Commercial real estate
* CommunicationsSales & Leasing Inc.'s proposedacquisition of PEG Bandwidth LLC is expected to close in early May, to a news release.
The company has obtained approval from the FederalCommunications Commission Wireline Competition Bureau and a number of requiredstate public service and utility commissions for the deal.
* VornadoRealty Trust and Aurora Capital are working with Starbucks Corp. todevelop the coffee chain's largest Roastery-branded store near Chelsea Marketin Manhattan, N.Y.'s Meatpacking District, Crain'sNew York Business reported.The 20,000-square-foot store will be situated at 61 Ninth Ave. and won't beready until 2018, the publication noted.
* The New York state attorney general's office has launcheda probe into the saleof a health care facility in Manhattan, to a residential developer amid ongoinglegal scrutiny centered on deed changes in the borough, The Wall Street Journal reported,citing a spokesman for Attorney General Eric Schneiderman.
The Allure Group, the building's owner, is believed to haveraked in a profit of $72 million by selling Rivington House to a developer for$116 million after a city agency removed deed restrictions on the property thatlimited its use to a not-for-profit residential health care facility. Cityofficials allege that the for-profit nursing care provider misled the cityabout its plans for the building, according to the report.
* Bizzi & Partners Development, Halpern Real EstateVentures and Aronov Development are tapping the EB-5 investor visa program for the development of a320,000-square-foot luxury condo project at 100 Varick St. in Manhattan's SoHoneighborhood, The Real Deal reported,citing a release from Wailian Overseas Consulting Group.
If the funding goes through, it will be the first major NewYork development to procure debt, equity and mezzanine financing from Chineseinvestors. The developers already have in place a $320 millionconstruction loan and a $135 million equity investment, the publication noted.
* The Chetrit Group has filed plans for a 33-story hotelthat will feature 300 rooms at 255 W. 34th St. near Penn Station in Manhattan, The Real Deal reported,citing documents submitted to the Department of Buildings. The122,400-square-foot mixed-use hotel development will also offer retail space,among other things.
* Construction has commenced on Edison Village, a $230million redevelopment project in West Orange, N.J., with the restoration of the400,000-square-foot Edison Storage Battery factory, The New York Times reported.The site is located across from Thomas Edison's laboratory.
The first phase of the project will see the development of330 rental apartments and 18,500 square feet of retail space along with parkingand streetscape improvements to the complex, according to the report.
* United Properties is in talks with Four Seasons Hotels andResorts to anchor its $260 million hotel and apartment tower in downtownMinneapolis, the Minneapolis/St. PaulBusiness Journal reported.The 35-story apartment is planned for Third Street and Nicollet Mall.
The StarTribunealso reportedon the news.
* Staples Inc. and Office Depot Inc. are seeking to resttheir case without presenting a defense against the government's challenge totheir proposed merger,the Journal reported.The companies argued that the Federal Trade Commission has failed to prove itscase against the deal.
* Chinese residential developers, including Tianco GroupInc., DongDu International Group and Greenland Group, are looking to expandtheir investments in Canada's housing market as they foresee an increase indemand, the Journal reported,citing the companies' executives.
* More Americans are interested in purchasing vacation homesin Canada as the Canadian dollar continues to drop against its U.S.counterpart, the Journal reported.In 2015 and early 2016, the Canadian dollar witnessed a "sharp"decline against the U.S. dollar, and is still around 24% below its early 2013levels, according to the publication.
After the bell
* GlobalMedical REIT Inc., which acquires and leases licensed,state-of-the-art, purpose-built health care facilities, has filed for an IPO.
The Maryland-based corporation is externally managed andadvised by Inter-American Management LLC. It plans to seek REIT status startingwith its taxable year ending Dec. 31, according to a .
* PhysiciansRealty Trust priced an upsized public of 22.5 million common sharesat $17.85 apiece.
The company expects net proceeds of about $384.9 millionfrom the offering after deducting the underwriting discount and commissions andestimated offering expenses payable by the company, according to a .
* HealthcareTrust of America Inc. priced its public of 5.2 million common shares at$28.90 apiece.
The company is expected to pull in gross proceeds of roughly$150 million from the offering, before deducting estimated offering costs andunderwriting discounts and commissions, according to a . The offering'sunderwriters have been granted a 30-day option to buy up to 780,000 additionalshares.
* Bloomberg News reportson the declining supply of homes in the Midwest, including cities like Omaha,Neb., Grand Rapids, Mich., and Indianapolis, triggering competition amongpotential buyers.
* According to Zillow Group Inc.'s ZillowMortgage Rate Ticker, the 30-year fixed mortgage rate is down 13 basispoints to 3.40% currently from one week ago.
* Wynn ResortsLtd. saidit expects first-quarter adjusted property EBITDA from its Macau operations tobe between $187 million and $195 million, compared to $212.3 million in thesame period last year.
For its Las Vegas operations, the company expects adjustedproperty EBITDA to be between $105 million and $113 million, compared to $110.7million a year ago.
* CaesarsEntertainment Corp.'s Caesars Entertainment Operating Co. Inc. ismoving forward with its restructuring with the execution of a nondisclosureagreement with certain beneficial holders of its debt, as well as certain oftheir nondebtor affiliates.
The company saidthat the agreement is in connection with the commencement of a mediationprocess intended to progress the group's restructuring proceedings.
* Maryland's five casinos raked in $97.8 million in March,the fourth straight month of increase, the BaltimoreSun reported,citing the Lottery and Gaming Control Agency. Revenues at Caesars Entertainment'sHorseshoe Casino Baltimorejumped 11.9% to $27.6 million, the biggest growth among the casinos.
The day ahead
Early morning futures indicators pointed to a higher openingfor the U.S. market.
In Asia, the Hang Seng rose 0.15% to 20,206.67. The Nikkei225 fell 0.11% to 15,715.36.
In Europe as of midday, the FTSE 100 had risen 0.48% to6,120.70, and the Euronext 100 had climbed 0.34% to 843.12.
On the macro front
Mortgage applications in the week ended April 1 rose 2.7% fromone week earlier, on a seasonally adjusted basis, the Mortgage BankersAssociation reported, citing the results of its weekly mortgage applicationssurvey. On an unadjusted basis, the index increased 3% compared to the previousweek.
The Gallup U.S. job creation index, the EIA petroleum statusreport and the FOMC minutes are also due out today.
Data Dispatch: Sun Communitiesboosts California, Ontario exposure in Carefree Communities deal:Sun Communities' acquisition of Carefree Communities will also further solidifythe company's position in Florida, giving it an aggregate of 42,940manufactured home and recreational vehicle sites.
Data Dispatch:62 North American real estate companies increase dividends YTD in 2016:Year-to-date through March 31, 62 North American real estate companiesannounced dividend increases, with Altisource Residential announcing thelargest increase during the period.
Data Dispatch:With recent mall sales, PREIT looks to shed B mall standing:S&P Global Market Intelligence takes a look at the company's recent mallsales, the tail-end of its years-long portfolio repositioning.
Q&A:Value-add mall marketplace short on buyers, weak on financing, PREIT CEO says:S&P Global Market Intelligence caught up with Joseph Coradino after thecompany's latest batch of mall sales to talk about the challenges of its ongoingportfolio repositioning.
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