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Miami to consider 2 tower projects; $1.2B LA scheme seeks buyer or JV partner

Commercial real estate

* The Miami Urban Development Review Board is due to consider plans for two proposed towers in the city's Arts & Entertainment District and downtown, The Real Deal reported.

Behar Font & Partners filed plans for a 73-story tower at 555 N. Miami Ave., a 36,000-square-foot development site owned by Istanbul-based developer Turkish Okan Group. The downtown project, dubbed Sterling, is slated to comprise 362 residential units, a 300-room hotel, 55,400 square feet of office space, and retail space.

In the Arts & Entertainment District, One Miami Biscayne Bay and Arts District Hotel filed plans for a 42-story, 270-room hotel at 511 Northeast 15th St.

The South Florida Business Journal also reported on the plans.

* PHR LA Mart, the owner of a 9.7-acre downtown Los Angeles site where a project worth roughly $1.2 billion is set to commence, is seeking development partners or buyers for the project, The Los Angeles Times reported. The Broadway Square Los Angeles scheme is located east of the 110 Freeway and has a 12-story building on the site that will be renovated as part of the development.

The years-in-the-making project received approvals in 2016 and lawsuits against the scheme were recently settled, paving the way to move forward, the report noted. The project will span 2.54 million square feet, including a 19-story, 208-room hotel, condominium towers of 35 and 32 stories, and other shorter buildings comprising 528 apartments and 21 live-work units.

Also reporting on the news, The Real Deal noted, citing property records, that PHR acquired the 784,000-square-foot property at 1933 S. Broadway in 2012 for about $55 million. Bids are due by Dec. 1.

* Dayton, Ohio; northern Kentucky; and Cincinnati are teaming up for a pitch for Amazon.com Inc.'s second headquarters project, the Cincinnati Business Courier reported. The cooperation would encompass six major higher education institutions and southwest Ohio's population of nearly three million people, the report noted.

* The proposed $390 million project to develop a new civil courthouse in downtown Miami is being downsized with a budget of $257 million, the Miami Herald reported. The new plans now call for 18 floors, down from 26, with a square footage of 455,000, down from 600,000. Miami-Dade is seeking a private developer to fund the construction bill and manage the property in a long-term deal with the county, according to the publication.

* Penn-Florida Cos. landed nearly $400 million in financing for the Via Mizner mixed-use project in downtown Boca Raton, Fla. Lotus Capital Partners arranged the financing package. Mack Real Estate Credit Strategies provided $318 million while the U.S. Immigration Fund provided $80 million as an EB-5 lender.

The two million-square-foot project will comprise a 366-unit luxury apartment building, an 88-unit condo, a 164-room Mandarin Oriental Hotel & Resort and 60,000 square feet of retail space. The financing is the largest in South Florida so far in 2017, The Real Deal reported. The hotel is expected to be complete by the end of 2019, followed by the residential portion a few months later in 2020.

* The Federal Emergency Management Agency signed a lease in Doral, Fla., at a nearly 94,000-square-foot building at 2001 N.W. 107th Ave. for three months, The Real Deal reported, citing One Commercial agent Ani Sierra, who brokered the deal. The federal agency will use the new location to serve the Florida Keys following Hurricane Irma. The property is owned by Megapolis Corp., the report noted, citing records.

* Rodman Properties Inc. snapped up a portfolio of seven apartment properties totaling nearly 1,000 units in Harrisburg and Allentown, Pa., the Philadelphia Business Journal reported. The deal price was not disclosed, but the buyer used a $103.4 million loan for what is its largest acquisition to date, the report noted.

The seller was Madison Apartment Group, a division of Equus Capital Partners. The properties are part of a 22-asset suburban class B portfolio that Equus has been selling off since August 2016. Equus bought the portfolio for $324 million in 2007. Rodman also bought two other properties from the same portfolio earlier in 2017, the report noted.

* DRA Advisors LLC and Local Capital Group bought six research and development office buildings in south San Jose, Calif.'s Optical Tech Park for more than $81 million, the Silicon Valley Business Journal reported. The seller is MWest, a joint venture between TPG Real Estate and DivcoWest. The buildings total 510,000 square feet.

* Florida State Board of Administration is redeeming $150 million from two core open-ended real estate funds, IPE Real Assets reported. The pension fund is pulling $100 million out of the UBS Trumbull Property Fund and $50 million from the JP Morgan Strategic Property Fund. The pension fund said the moves are not related to performance and are meant to rebalance and reallocate funds, the report noted.

The pension fund will still have a $345 million investment in the JP Morgan fund and a $191 million investment in the UBS Turnbull fund, the report added, citing recent figures.

After the bell

* D.R. Horton Inc. completed its acquisition of 75% of Forestar Group Inc.'s outstanding shares.

* Penn National Gaming Inc. and Pinnacle Entertainment Inc., which have a combined enterprise value of roughly $12 billion, are considering a potential merger, The Wall Street Journal reported, citing "people familiar with the matter."

* Phillips Edison Grocery Center REIT I Inc. completed its purchase of the real estate assets and third-party asset management business of its former sponsor and external adviser in an approximately $1 billion cash-and-stock deal.

The day ahead

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

In Asia, the Hang Seng increased 0.28% to 28,458.04, while the Nikkei 225 rose 0.30% to 20,690.71.

In Europe, around midday, the FTSE 100 was up 0.21% at 7,524.04, and the Euronext 100 was down 0.15% at 1,046.54.

On the macro front

The employment situation report, wholesale trade report, consumer credit report and Baker-Hughes Rig Count report are due out today.

Now featured on S&P Global Market Intelligence

Data Dispatch: US real estate ETFs log approximately $223M of net outflows in September: Chart Watch: PowerShares KBW Premium Yield Equity REIT Portfolio exchange-traded fund recorded the highest monthly and yearly total returns among real estate exchange-traded funds at 3.5% and 12.8%, respectively.

Real Estate Rundown: US investors warming to Mexican REITs, even as macro concerns linger: The FIBRAs as a group have bounced back in 2017 in spite of President Donald Trump's ongoing protectionist rhetoric, and industry players say industrial market conditions are especially favorable.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.