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DCT industrial park to rise in Houston; $1.6B housing project planned in Boston

Commercial real estate

* DCT Industrial Trust Inc. will develop the two-building DCT PetroPort Industrial Park on a 35-acre site near Highway 225 in Houston, the Houston Business Journal reported, citing DCT Senior Vice President Justin Bennett. The park will comprise a 163,000-square-foot property at 860 Sens Road and an 89,000-square-foot property at 850 Sens Road. Groundbreaking for the 252,000-square-foot asset is expected late in August, with completion slated for April 2018, the report added.

Less than three miles away, the company is developing a 222,000-square-foot facility near the Port of Houston for DHL Supply Chain USA.

* The Boston Housing Authority chose WinnCompanies to undertake a $1.6 billion redevelopment of the Mary Ellen McCormack public housing property in South Boston, REBusinessOnline reported. The project involves tearing down 27 three-story buildings on the site and transforming 1,016 public housing units into workforce housing for middle-income residents, market-rate apartments and condominiums.

Work on the redevelopment is expected to start "within two to three years," subject to approvals from the city, state and federal regulators, while demolitions on the site will be carried out in phases over multiple years, according to the report.

* ElmTree Funds sold a property portfolio comprising six assets to IRA Capital Advisors for $127.5 million, according to a report by the St. Louis Business Journal.

The 747,000-square-foot, fully let portfolio is made up of three industrial facilities in Georgia, Kentucky and South Carolina; two office buildings in Michigan and Massachusetts; and a healthcare facility in Oklahoma, the report added.

* An unnamed buyer purchased the 83,368-acre Cielo Vista Ranch in San Luis Valley, Colo., that was listed at $105 million, the Denver Business Journal reported. The property had been up for sale since 2015 by a group of Texas ranchers. The final sale price was not disclosed, the report noted.

* Amazon intends to open an $85 million, 1 million-square-foot distribution center in 2019 on Macedonia Church Road in Kannapolis, N.C., according to The Charlotte Observer.

* Magellan Development Group is pressing on with its $1 billion, 98-story Vista Tower condominium and hotel project on East Wacker Drive in Chicago in spite of a Chinese government crackdown on high-leverage investments in the U.S. and other countries, the Chicago Tribune reported. China's Dalian Wanda Group Co. Ltd. is an equity investor at the property and is undergoing a restructuring amid the crackdown, according to the report.

* Construction of the $250 million Hall Arts Residence condo tower and Hall Arts Hotel project on Ross Avenue in downtown Dallas has begun following delays since the project's formal groundbreaking in April, The Dallas Morning News reported, citing developer Craig Hall. Hall was cited as saying that permits from the city have now been secured. The tower will rise to 25 stories and include 44 condos, while the adjacent hotel will comprise 183 rooms. The project is expected to last over two years.

* KDC will develop Independent Bank Group's $52 million, 400,000-square-foot headquarters near State Highway 121 in McKinney, Texas, according to The Dallas Morning News. The first phase of the project will span 150,000 square feet in the Craig Ranch development at S.H. 121 and Grand Ranch Parkway. Construction is expected to start in the fourth quarter, with completion slated for January 2019.

* The Chicago Tribune's parent company, Tronc, is in discussions for a lease of roughly 130,000 square feet in the two-tower Prudential Plaza in Chicago, Crain's Chicago Business reported, citing people familiar with the company's plans. Tronc is leaving its headquarters at the Tribune Tower following the $205 million sale of the asset to a joint venture between CIM Group LP and Golub of Chicago.

After the bell

* PS Business Parks Inc. Executive Vice President, CFO and Secretary Edward Stokx stepped down, effective Aug. 31.

* American Homes 4 Rent priced its underwritten public offering of 12.0 million class A common shares to raise roughly $266 million.


* Financing details of the planned $1.9 billion, 65,000-seat Oakland Raiders football stadium in Las Vegas will be reviewed by the Las Vegas Stadium Authority Aug. 17, the Las Vegas Review-Journal reported. The financing package includes public funding of $750 million to support bonds paid off with a 0.88 percentage-point rise in a hotel room tax that ranges between 12.5% and 13.4%, the report noted. Potential sources for the balance include the Raiders' personal seat licenses sold to season ticket holders, a Bank of America loan and a National Football League stadium construction loan program, the report added.

* Casinos in Atlantic City, N.J., logged a total gaming win of $267.9 million year-to-date through July, down 2.7% from $275.3 million in the year-ago period, according to the state's Division of Gaming Enforcement. The figure includes casino and internet gaming wins.

The day ahead

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

In Asia, the Hang Seng dropped 0.28% to 27,174.96, while the Nikkei 225 gained 1.11% to 19,753.31.

In Europe, around midday, the FTSE 100 had risen 0.48% to 7,389.17 and the Euronext 100 had climbed 0.38% to 1,000.20.

On the macro front

The retail sales report, the Empire State manufacturing survey, the import and export prices report, the Redbook, the business inventories report, the housing market index and the Treasury International Capital report are due out today.

Now featured on S&P Global Market Intelligence

* REIT Replay: Faded fears: The broader markets and real estate investment trusts kicked the week off on a high note Monday, Aug. 14, as tensions eased over a potential conflict between the U.S. and North Korea.

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