Commercial real estate
* Simon Property Group Inc. is expected to go on trial Jan. 23, 2018, over a lawsuit filed in 2016 by a pad site owner at the landlord's Leesburg Premium Outlets in Leesburg, Va., the Washington Business Journal reported. Lakritz Adler affiliate 211 Fort Evans LLC sued Simon Property in Loudoun County Circuit Court for "systematically" overcharging pad site owners for property taxes, alleging that the real estate investment trust received "50 times the proper amount it should have collected," the report added, citing the suit.
Simon Property declined to comment on the matter, the report said, adding that the mall owner's motion for arbitration was denied by a judge in late 2016 and a pretrial hearing is scheduled for Dec. 14.
* 21st Century Fox Inc.'s roughly $52.4 billion all-stock deal to sell most of its assets to Walt Disney Co. will include the company's film and television studios. Bloomberg reported, citing regulatory filings, that Fox could charge rent on its "vast" real estate portfolio, which includes properties in the U.S., South America and Asia.
* CBL Properties submitted plans to redevelop the Cary Towne Center in Cary, N.C., along with a request to rezone 55 acres of the mall to mixed use from commercial, the Triangle Business Journal reported. The company is proposing to build multiple hotels, 600,000 square feet of office space and 800 housing units on the site. The plans would require multiple public hearings, but none have been scheduled yet, the report added, citing the town's website.
* Hines and Blackstone Group LP-owned Equity Office are soliciting proposals for a partnership in the flexible workspace business, Reuters reported, citing unnamed sources. The report noted that fast-growing co-working companies like WeWork are increasingly "grabbing business from landlords' traditional Fortune 500 corporate clients."
The report noted that Brookfield Property Partners LP-backed Convene, a provider of meeting sites, will soon launch flexible workspaces at RXR Realty LLC's 530 Fifth Ave. in Manhattan, N.Y, in partnership with RXR's Scott Rechler.
* Marshall Property & Development LLC and Rockwood Capital sold the Campus 2100 office asset in El Segundo, Calif., to Deutsche Asset & Wealth Management for $117.1 million, broker NKF Capital Markets said in a release. The class-A 203,946-square-foot campus spans three buildings and is 94% leased.
* Oak Coast Properties paid $96 million for the 600-unit Aurora Hills Apartments community at 11850 E. Maple Ave. in Aurora, Colo., the Denver Business Journal reported. Oak Coast borrowed a $76.7 million supplemental loan through HFF and is planning a $2.5 million upgrade of the 47-building property, the report added.
* Kennedy-Wilson Holdings Inc. bought the 179-unit Savier Street Flats apartment community in Portland, Ore.'s Northwest neighborhood for $60 million.
* The Orlando International Airport in Florida plans to award $350 million worth of contracts by October 2018 for the construction of its south terminal, the Orlando Business Journal reported, citing Phil Brown, executive director of the Greater Orlando Aviation Authority. The new terminal will house up to 16 gates for international and domestic flights, the report added.
* Hines is planning to build the $75.5 million, 384-unit Residences at the Rim at the southwest corner of Worth and La Cantera Parkway in San Antonio, the San Antonio Business Journal reported, citing construction documents. The 380,000-square-foot project will include five four-story buildings on an 11.4-acre site, with completion slated for around October 2019, according to the report.
Housing
* Toll Brothers Inc. is under contract to buy a land parcel near the southeast corner of North Central and Mockingbird Lane in Dallas, where it is planning to build a high-rise residential project, The Dallas Morning News reported. The site is owned by Westdale, according to the publication.
Gaming
* Wynn Resorts Ltd. agreed to pay a total price of $336 million to acquire about 38 acres of land on the Las Vegas Strip across from Wynn Las Vegas for future development. The company is buying 34 acres of the former New Frontier, also formerly the Alon Resort site, and an additional four acres connected to the site.
* Atlantic City, N.J.'s seven casinos logged a 4.6% year-over-year increase in revenues for November, with gaming win rising to $206.4 million from $197.2 million, the Associated Press reported, citing figures released by New Jersey's Division of Gaming Enforcement.
After the bell
Vornado Realty Trust is in negotiations to sell its stake in an Indian real estate joint venture to its partner The Chatterjee Group, or TCG, Livemint reported, citing two people familiar with the matter.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng dropped 0.19% to 29,166.38, while the Nikkei 225 slid 0.28% to 22,694.45.
In Europe, around midday, the FTSE 100 shed 0.19% to 7,482.40 and the Euronext 100 fell 0.29% to 1,042.12.
On the macro front
The jobless claims report, the retail sales report, the import and export prices report, the PMI Composite Flash, the Bloomberg Consumer Comfort Index, the business inventories report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.
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