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Blackstone pays $129M for NY logistics assets; Rexford buys in Torrance, Calif.

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Blackstone pays $129M for NY logistics assets; Rexford buys in Torrance, Calif.

Commercial real estate

* Blackstone Group Inc. paid $129 million to acquire part of TA Realty LLC's $1.04 billion logistics portfolio using a $44.8 million loan from New York Life Insurance Co., The Real Deal reported. The amount covers the properties acquired in Queens, N.Y., spread over 20 parcels, including 145-07 156th St., 149-39 Guy R. Brewer Blvd. and a three-story office building at 156-15 146th Ave. Blackstone also leased the property at 155-02 146th Ave., according to the report.

The private equity giant purchased 68 properties, while AEW Capital Management acquired the remaining 28 of the 96 U.S. assets included in the deal. TA Realty and Blackstone did not immediately respond to requests for comment, the publication noted.

* Rexford Industrial Realty Inc. purchased an eight-building industrial complex totaling 267,503 square feet in Torrance, Calif., for $66.2 million using cash on hand. The portfolio comprises four single-tenant buildings and four two-tenant buildings built on a total of 14.23 acres of land, and they are 91% leased.

* Simon Property Group Inc.'s 1.58 million-square-foot Franklin Mills mall in Philadelphia received a five-year extension on a $290 million CMBS loan, the Philadelphia Business Journal reported. The loan, which was set to expire in 2017 but was extended until June, will now mature June 2024. The mall was valued at $201 million in 2012, the publication noted, citing Trepp data.

* Brennan Investment Group LLC purchased two buildings occupied by LMI Aerospace at 3600 Mueller Road and 3030 N. Highway 94 in St. Charles, Mo., for $195 million, the St. Louis Business Journal reported, citing state filings and data from real estate research firm Reonomy. An affiliate of AIC Ventures was the seller.

* TPA Group LLC is close to finalizing a deal to lease 110,000 square feet to 120,000 square feet to an unnamed Fortune 500 company at its new Alpharetta, Ga., project, the Atlanta Business Chronicle reported, citing company filings. TPA is planning to develop two- and three-story office lofts as part of the 360 Tech Village project on 62 acres at Georgia 400 and Haynes Bridge Road. The project will also include 255 apartment units.

* House prices in Washington, D.C., were up nearly 3% in June compared to the same period in the previous year, thanks to a healthy jobs market in the city and Amazon.com Inc. tapping the nearby Arlington County, Va., as the site for its second headquarters, the Financial Times (London) reported, citing estate agent Long & Foster.

* Broadstone Real Estate LLC purchased two industrial properties in metro Phoenix for $90.2 million from an affiliate of Angelo Gordon & Co. LP, the Phoenix Business Journal reported, citing Vizzda LLC real estate database. The company's affiliate Broadstone HBC Arizona LLC acquired the 305,998-square-foot Hensley industrial building at 4201 N. 45th Ave. in Phoenix for about $57.7 million and the 230,826-square-foot facility at 2555 N. Nevada St. in Gilbert, Ariz., for $32.5 million.

* An affiliate of InvenTrust Properties Corp. sold the 211,944-square-foot Boynton Commons retail center at 333 N. Congress Ave. in Boynton Beach, Fla., for $50 million to an affiliate of Carlyle Group LP, the South Florida Business Journal reported. The buyer took a $35 million loan from Wells Fargo Bank to fund the acquisition.

* An affiliate of Atlanta-based Centennial Holding Co. LLC purchased the 20-building The Luxe at Bartram Park Apartments for $57.8 million from Arium Bartram Park LLC, the Atlanta Business Chronicle reported. The property was renamed Century at Bartram Park after the purchase.

After the bell

* JP Morgan Asset Management is selling its 29-story office tower at 195 Broadway in New York City for $800 million, The Real Deal reported, citing unnamed sources.

The day ahead

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

In Asia, the Hang Seng was down 0.13% to 26,754.12, and the Nikkei 225 declined 0.18% to 21,960.71.

In Europe, around midday, the FTSE 100 rose 0.05% to 7,324.54, and the Euronext 100 was up 0.16% to 1,089.03.

On the macro front

The U.S. housing starts, the U.S. Energy Information Administration petroleum status report, the Federal open market committee meeting announcement, the FOMC forecasts and the Fed chair press conference 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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