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Gramercy nets $142.1M from NoVa asset sale; CBRE agrees to buy Norwegian affiliate

Commercial real estate

*Gramercy Property Trust Inc.said it wrapped upthe disposition of the Pacific Corporate Park office complex in Sterling, Va.,for an aggregate gross sale price of $145.5 million. The price works out to$209 per square foot.

Thecompany netted $142.1 million from the sale, which is in line with its plan tosell select single and multi-tenant office assets.

*Pennsylvania Real Estate InvestmentTrust saidit completed the approximately $92.4 million sale of four additional noncoremalls as it moves to conclude its disposition effort to divest such properties.The company sold Lycoming Mall in Pennsdale, Pa., for $26.4 million and apackage of three malls for $66 million.

Thethree malls are Gadsden Mall in Gadsden, Ala.; New River Valley Mall inChristiansburg, Va.; and Wiregrass Commons Mall in Dothan, Ala.

* Arental property in the Astoria neighborhood of Queens, N.Y., has hit the marketwith a $135 million asking price, Crain'sNew York Business reported.The eight-story asset at 12-15 Broadway had availed the 421-a tax break and islocated in one of the now-expired program's exclusion zones. As a result, thenew owner will not be required to charge below-market rent to tenants, thepublication noted.

Technologyexecutive David Lubinitsky is selling the 213-unit property.

* The Charlotte (N.C.) Observer reportedthat an "enormous" development is in the planning stages, under which4,000 homes, an office district, hotels, parks and a waterfront will be builton a swath of land between the Charlotte airport and the Catawba River.

Developmentcompanies Crescent Communities and Lincoln Harris have joined forces for theproject. The office district will span 8 million square feet and thedevelopment will also include 500,000 square feet of shops, restaurants andother retail.

Theproject has been tentatively named River District and will take "decades"to be fully built, according to the report.

The CharlotteBusiness Journal also reported on the news.

*One Wells Fargo Centeroffice building in Charlotte traded hands for $284 million, the Charlotte Business Journal reported.Starwood Capital Group and Vision Properties sold the 1 million-square-foot,class AA building to 301 College Street Center LLC. The sellers had acquiredthe asset for $245 million in 2013.

* StarTribune reportedthat St. Paul, Minn.'s Penfield apartments, which helped drive high-enddevelopment activity downtown, may sell for $68 million to LaSalle InvestmentManagement Inc. The City Council, acting as Housing and RedevelopmentAuthority, will meet Wednesday to vote on the sale. The building includes 254market-rate apartments.

Thecity took over the project after the recession dealt a blow to the housingmarket and plans for a private development failed to materialize, thepublication noted.

After the bell

*STORE Capital Corp.said the secondaryoffering of 33,336,144 shares of the company's common stock owned by a sellingstockholder was priced at $25.25 apiece. The company will not receive anyproceeds from the offering.

*Pinnacle Entertainment Inc.reached a definitiveagreement to purchase the operations of the Meadows Racetrack and Casino inWashington, Pa., from Gaming andLeisure Properties Inc. for $138.0 million.

Pinnacleexpects to finance the acquisition with its $400 million revolving creditfacility and cash on hand, President and CFO Carlos Ruisanchez said in arelease.

*Regency Centers Corp.and AvalonBay Communities Inc.are joining forces to acquire the Market Common in Clarendon in NorthernVirginia for roughly $410 million, the WashingtonBusiness Journal reported.The mixed-use property, which launched in 2001, includes 300 apartments and400,000 square feet of retail space.


* OnMarch 28, Maine senators voted against a proposed bill that sought to build aresort-style casino in the southern part of the state, reported.The Maine House of Representatives had also disapproved the bill in the week ofMarch 21, so it is unlikely that the state Legislature will consider themeasure this year, according to the report.

*The Monte Carlo and Monaco towers at the shuttered casino hotel in Las Vegas areexpected to be torn down separately, with one to be imploded in June and theother in August, the Las VegasReview-Journal reported.

Other real estate news

*CBRE Group Inc.said it entered intoan agreement to acquire its Norwegian affiliate, Atrium AS, in a move tostrengthen its presence in the Nordics. The acquisition will help the companyto take advantage of burgeoning real estate activity in the region.

The day ahead

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

InAsia, the Hang Seng rose 2.15% to 20,803.39. The Nikkei 225 fell 1.31% to16,878.96.

InEurope as of midday, the FTSE 100 had risen 1.71% to 6,210.52, and the Euronext100 had climbed 1.81% to 879.07.

On the macro front

Mortgageapplications in the week ended March 25 decreased 1.0% from one week earlier ona seasonally adjusted basis, the Mortgage Bankers Association reported, citingthe results of its weekly mortgage applications survey.

TheBank Reserve Settlement, the ADP employment report and the EIA petroleum statusreport are due out today.

Now featured

: TheMarch 29 North American property news roundup also features CommunicationsSales & Leasing's wireless tower deal with Windstream Holdings.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.