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Weyerhaeuser inks $203M sale; Las Vegas shooting victim sues MGM Resorts, others

Commercial real estate

* Weyerhaeuser Co. redeemed its 21% ownership interest in the Twin Creeks Timber LLC joint venture for $107.5 million in cash and also agreed to sell 100,000 acres of timberlands to the joint venture for $202.5 million. The sale, expected to close by year-end, comprises 80,000 acres of timberlands in Mississippi and 20,000 acres in Georgia.

* The Real Deal reported on office landlords' increasing attention to tenant-facing technology and how the real estate industry is adopting, albeit slowly, technology and innovation in order to appeal to tenants. The report noted remarks made on the topic at the MIPIM Proptech summit by the likes of Brookfield Property Partners LP real estate head Ric Clark, Boston Properties Inc. CEO Owen Thomas and British Land Co. Plc CEO Chris Grigg.

* The Wall Street Journal featured a report on the progress of the Tangram mixed-use development in the Flushing neighborhood of Queens, N.Y., where the developers envision an international destination to lure affluent Asians. F&T Group and Shanghai Construction Group America are developing the 1.2 million-square-foot project that will include two 13-story condominium towers on a podium housing a 225,000-square-foot multilevel retail center. The first condo building is expected to open at the end of 2018.

The project will also contain a hotel with roughly 200 rooms and a commercial condo building, along with other amenities.

* The Journal also reported on another condo and retail complex in Flushing, SkyView Parc, which is nearing a sellout a decade after its first units came on the market. The complex has nearly 1,200 apartments in six separate condo towers and a multilevel 800,000-square-foot shopping center. It now faces competition from Tangram and other new developments in Flushing, the publication noted.

* According to a University of South California Casden Economics Forecast, housing rents in Los Angeles are expected to increase by roughly $136 per month by 2019 due to low housing availability and positive wage growth and employment, The Real Deal reported. The report noted that average monthly rents in the county presently stand at $2,237, with a 3.94% vacancy rate. The average rent is forecast to increase to $2,373 per month and vacancy is expected to shrink to 3.91%.

* Buffalo Business First reported that Western New York, including the Buffalo and Rochester regions and parts of the Southern Ontario region, are collaborating on a regional pitch for Amazon's second headquarters. The effort is being coordinated by Invest Buffalo Niagara and has shortlisted four sites for the bid, with two in Erie County and two in Monroe County.

* NRG Energy Inc. plans to auction off 10,000 acres in Henderson County and Anderson County in east Texas in November, the Houston Business Journal reported, citing confirmation from a company spokesperson. The land was originally acquired for a potential power plant development.

After the bell

* A joint venture between Columbia Property Trust Inc. and Allianz Real Estate acquired a 581,000-square-foot office property in Washington, D.C., for $421 million, and Columbia Property separately acquired two New York City office buildings from New York REIT for $514 million.

* SL Green Realty Corp. is looking to sell its office tower at 600 Lexington Ave. in Midtown Manhattan, N.Y., Real Estate Alert reported, noting that the building is worth roughly $305 million.

* Vornado Realty Trust sold its 800 Corporate Pointe office building in Culver City, Calif., to Northwood Investors for $148 million.

* L&L Holding Co. formed a joint venture with an undisclosed domestic pension fund to spend $4 billion on property deals in New York City, The Real Deal reported, citing L&L President Robert Lapidus.

* Oak Street Real Estate Capital LLC closed its latest value-added fund at $1.25 billion, surpassing its $750 million target, PERE News reported.


* According to the Houston Association of Realtors, single-family home sales in Houston were up 4.2% year over year in September after a 24% plunge in August due to Hurricane Harvey. The association noted that home sales remained 2.3% higher compared to the 2016 volume on a year-to-date basis despite the hurricane's impact.

The median sales price for single-family homes increased 5.5% year over year to $232,000, marking a record for September.


* MGM Resorts International is facing a lawsuit from a victim injured in the deadly mass shooting that took place Oct. 1 in Las Vegas, the Journal reported. The suit, filed Oct. 10 in a state court in Las Vegas, blames MGM Resorts for failing to notice that the shooter, Stephen Paddock, was stockpiling weapons in his suite at the Mandalay Bay Resort and Casino.

The report said the negligence lawsuit filed on behalf of 21-year-old California college student Paige Gasper is believed to be the first to target MGM Resorts, and that other civil suits are likely to follow in the coming days, according to legal experts and plaintiffs' lawyers working with concertgoers and families of those killed.

Also named in the suit are concert promoter Live Nation, Paddock's estate and Slide Fire Solutions, which manufactures a "bump stock" device that allows semiautomatic weapons to fire faster. The lawsuit claims that Live Nation and MGM Resorts failed to design proper exits or train staff on emergency procedures, among other allegations.

The day ahead

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

In Asia, the Hang Seng rose 0.24% to 28,459.03, and the Nikkei 225 was up 0.35% to 20,954.72.

In Europe, around midday, the FTSE 100 rose 0.16% to 7,546.21, while the Euronext 100 was down 0.23% to 1,044.44.

On the macro front

The jobless claims report, the PPI-FD report, the EIA natural gas report, the EIA petroleum status report, the Treasury budget report, the Fed balance sheet and the money supply report are due out today.

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