Commercial real estate
* Starwood Capital Group and Schulte Hospitality Group are set to acquire the 600-room Downtown Memphis Sheraton hotel in Memphis, Tenn., which is owned by Host Hotels & Resorts Inc., the Memphis Business Journal reported, citing according to documents filed with the Downtown Memphis Commission.
The partners plan to redevelop the convention center hotel and have secured a franchise license agreement with Marriott International Inc., the report noted. Financial terms of the deal were not reported.
* NorthStar Realty Europe Corp. appointed Keith Feldman as CFO and treasurer, effective May 10, replacing outgoing CFO Scott Berry.
* DCT Industrial Trust Inc. will develop a 222,000-square-foot facility near the Port of Houston for DHL Supply Chain USA, the Houston Business Journal reported, citing DCT Industrial senior vice president Justin Bennett. The new 13.2-acre property will be located between two existing DHL facilities spanning 312,000 square feet that are also owned by DCT Industrial, the report noted.
Groundbreaking is expected in the second quarter, with completion is expected in the first quarter of 2018, the report said, citing Bennett.
* Highwoods Properties Inc. secured its first major lease for the 5000 CentreGreen office building under construction at the CentreGreen corporate park in Cary, N.C., the Triangle Business Journal reported. Copernicus IRB and Clintrax Global will relocate from Durham, N.C., and Raleigh, N.C., respectively, to the location. Copernicus' parent company previously acquired Clintrax. Copernicus signed a 44,000-square-foot lease at the property, the report said, citing confirmation from unnamed sources.
The 167,000-square-foot building will be Highwoods' fifth in the corporate park, with completion slated for August, the report noted, citing Jane Doggett, a broker with Highwoods. The other four buildings are all fully occupied, according to the report.
* The Real Deal reported on a logistics sector outlook provided by Blackstone Group LP's global head of real estate, Jonathan Gray. Speaking at the annual REIT symposium hosted by NYU's Schack Institute, Gray noted that the rise of online sales, at the peril of traditional retail, is increasing demand for industrial space and last-mile distribution centers in particular.
Gray also spoke of the prospect of further REIT privatizations, including in the ailing malls sector.
* Also speaking at the institute's REIT symposium was Boston Properties Inc. CEO Owen Thomas, who said the company is adopting a strategy of selling partial stakes in properties, as opposed to cyclical buying and selling of assets to raise capital, The Real Deal reported. Thomas also said the company is focusing on creating value through development instead of the buying low and selling high approach, which has become "particularly difficult."
* Quinlan Development Group and Building & Land Technology landed $132 million in financing from KKR for their Pioneer Building office conversion project in downtown Brooklyn, N.Y., The Real Deal reported, citing property records filed with the city. The 230,000-square-foot storage facility at 41 Flatbush Ave., which was acquired in 2015 for $90 million, and is intended for conversion to a 275,000-square-foot office property, according to the report.
* Teen clothing and accessories retailer Rue21 Inc. is on the verge of filing for bankruptcy as early as this month, Bloomberg News reported, citing people familiar with the matter. The chain operates more than 1,000 stores and was acquired by private equity firm Apax Partners for about $1 billion in 2013, the news outlet noted.
* Real estate private equity firm ElmTree Funds acquired a portfolio of healthcare, industrial and office properties across the U.S. for $74.1 million, the St. Louis Business Journal reported. ElmTree is focused on net-leased assets or properties under long-term leases.
* Construction starts for apartment units in the Dallas-Fort Worth area in north Texas almost doubled in the first two months of 2017 with a 95.8% year-over-year increase, The Dallas Morning News reported, citing MPF Research and the U.S. Census Bureau. At 5,664 apartments, the metro area was second only to New York City in total multifamily home starts during the period, the publication noted.
After the bell
* American Tower Corp. closed its public offering of €500.0 million of 1.375% senior unsecured notes due April 4, 2025.
* EPR Properties completed its previously announced acquisition of 21 recreation properties from CNL Lifestyle Properties Inc. for $455.5 million.
* Las Vegas' single-family home sales in March jumped 42.1% from February and were 14.8% above year-ago levels, the Las Vegas Review-Journal reported, citing the Greater Las Vegas Association of Realtors. The median sales price for single-family homes, at $242,000, was up 10% year over year and stood 0.8% above February levels.
Inventory was down 1.4% from the previous month and dropped 23.9% compared to March 2016, the report noted.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng slipped 0.03% to 24,267.30, while the Nikkei 225 increased 0.36% to 18,664.63.
In Europe, around midday, the FTSE 100 was up 0.17% at 7,315.33, and the Euronext 100 was down 0.07% at 985.75.
On the macro front
The employment situation report, the wholesale trade report, the consumer credit report and the Baker-Hughes Rig Count are due out today.
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