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AvalonBay's NYC project approved; Summit affiliate snaps up Atlanta hotel

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


AvalonBay's NYC project approved; Summit affiliate snaps up Atlanta hotel

Commercial real estate

* A more than 60-story apartment tower being built and financed by AvalonBay Communities Inc. in the East Harlem neighborhood of Manhattan, N.Y., won approval from the City Council, Crains' New York Business reported. The 673-foot tall project spans a full block between East 96th and East 97th streets and First and Second avenues. It will have roughly 1,000 apartments, of which a third are marked for an affordable-housing program.

* An affiliate of Summit Hotel Properties Inc. snapped up the AC Hotel Atlanta Downtown from an affiliate of Peachtree Hotel Group for $57.5 million, the Atlanta Business Chronicle reported, citing Fulton County court records. The property, formerly a 260-room Holiday Inn, reopened in May as a 255-room Marriott-branded AC Hotel. The report noted that Peachtree spent $47 million to acquire and revamp the downtown Atlanta property.

* Blackstone Group LP sold the 140,000-square-foot Arboretum Courtyard office property to Tishman Speyer for approximately $140 million, The Real Deal reported, citing unnamed sources. The sale price for the class A property at 2120-20150 Colorado Ave. in Santa Monica, Calif., translates to roughly $1,000 per square foot, the report noted.

* JLL secured $78 million in bridge financing on behalf of Levcor Inc. for the Pharr Town Center in Pharr, Texas, Commercial Property Executive reported. The loan was provided by Goldman Sachs, and will refinance an existing construction loan for the 466,950-square-foot property at 600 North Jackson Road.

* Storefront availability in Manhattan's SoHo neighborhood jumped to 23.1% in the second quarter, while asking rents for ground-floor retail spaces have decreased to $478 per square foot, compared to $541 per square foot at the end of 2015, The Wall Street Journal reported, citing Cushman & Wakefield. The area had a vacancy rate of 4.7% at the end of 2011.

* Speaking of SoHo, KUB Capital's offering plan for a six-unit luxury condominium development at 150 Wooster St. was accepted by the New York State Attorney General's office, The Real Deal reported. Target sellout price for the units is $105 million.

* The State Board of Administration Florida splashed $105 million to acquire a six-building office park in north San Jose, Calif., from Lane Partners, the Silicon Valley Business Journal reported, citing multiple industry sources. Lane acquired the nearly 22-acre North San Jose R&D campus for about $31 million in 2012 and spent $16.5 million on upgrades, the report noted. The campus was 84% leased at the time of the sale, the report said, citing Marcus Gilmour, principal at Lane.

* Exeter Property Group landed a $108 million mortgage from Wells Fargo for warehouse properties across New Jersey, Connecticut, Illinois, Indiana, Utah, Virginia and in Boynton Beach, Fla., The Real Deal reported, citing property records.

* Selig Enterprises Inc. plans to develop a large mixed-use project on Atlanta's Upper Westside that will see the investment of $1 billion over the next decade, the Atlanta Business Chronicle reported. Dubbed "The Works at Chattahoochee," the 80-acre project would include more than 1.5 million square feet, with 600,000 square feet of office, 500,000 square feet of retail, 500 residential units and a 200-room boutique hotel.

* Integral Group is planning a 225-unit student housing project near Georgia Tech's Bobby Dodd Stadium in Atlanta, the Atlanta Business Chronicle reported, citing planning documents filed with the city.

* A property owner in San Jose, Calif., is proposing a 26-story mixed-use tower with 400 student housing units near the San Jose State University campus, the Silicon Valley Business Journal reported. The Schoennauer Co. and Brent Lee are working to secure approvals for the project, which would also have ground-floor retail and 495 parking spaces.

After the bell

* A newly formed joint venture between Five Point Holdings and two other members acquired about 73 acres of commercial land in the Great Park neighborhoods in Irvine, Calif., from a Broadcom Ltd. subsidiary for roughly $443 million.

* Farmland Partners Inc. priced an offering of its 6.00% series B participating preferred stock for roughly $131.3 million in gross proceeds.

The day ahead

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

In Asia, the Hang Seng dropped 2.04% to 26,883.51, and the Nikkei 225 slipped 0.05% to 19,729.74.

In Europe, around midday, the FTSE 100 was down 1.21% to 7,300.56, and the Euronext 100 was down 1.06% to 986.29.

On the macro front

The consumer price index and the Baker-Hughes Rig Count report are due out today.

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