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CIM Group sells Los Angeles retail asset for $325M; Calif. complex fetches $320M

Commercial real estate

* CIM Group LP sold the 463,000-square-foot Hollywood & Highland shopping center at 6801 Hollywood Blvd. in Los Angeles for $325 million, The Real Deal reported, citing sources familiar with the deal. Real estate private equity firms DJM Capital and Gaw Capital purchased the property.

* Diamond Investment Properties purchased the two-building, 306,000-square foot office complex at 400-450 Concar Dr. in San Mateo, Calif., for $320 million, the San Francisco Business Times reported, citing Newmark Knight Frank. A joint venture between Hines and Pearlmark Investment Co. LLC, which developed the buildings in 2017, is the seller.

WeWork has leased 96,000 square feet at the property, while software-maker Medalia is subleasing its 210,115-square-foot space to cloud data warehouse company Snowflake Computing Inc., the publication added.

* Private equity giant Blackstone Group Inc. is in talks to buy a portfolio of warehouses from TA Realty LLC, Crain's New York Business reported. The properties are across New York, New Jersey, Massachusetts, California and Texas.

The Aug. 5 report noted that it was not immediately clear how much Blackstone would pay for the portfolio. The properties include 11 warehouses near JFK Airport in New York City that range in size from roughly 6,000 square feet to nearly 100,000 square feet.

* Media company Walt Disney Co. is planning to develop a 19-story, nearly 1.3 million-square-foot building on the five-parcel 4 Hudson Square site in New York City it purchased for $650 million in 2018, The Real Deal reported. The project will include east and west towers, with retail on the first floor and offices starting on the third floor, the publication added, citing an application pre-filed with the city's Buildings Department.

The building will be used as new headquarters for the media giant and will house its New York operations and production space for "The View" and ABC News, according to the report.

* Citing county records, the Triangle Business Journal reported that Preferred Apartment Communities Inc. purchased the 300,389-square-foot Captrust Tower at 4208 Six Forks Road in Raleigh, N.C., for roughly $137.8 million. The multifamily real estate investment trust acquired the property in July from KBS Realty Advisors LLC.

* GoldOller Real Estate Investments purchased the 982-unit Ashford Druid Hills apartment complex along Briarcliff Road in Atlanta from property developer RADCO Development LLC for $96 million, the Atlanta Business Chronicle reported, citing people familiar with the transaction.

* Real estate company Bell Partners Inc. paid $58.5 million for an apartment complex in Pompano Beach, Fla., The Real Deal reported. Walker & Dunlop represented the seller, privately held real estate firm M-M Properties.

The property at 4611 N. Federal Highway was completed in 2016.

* Dedeaux Properties LLC purchased a 52-acre warehouse and distribution center at 6275 Lance Drive in Riverside, Calif., from Hillwood Development Co. LLC for an undisclosed amount, The Real Deal reported. The property, along with a recently purchased two-building industrial complex, has been renamed Dedeaux Sycamore Canyon Distribution Park totaling roughly 1.4 million square feet of space.

After the bell

* Marriott International Inc. disclosed second-quarter adjusted net income of $525.0 million, or $1.56 per share, a 9.8% decline on a per-share basis from $619.0 million, or $1.73 per share, in the second quarter of 2018.

* Realty Income Corp. reported second-quarter funds from operations available to common stockholders of $251.5 million, or 81 cents per share, up from $226.1 million, or 79 cents per share, in the second quarter of 2018.

The day ahead

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

In Asia, the Hang Seng dropped 0.67% to 25,976.24, while the Nikkei 225 shed 0.65% to 20,585.31.

In Europe, around midday, the FTSE 100 rose 0.02% to 7,224.90, and the Euronext 100 gained 0.67% to 1,032.69.

On the macro front

The Redbook Index for retail sales and the JOLTS 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.

Now featured

Investors continue to pour cash into US real estate-focused ETFs in July: Chart Watch: July marked the second consecutive month of significant inflows into U.S. real estate-focused exchange-traded funds. The Vanguard Real Estate ETF collected the majority of funds during the recent month, at $578.6 million.

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