Commercial real estate
* Healthcare real estate investment trust Quality Care Properties Inc. said it received an acquisition proposal that could possibly lead to an offer superior to the $20.75-per-share all-cash deal presented by peer Welltower Inc. in April.
The new bid came during the "go-shop" period of the merger process with Welltower, and it remains subject to the bidder receiving debt financing and other conditions.
Quality Care's board continues to recommend that shareholders vote in favor of the merger with Welltower.
* MacFarlane Partners, The Peebles Corp. and Claridge Partners submitted plans for the $1.2 billion Angels Landing redevelopment project in downtown Los Angeles, Urbanize LA reported. The centerpiece of the 1.26 million-square-foot project would be a 1,020-foot tall tower.
Citing a case filing with the Planning Department, the report noted that the project would comprise 120 condominiums, 450 apartments, 480 hotel rooms, a 45,000-square-foot charter school and 50,000 square feet of commercial space. The project would have an 88-story tower and a 27-story tower surrounded by public open spaces.
Completion is expected in 2024, the report noted.
* Equity Residential plans to build "hundreds" of new residential units by more than doubling the size of an existing apartment complex in Santa Clara, Calif., the Silicon Valley Business Journal reported. The company is requesting the city to allow greater density and taller building heights at the 12.43-acre Laguna Clara Apartments at 3131 Homestead Road.
The complex, situated 1.5 miles from Apple Inc.'s new headquarters in Cupertino, Calif., has 264 residential units in 24 two-story buildings. Equity Residential plans to demolish eight full buildings and part of another building and replace them with two new four-story buildings with 407 new residential units and 439 parking spots. The complex would total 585 units after the project.
* Howard Hughes Corp. purchased the underutilized parking lot at 250 Water St. in Brooklyn, N.Y., for $180 million, the New York Post reported. The site, sold by Milstein Properties, can accommodate a new as-of-right building covering 289,000 square feet and not taller than 120 feet, according to the publication.
Howard Hughes will announce its plans for the site "at a later date," the publication quoted the developer as saying.
* Beacon Capital Partners LLC sold the Greensboro Park at 8180 and 8200 Greensboro Drive in McLean, Va., to a joint venture between Velocis and Altus Realty for an undisclosed price, Bisnow reported.
The two-building, 505,000-square-foot office property last traded in 2010 for $125 million, the publication noted, citing property records.
* The Wall Street Journal reported that Philadelphia's City Council is considering a 1% tax on construction in order to raise money for affordable-housing programs. The publication noted that Philadelphia Mayor Jim Kenney's administration believes the tax would negatively affect the city's chances of winning Amazon.com Inc.'s second headquarters project.
The tax, which could be passed by the council this week, would apply to most residential, commercial and industrial projects based on costs listed on building permits.
* WeWork Cos. has leased between 120,000 square feet to 130,000 square feet across seven full floors at the First Citizens Bank Plaza project in uptown Charlotte, N.C., which would be its second location in the city, the Charlotte Business Journal reported. The project at 128 S. Tryon St., by landlord The Dilweg Cos., is scheduled to open in November.
* WeWork also leased roughly 90,000 square feet at Related Beal's 40 Water St. project in Greater Boston's Financial District, the Boston Business Journal reported, citing the developer. The Congress Square development is now fully leased after WeWork signed on for four floors, the report noted, citing Related Beal.
* Canadian developer Onni Group is reviving plans for an apartment tower in Chicago's River North three years after a previous plan was rejected, The Real Deal reported. The 38-story, 356-unit project at 353 West Grand Ave. will be presented at a community meeting June 18.
The previous plan from 2015 featured a 32-story, 330-unit building that was rejected by Alderman Brendan Reilly after objections from neighbors.
* The Sheraton Waikiki hotel in Honolulu is set to undergo a $102 million renovation to upgrade its 1,636 guest rooms, Pacific Business News reported, citing confirmation from the hotel. The hotel, Hawaii's second largest, has filed a building permit with the City and County of Honolulu's Department of Planning and Permitting.
The hotel, opened in 1971, previously underwent a $187 million renovation project in 2010, the report noted.
After the bell
* Brookfield Property Partners LP paid $125.4 million to acquire a 157-unit rental tower in New York City's Financial District neighborhood, The Real Deal reported, citing unnamed sources.
Housing
* The North Texas region saw 11,302 sales of pre-owned single-family homes in May, a 9% year over year increase and the highest figure ever for a single month in the region, The Dallas Morning News reported, citing the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
Median home prices in the region were up 5% year over year in May to $266,500, also the highest ever recorded in North Texas, the publication noted.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng gained 0.13% to 31,103.06, while the Nikkei 225 rose 0.33% to 22,878.35.
In Europe, around midday, the FTSE 100 dropped 0.29% to 7,715.36, and the Euronext 100 shed 0.13% to 1,063.03.
On the macro front
The National Federation of Independent Business' Small Business Optimism Index, the Consumer Price Index and the Redbook are due out today.
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