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In This List

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Saudi investor sells US hotel for $103.5M; developer raises $210.8M for PE fund

Commercial real estate

* Saudi Arabia-based asset manager SEDCO Capital sold the Hampton Inn Hotel in Nashville, Tenn., for $103.5 million as part of $338 million of divestments in the U.S. and the U.K. The sales include an Amazon-leased data center in San Francisco that sold for $35 million, as well as the Garrett West and Catalyst residential properties and a medical property that were divested for $94.5 million and $28.4 million, respectively. Six U.S. veterinary medical facilities and an office building in the U.K. were also part of the deal.

SEDCO said it recorded an average internal rate of return of 14% from the transactions.

* Continental Realty Corp. raised $210.8 million at the closing of its fifth private equity fund, the Baltimore Business Journal reported, citing company officials. The Baltimore-based developer has invested the funds into retail developments and multifamily projects mainly in Maryland, the mid-Atlantic and Florida, according to the report.

* UBS Realty Investors LLC disposed of The Vintage at Hyland Hills multifamily community in Westminster, Colo., for $120.1 million, Multi-Housing News reported, citing Yardi Matrix.

The buyer, IMT Capital LLC, rebranded the 472-unit property at 4901 W. 93rd Ave. as IMT Hyland Hills.

* Development firm BRP Cos. filed plans for a mixed-use tower at 163-05 Archer Ave. in the Jamaica neighborhood of Queens, N.Y., The Real Deal reported, citing a Department of Buildings pre-filing from Aug. 7. The 24-story tower will consist of 399,240 square feet of residential space, 14,077 square feet of commercial space and about 200 parking spaces. It will replace the one-story Archer Towers retail center at the site that BRP bought for $55 million in 2017, the publication added.

* The metro Atlanta area has more than 100 new hotels in the pipeline, the Atlanta Business Chronicle reported. Among these hotels are Stormont Hospitality Group and Allen Morris Co.'s $100 million boutique project in West Midtown and another boutique hotel worth $80 million to be developed by Portman Holdings LLC near Krog Street Market in the Atlanta Beltline's Eastside Trail.

Regent Partners LLC and The Loudermilk Cos. are building the $80 million, 200-room Thompson Hotel in East Paces Ferry Road in Buckhead, while a Marriott Tribute hotel called the Bellyard is planned for The Interlock mixed-use project along Howell Mill Road. S.J. Collins Enterprises teamed up with Three P Partners on the Marriott Tribute hotel.

* Sapphire Bay Land Development and city officials of Rowlett, Texas, unveiled plans for a $1 billion mixed-use project along Lake Ray Hubbard following the closing of the sale of roughly 119 acres of land for the project, The Dallas Morning News reported. The project will feature a 500-room hotel and conference center, along with 1,600 residential units and 1.4 million square feet of commercial space, including office towers, shops and restaurants, the publication noted.

Housing

* Ten of 178 U.S. metropolitan areas have logged double-digit annual home price increases during the crucial spring selling season, down from 24 in the second quarter of 2018, The Wall Street Journal reported. Most of the high-growth areas are in the less expensive and smaller markets including Boise, Idaho; South Bend, Ind.; and Columbia, Mo., the publication said, noting that it is unclear whether growth in these cities would be enough to lift the overall housing market.

* Lennar Corp. unit WCI Communities Inc. has put up for sale a 6.1-acre vacant site with an existing marina in the Westshore Yacht club in Tampa, Fla., the Tampa Bay Business Journal reported. The site could yield up to 241 multifamily units, according to the publication.

The day ahead

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

In Asia, the Hang Seng was down 0.44% to 25,824.72, and the Nikkei 225 gained 0.44% to 20,684.82.

In Europe, around midday, the FTSE 100 was down 0.45% to 7,221.15, and the Euronext 100 fell 0.34% to 1,034.76.

On the macro front

The Treasury budget is 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.

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