estate Investment Trust, as part of a reorganization plan that will result in George Weston Ltd. owning a 65.4% stake in the retail REIT.

The day ahead

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

In Asia, Hang Seng fell 2.56% to 27,258.17, while the Nikkei 225 fell 0.51% to 22,580.83.

In Europe, around midday, the FTSE 100 was down 0.45% to 7,424.68, and the Euronext 100 was down 0.84% to 1,039.01.

On the macro front

The MBA mortgage applications report, the international trade report and the Redbook 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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