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Seefried plans NC warehouse project; cancellations shrink Miami's condo pipeline

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Seefried plans NC warehouse project; cancellations shrink Miami's condo pipeline

Commercial real estate

* Seefried Industrial Properties Inc. plans to develop a 1,016,041-square-foot warehouse building on over 94 acres of land at Triad Business Park in Kernersville, N.C., the Triad Business Journal reported, citing plans submitted to the city. The publication noted that the facility may be for Amazon.com Inc. as its size fits Amazon's usual range and the e-commerce giant has no major fulfillment centers in the Triad region.

* The number of condominium units in Miami's preconstruction pipeline is decreasing partly due to canceled or stalled projects, The Real Deal reported, citing the ISG Miami Report. The total pipeline as of April was down by roughly 3,200 units compared to May 2017. Of the roughly 20,000 units in the April pipeline, roughly 83% or 16,714 units were presold. The May 2017 pipeline had 80% presold units.

* 3L Real Estate received approval to convert the 12-story office building at 820 S. Michigan Ave. in Chicago's South Loop into a 150-unit residential building, The Real Deal reported.

* Moceri + Roszak landed a $71.4 million construction loan for its 20-story office project at 145 S. Wells St. in Chicago's Loop from the Multi-Employer Property Trust, The Real Deal reported. The lender is comprised of 345 pension funds and is managed by Newtower Trust Co.

* Cortland Partners acquired the 264-unit apartment complex at 7933 Venture Center Way in Boynton Beach, Fla., from an affiliate of IMT Capital for $54.5 million, The Real Deal reported, citing property records. IMT had paid $40 million for the Florida Club apartments in 2014, the report noted. The property sits on a roughly 18-acre site and was built in 2000.

* Price Development Group plans to develop a 354-unit apartment project at 363 South Broadway in Denver's Baker neighborhood, the Denver Business Journal reported. The community, located on a 2.82-acre site, will feature a number of amenities and is expected to be delivered in 2020.

* A Murphy Development Group LLC-led team obtained roughly $135 million in financing to redevelop the former Cook County Hospital at 1835 W. Harrison St. in Chicago, the Chicago Tribune reported. Civic Health Development Group is set to break ground on the project within two weeks, Chairman and CEO John Murphy told the publication.

The redevelopment will involve the conversion of two-thirds of the roughly 345,000-square-foot hospital building into an integrated Hyatt House and Hyatt Place hotels with a total of 210 rooms, roughly 75,000 square feet of medical offices and 25,000 square feet of retail space.

Housing

* TRI Pointe Group Inc. unit Maracay Homes is assembling a 160.39-acre lot in Gilbert, Ariz., for a master-planned community with 332 homes, the Phoenix Business Journal reported. TRI Pointe will finance the project, which will involve $44.1 million in land acquisition costs and another $25 million for development, the report noted, citing Jason Weber, vice president of land acquisition and development at Maracay Homes.

Maracay Homes has assembled 40 acres so far and expects to close on the remaining land from multiple landowners by October. Development is slated to commence in the fourth quarter, with sales expected to launch in the first quarter of 2020, the report noted, citing Weber.

The day ahead

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

In Asia, Hang Seng lost 1.40% to 30,056.79, while the Nikkei 225 fell 1.52% to 22,018.52.

In Europe, around midday, the FTSE 100 had risen 0.26% to 7,652.56 and the Euronext 100 was up 0.07% at 1,053.60.

On the macro front

Reports due out today are MBA mortgage applications, ADP employment, retail inventories, wholesale inventories, international trade in goods, Redbook and Beige Book.

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