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Marriott closes Starwood acquisition; RioCan eyes C$1.3B investment path

Commercial real estate

* MarriottInternational Inc. has closed its acquisition of

After almost a year and the surprise entry and exit ofAnbang, the closingcomes after the Chinese Ministry of Commerce gave antitrust for the deal.

The merger creates the world's largest hotel company, whichwill operate or franchise more than 5,700 properties and 1.1 million rooms inmore than 110 countries.

* RioCan RealEstate Investment Trust is eyeing investments worth about C$1.3billion over the next five years, Reuters reported,citing CEO Edward Sonshine.

In the wake of slowing rental growth and the company'sacquisitions strategy taking a backseat, Sonshine said in an interview at a BMOCapital Markets real estate conference that the investment strategy willinvolve development and revamps of its properties in urban markets. RioCancompleted the sale ofits U.S. operations in the second quarter.

* ColumbiaProperty Trust Inc. sold a 370,485-square-foot office campus outside Denver,for gross proceeds of $122 million. The Englewood, Colo., asset is fully leasedto global engineering and construction firm CH2M.

* WestfieldCorp. is suing a fifth tenant for not moving into its leased spaceat the recently opened WestfieldWorld Trade Center mall in Manhattan, N.Y., The Real Deal reported.

Sixty percent of the more than 100 stores that had signed upopened Aug. 16. Westfield said the mall will be fully occupied by Christmas,the report said.

* Norway's largest lender agreed to move its North Americanheadquarters to Related Cos.' underconstruction 30 Hudson Yards skyscraper onManhattan's far west side, Bloomberg News reported.DNB ASA will leave the MetLife Building in Midtown Manhattan to take up 44,000square feet at the new location.

* The Port Authority of New York and New Jersey plans toprovide $150 million for the proposed Moynihan Station transit hall, which ispart of the redevelopment of the James A. Farley Post Office site nearManhattan's Penn Station, The Real Deal reported.

The $3 billion redevelopment of Penn Station and the post officebuilding has drawn interest from the likes of and , amongother developers.

* A 256,000-square-foot warehouse in the Long Island Cityneighborhood of Queens, N.Y., is being placed on the market for the first timein nearly 40 years, The Real Deal reported,citing unnamed sources. The Matsil Bros.-owned property is 80% leased and couldsell for up to $110 million, the report said.

* Sweden-based music streaming service Spotify is on thelookout for up to 350,000 square feet of office space in New York City for itsnew headquarters ahead of a planned IPO in 2017, The Real Deal reported,citing unnamed sources. The company occupies about 140,000 squarefeet at RXR Realty's 620 Sixth Ave. building, according to CoStar data.

* The Wall StreetJournal reportedon the Millennium Tower in San Francisco's SoMa neighborhood, which is nownicknamed "the leaning tower of San Francisco" after it sank about 16inches into the ground and began to tilt slightly northwest since itscompletion in 2009. Homeowners filed a lawsuit in August as a result.

* MG Properties Group snapped up the 366-unit Mosaic HillsApartments in Kent, Wash., for about $51.6 million, according to a release.

After the bell

* W. P. CareyInc. CFO Hisham Kader is leaving the company and relocating to Boston to take thesame position at an undisclosed private real estate company. Chief AccountingOfficer ToniAnn Sanzone was named interim CFO.


* According to Zillow's August Real Estate Market Reports,the median value of U.S. homes was up 5% to $188,100 compared to August 2015.Rents rose 1.7% over the past year.

The report noted that San Francisco and San Jose, Calif., nolonger feature among the top appreciating U.S. housing markets.

* Sales of single-family homes in Miami-Dade County hit anall-time high for August with 1,239 deals, surpassing the previous record forthe month set in 1994, accordingto the Miami Association of REALTORS. The figure reflects an 8.7%year-over-year increase. Median prices for single-family homes jumped 14.5% to$300,000.

Single-family home sales had dropped 16.4% year over year in July.


* The Nevada Gaming Commission gave the required for a unit to acquirethe Palms CasinoResort for $312.5 million, theLas Vegas Review-Journal reported.

The state Gaming Commission also approved 's $380 millionacquisition of the Aliante CasinoHotel and Spa. Both properties are in Las Vegas.

* The lobbying efforts are being suspended fora referendum in November that will allow voters to decide whether toapprove the construction of two multibillion-dollar casinos in northern NewJersey, The Associated Press reported.

Former Reebok Chairman Paul Fireman and MeadowlandsRacetrack operator Jeff Gural are abandoning their campaign as they believethat voters will reject the push to expand gaming to the northern part of thestate. The question will still remain on the ballot, the report said.

The day ahead

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

In Asia, the Hang Seng dropped 0.31% to 23,686.48, and theNikkei 225 fell 0.32% to 16,754.02.

In Europe, around midday, the FTSE 100 was up 1.06% to6,903.52, while the Euronext 100 was down 0.41% to 886.84.

On the macro front

The PMI Manufacturing Index Flash and the Atlanta FedBusiness Inflation Expectations report are due out today.

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