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WeWork parent forms committee for $5B financing; Seefried plans Amazon warehouse

Commercial real estate

* WeWork Cos. Inc. parent The We Co. formed a special two-member board committee to weigh the proposals for a $5 billion financing support from its largest backer SoftBank Group Corp. and main lender JPMorgan Chase & Co., Reuters reported, citing four people familiar with the matter. The committee aims to ring-fence the negotiations from SoftBank's influence as the Japanese conglomerate already owns a third of WeWork and new equity investments would potentially result in SoftBank gaining control of the coworking giant, the sources said.

The members will be We Co. directors Bruce Dunlevie and Lew Frankfort, who will represent the interests of all investors in the company, the sources added.

* Seefried Industrial Properties Inc. plans to build an 85-acre, 1.4 million-square-foot warehouse for Inc. between Interstate 4 and Normandy Boulevard in Deltona, Fla., the Orlando Business Journal reported. The city commission is expected to approve the project Nov. 4.

The developer entered a 15-year lease agreement with the e-commerce giant, though the name of the tenant was not revealed, the publication reported, citing Paul Seefried, vice president of development.

* Israeli real estate firm Sapir Corp. is looking to sell a 1.47-acre opportunity zone site at 1768 NE Second Court in the Edgewater neighborhood of Miami, The Real Deal reported. The property can be developed into at least 1.4 million square feet of space, or almost 2 million square feet with bonuses, the report noted, citing the offering.

Sapir owns a roughly 40% stake in the property, with the remainder owned by Chinese construction company CNMB International and Hong Kong-based G-Resources, the report added, citing Sapir.

A 1.7 million-square-foot project was previously planned on the site comprising a 60-story and a 40-story tower, but Sapir chose to sell the property as it is now valued more after being included in an opportunity zone. The firm, then ASRR Capital, paid $33 million for the eight-parcel assemblage in May 2017 alongside CNMB and G-Resources.

* Clemente Development Co. received approval for the View at Tysons development in Tysons, Va., that will include the region's tallest tower, the Washington Business Journal reported. The overall project will comprise 3 million square feet of mixed-use space across six buildings, including up to 1.14 million square feet of residential space and about 1.43 million square feet of office space. Nearly 110,000 square feet of retail space is also planned.

The tallest building in the project will rise 600 feet, according to the report.

* Coworking company Industrious LLC is leasing 25,000 square feet at the Paseo de la Riviera mixed-use project under construction in Coral Gables, Fla., The Real Deal reported. The project is at 1350 S. Dixie Highway and is expected to open in the first quarter of 2020.

* Mill Creek Residential Trust LLC is under contract for a 1.6-acre site at 1025 N. Bannock St. in Denver's Golden Triangle neighborhood where it plans to develop the Modera Golden Triangle apartment community, the Denver Business Journal reported. The two-tower, 15-story community will comprise 420 units across 12 residential floors over a three-story parking podium.

* An affiliate of Alabama-based Thompson Development Co. secured a $50 million construction loan to develop Lenox North Beach, comprising 250 apartments across one three-story building and eight two-story buildings at a 10.9-acre site at 12045 U.S. Highway 1 and 1701 Juno Road near Juno Beach, Fla., the South Florida Business Journal reported. The site has the 100,460-square-foot North Beach Plaza shopping center, which will be demolished.

* A joint venture of Ares Management Corp., ZOM Senior Living, and Liberty Senior Living secured a more than $89 million construction loan to build the Wellington Bay senior living facility near the Mall at Wellington Green in Wellington, Fla., the South Florida Business Journal reported. The $180 million facility will be built on the 46-acre site at 2735 Nucare Lane in two phases, having 424 units over the long term.

* Bridge Investment Group LLC subsidiary Bridge Office paid about $85.8 million for the Phoenix Gateway Center office complex near Van Buren and 44th streets in Phoenix, the Phoenix Business Journal reported. The complex totals nearly 440,000 square feet and comprises two four-story buildings and one 11-story building.

* Clarion Partners LLC signed two new leases at its Westchase Park II property in Houston's Westchase area, the Houston Business Journal reported. The company leased 90,989 square feet to LJA Engineering Inc. and 28,078 square feet to Centurion Pipeline LP at 3700 W. Sam Houston Parkway.

After the bell

* SL Green Realty Corp. disclosed funds from operations attributable to company common stockholders for the third quarter of $151.4 million, or $1.75 per share, a 5.4% increase on a per-share basis from $149.8 million, or $1.66 per share, in the 2018 third quarter.

* Crown Castle International Corp. reported FFO attributable to company stockholders for the third quarter of $622 million, or $1.49 per share, an increase of 20.2% on a per-share basis from $515 million, or $1.24 per share, in the 2018 third quarter.

* Office real estate investment trust Columbia Property Trust Inc. is purchasing the operating platform and real property interests of Normandy Real Estate Management LLC for about $100 million, exclusive of transaction and closing costs.

The day ahead

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

In Asia, the Hang Seng jumped 0.69% to 26,848.49, while the Nikkei 225 dropped 0.09% to 22,451.86.

In Europe, around midday, the FTSE 100 increased 0.58% to 7,209.21, and the Euronext 100 decreased 0.60% to 1,098.22.

On the macro front

The housing starts report, the jobless claims report, the Philadelphia Fed business outlook survey, the industrial production report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.

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