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Charlotte, NC, complex sells for $209M; Atlanta office tower fetches $166M

Editor's note: The North America Daily Dose will not be published Jan. 1, 2019, and will resume publication Jan. 2, 2019.

Commercial real estate

* Preferred Office Properties LLC affiliate POP Capitol Towers LP bought the Capitol Towers complex in the SouthPark neighborhood in Charlotte, N.C., for almost $208.8 million, the Charlotte Business Journal reported, citing Mecklenburg County records. Preferred Office Properties is an indirect subsidiary of Preferred Apartment Communities Inc.

Developer Lincoln Harris LLC sold the asset, which sits on a 5.8-acre site and includes two 10-story buildings with 472,500 square feet of office space and retail area, a medical office building and a parking deck.

* New York Life Insurance Co.'s REEP-IMPIC OFC Prominence Atlanta LLC affiliate acquired an office tower in Atlanta's Buckhead district for $166 million, the Atlanta Business Chronicle reported, citing Fulton County records. Crocker Partners LLC sold the 19-story, 433,000-square-foot Prominence building at Piedmont and Lenox roads at a price translating to more than $380 per square foot, the Dec. 30 report added.

The building alone was valued at less than $125 million in 2018 by the county, while the entire asset, including land, was pegged at $135 million.

* Canada-based private equity firm Pacific Reach Properties Ltd. bought the Linea apartment building at 215 West Lake St. in Chicago for $121 million, The Real Deal reported, citing Cook County records. The 33-story property was placed on the market by developer Moceri & Roszak earlier in 2018 for an estimated $136 million.

Pacific Reach funded the deal with an $80 million loan from Citibank, the report added, citing the records.

* According to an analysis by The Wall Street Journal, apartment sales in Manhattan, N.Y., were down 12% from 2017 levels and fell 22.5% from peak levels reached in 2013 that marked the highest point since the economic crisis in 2008. The median apartment sale price fell 5.2% in 2018, with condominium prices falling 6.5% and co-op prices increasing 2.5%.

Brokers expect the decline in sales to continue amid increasing inventory, stock market declines and heightened market volatility, according to the publication.

* Citing records filed with the New York City Department of Finance, the Commercial Observer reported that Bank of China was the lender in Alexander's Inc. recent $252.5 million refinancing of its 609,000-square-foot Rego Park II shopping center in Queens, N.Y.

* LIHC Investment Group secured a $110 million mortgage to refinance the Lakeview Apartments low-income housing facility in Manhattan's East Harlem neighborhood, The Real Deal reported, citing a public filing with New York City's Department of Finance. The refinancing was provided by Rockport Mortgage.

* Facebook Inc. has leased 260,000 square feet of office space in two buildings at The Brickyard, a Tishman Speyer development in Los Angeles' Playa Vista neighborhood, the Commercial Observer reported, citing CoStar Group. Facebook will move into the space in the first quarter of 2019 from 12777 West Jefferson Blvd., also in Playa Vista, where it leases 50,000 square feet.

The social media giant will fully occupy a 122,000-square-foot building at the complex and will occupy 140,000 square feet at another building in the complex.

* Online retail giant Inc. plans to build and expand Whole Foods stores across the U.S., the Journal reported, citing people familiar with the plans. Amazon paid approximately $13.5 billion to acquire the grocery chain in 2017.

* Bankrupt retailer Sears Holdings Corp. plans to close another 80 stores in the U.S. in March 2019, with liquidation sales at the stores set to begin in two weeks. When it filed for bankruptcy protection in October, the retailer said it would close 142 unprofitable stores near the end of 2018. CNBC reported in November that Sears was looking to close another 40 stores by February 2019.

* Afton Properties landed acquisition loans totaling $122 million for two apartment complexes in California's Riverside and San Bernardino counties, The Real Deal reported. Capital One provided the loans, both with 10-year terms.

The company secured an $81 million loan for the 588-unit Parkview Terrace in Redlands at 1601 Barton Rd. in San Bernardino County, which was acquired for $130.6 million. Afton received a $41 million loan for the $126.2 million purchase of the 288-unit Alvista Canyons Apartments at 600 Central Ave. in Riverside.

The day ahead

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

Most Asian markets were closed ahead of the New Year's holiday.

In Europe, as of midday, the FTSE 100 was down 0.14% to 6,724.79, and the Euronext 100 climbed 0.18% to 914.56.

On the macro front

No notable reports are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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