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Armada JV's $634M project gets initial nod; Tampa, Fla., assets sell for $225.8M

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Armada JV's $634M project gets initial nod; Tampa, Fla., assets sell for $225.8M

Commercial real estate

* City commissioners in Dania Beach, Fla., gave the go-ahead for the development of a new city hall as part of the $634 million mixed-use development proposed by Armada Hoffler Properties Inc. and Capital Group, The Real Deal reported. However, the commissioners did not give a green signal for the complete project, with Dania Beach Mayor Lori Lewellen saying the deal was not finalized and would be negotiated further. Commissioners plan to work with the developers to refine the project, called The First at Dania Beach.

The city hall will be part of a 63,000-square-foot building that would also house a public library, women's club and chamber of commerce, expected to open by 2022. The second phase, to commence in 2025, will have 470 rental apartments on an adjacent privately owned 1.25-acre property.

* IP Capital Partners LLC acquired the 444-room Grand Hyatt Tampa Bay hotel in Tampa, Fla., for $145.8 million, and the adjacent 265,976-square-foot Bayport Plaza office complex for $80 million, the Tampa Bay Business Journal reported, citing a deed filed in Hillsborough County. The per-key price of $328,265 marks the highest price ever paid for a hotel in the city, the publication noted.

* Beacon Capital Group secured a nearly $309 million loan for an office condominium in the 40-story 575 Fifth Avenue building in Manhattan, N.Y., replacing a previous loan from Deutsche Bank, The Real Deal reported, citing property records. The condo spans over 370,000 square feet and is leased to Barneys New York for its corporate headquarters and a large WeWork Cos. Inc. location.

* Moore & Associates is looking to sell the three-building, 568,642-square-foot Bethesda Towers complex in Bethesda, Md., the Washington Business Journal reported. The 87%-leased complex at 4330-4350 East-West Highway is assessed at about $124 million, the report noted, citing the Maryland Department of Assessments and Taxation.

* Fairfield Residential Co. LLC purchased the Longwood Vista apartments near Doraville, Ga., and the Lakeside Vista apartments in Kennesaw, Ga., from Vista Realty Partners LLC for just under $71 million, the Atlanta Business Chronicle reported, citing property records. The properties comprise over 600 units and were nearly fully leased.

* Riverside Resources Corp. sold a 135,000-square-foot office building at 1801 E. Sixth St. in East Austin, Texas, to CPT 1801 East 6th LP, an affiliate of Natixis Investment Managers LP, in an off-market deal, the Austin Business Journal reported, citing a deed filed with the Travis County. The building is 96% leased and is valued at $44.4 million, the report noted, citing the Travis Central Appraisal District.

* LIG Assets Inc. entered into an agreement with Horton World Solutions LLC to develop LIGA/HWS branded sustainable homes and buildings. The initial phase will see development of a flagship in Panama City Beach, Fla., and three more locations in Destin, Fla., followed by the Bella Serra Development in Brentwood, Tenn.

Housing

* According to a recent report from realtor.com, an increasing number of home buyers are expecting a U.S. recession in the next three years, although it is not expected to as bad as the 2008 crunch. More than 36% of the 755 active buyers surveyed by Toluna Research in August expect the recession to begin in 2020.

The day ahead

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

In Asia, the Hang Seng rose 0.34% to 25,703.50, and the Nikkei 225 fell 0.09% to 20,460.93.

In Europe, around midday, the FTSE 100 was up 1.07% to 7,190.97, and the Euronext 100 rose 1.47% to 1,057.66.

On the macro front

The GDP report, the international trade in goods report, the jobless claims report, the corporate profits report, the retail inventories [Advance], the wholesale inventories [Advance], the pending home sales index, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.

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