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Korean owner sells Amazon-leased Seattle property; Phoenix asset sold for $90M


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Korean owner sells Amazon-leased Seattle property; Phoenix asset sold for $90M

Commercial real estate

* South Korea-based Mirae Asset Global Investments Co. Ltd. sold a 12-story Inc.-leased building at 325 Ninth Ave. N. in Seattle's South Lake Union neighborhood to a joint venture of Tristar Capital LLC and RFR Holding for an undisclosed amount, the Puget Sound Business Journal reported. The 317,800-square-foot property last traded for $246.8 million in 2016. The buyers already own three other Amazon-occupied properties in the Puget Sound region, the publication noted.

* Lincoln Property Co. sold the four-story Grand 1 office building in the Grand at Papago Park Center in Phoenix to Susquehanna Holdings Ltd. for $90 million, the Phoenix Business Journal reported. The building at Loop 202 and Washington Street totals 219,212 square feet and is fully leased to Tokyo-based MUFG and SAP.

The Grand at Papago Park Center, part of the larger 350-acre Papago Park Center, is a 60-acre mixed-use project expected to have 3.2 million square feet of office, multifamily, hotel, retail and restaurant space, the publication noted.

* Lindermann Multifamily Management affiliate Verona Apartments Holdings sold the 293-unit The Verona View apartments in Plantation, Fla., for $75 million, the South Florida Business Journal reported. The property totals 333,099 square feet on 28.8 acres.

* E-commerce now appears to be ringing alarm bells for prime malls at the best locations as well, after they mostly remained safe from the worst effects of online competition, The Wall Street Journal reported. Some of the landlords of malls with high footfall are warning of slowing income growth. Simon Property Group Inc. recently revealed how retail bankruptcies "negatively impacted" its NOI in the third quarter, forcing it to slash net income guidance for 2019. Taubman Centers Inc. also lowered its 2019 guidance range for same property NOI growth to zero to 1% from an earlier estimate of 2%, with its COO attributing the action partly to the result of the market overreacting to the Forever 21 Inc. bankruptcy, the publication said.

* Texas development giant Hines, along with APG Asset Management US Inc. and Dune Real Estate Partners LP, secured the South Station air-rights agreement almost two decades after first pitching the plans to build a mixed-use project in Boston, the Boston Business Journal reported. The South Station project will include a roughly 1.1 million-square-foot tower with 768,000 square feet of office space, 347,000 square feet of residential space and 8,000 square feet of retail space; a 473,000-square-foot residential or hotel building with 8,000 square feet of retail space; and a 552,000-square-foot office building with 13,000 square feet of retail space. The project will also include a 106,000-square-foot expansion of the South Station bus terminal and a five-level, 895-space parking garage.

* Four Corners Property Trust bought 10 properties for $31.7 million to close the first tranche of its previously agreed deal with Seritage Growth Properties.

* Worcester Polytechnic Institute is planning to develop a five-story, 100,000-square-foot academic building on its campus at 100 Institute Rd., in Worcester, Mass., with plans to fund it with a nearly $113.6 million bond from quasi-public agency MassDevelopment, the Boston Business Journal reported. The building is expected to open the in January 2022.

* The Related Group secured a $47.9 million construction loan from Truist Financial Corp. to build the 230-unit class A New River Yacht Club III project in downtown Fort Lauderdale, Fla., The Real Deal reported. The project will be jointly developed by Related and Rabina Properties and will include 2,400 square feet of ground-floor restaurant and retail space, a 1,900-square-foot fitness facility and co-working spaces.


* Lennar Corp. filed applications with Miami-Dade County officials to rezone agricultural properties in Caple North and Caple South communities in Miami, the South Florida Business Journal reported. The homebuilder plans to build a total of 181 single-family homes, and has 11 parcels totaling 41.1 acres at under contract. Caple North will have 80 single-family homes on 15.3 acres, which Lennar has under contract from Caple Investments and the Edna Rae Caple Trust.

The day ahead

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

In Asia, the Nikkei 225 was up 0.60% to 23,924.92.

On the macro front

The MBA mortgage applications report, the jobless claims report, the state street investor confidence index, the Fed balance sheet and the money supply report are due out today.

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