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'Grocerants' on the menu for retail landlords; Wynn Resorts secures permit for $2B project


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'Grocerants' on the menu for retail landlords; Wynn Resorts secures permit for $2B project

Commercial real estate

*Carey Watermark Investors 2 Inc.acquired the 372-room San Diego Marriott La Jolla hotel for an undisclosedprice. The 14-story asset in San Diego's La Jolla submarket has undergone $21million worth of capital improvements since 2011, the company said in arelease.

*Lennar Corp.'s LMC isleading a 5.2-acre development of apartments and retail space that will replacean old Pepsi bottling plant in Charlotte, N.C.'s South End, the Charlotte Business Journal reported.

*CNBC, citing CBRE, featured a reporton retail landlords' shifting strategy to accommodate and profit fromrestaurants and food outlets, noting that in 2015 restaurant sales surpassedsupermarket sales for the first time in almost 20 years. Landlords areinterested in celebrity-chef led restaurants, food halls, food trucks andso-called grocerants, which are grocery stores like Whole Foods that also havea restaurant.

*Detroit reported an industrial vacancy rate of 6% in the second quarter, a newlow chiefly driven by a healthy automotive market, National Real Estate Investor reported,citing CBRE.

*The market-rate apartment rental inventory of New York City is set to see morethan 38,000 units come online in the next three years, The Wall Street Journal reported,citing Ten-X. The report said certain analysts and industry executives believerents will take a hit, causing property values to slip, while others contendthat the city's population growth and lack of new apartments after this surgewill even out any repercussions.

*Foxy Management is planning a 168-unit senior housing project atop a two-storycommunity center at 1880 Boston Rd. in the Bronx, N.Y., The Real Deal reported.The $70 million project will be partly financed through a Department of HousingPreservation & Development program, the report said.


*The housing market in metro Phoenix, Ariz., could see a sell-off frominstitutional investors and Canadian buyers who purchased foreclosed homesduring the market crash, The ArizonaRepublic reported,citing a real estate analyst. The sell-off is partly motivated by a strongerU.S. dollar compared to the Canadian dollar, the report said.


*Wynn Resorts Ltd.plans to start construction work on its nearly $2 billion casino resort projectin Everett, Mass., after it won a "key" state environmental permitfrom the Massachusetts Department of Environmental Protection, the AssociatedPress reported.The project is slated to open in 2019, the report said.

*MGM Resorts International's$900 million acquisitionof a 50% stake in the Borgata Hotel Casino & Spa in Atlantic City fromBoyd Gaming Corp.reflects large gaming companies' favorable expectations for the city, Press of Atlantic City reported,citing Michael Pollack, managing director of casino-research firm SpectrumGaming Group. Pollack declared the deal to be "a vote of confidence"for the city, according to the report.

The day ahead

Early morning futures indicators pointed to a mixed openingfor the U.S. market.

In Asia, the Hang Seng climbed 0.13% to 21,993.44, while theNikkei 225 slid 0.04% to 16,620.29. In Europe, around midday, the FTSE 100 rose0.02% to 6,731.67 and the Euronext 100 was 0.67% higher at 875.16.

On the macro front  

The Dallas Fed's manufacturing survey is due out today.

Now featured on S&PGlobal Market Intelligence

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