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DDR replaces CEO with industry vet; Facebook eyes $250M data center in New Mexico


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DDR replaces CEO with industry vet; Facebook eyes $250M data center in New Mexico

Commercial real estate

* DDR Corp.said president, CEO and interim CFO David Oakes was terminated. The companynamed Thomas August as president and CEO, effective immediately. August, a of DDR, also servesas chairman of DCT IndustrialTrust Inc.

*CST Brands Inc. finalized a $408 million deal to sell all of its 79 CornerStore properties in California and Wyoming to 7-Eleven Inc. and its unit, SEIFuel Services Inc., according to a reportfrom the San Antonio Business Journal.

*Social media giant Facebook is eyeing a more than $250 million data centerproject in New Mexico, AlbuquerqueBusiness First reported,citing confirmation from a Facebook spokesperson as well as documents filedwith the New Mexico Public Regulation Commission.

*Alexandria Real Estate EquitiesInc. and its unit, Alexandria Real Estate Equities LP, an escrow agreement for a$1.65 billion unsecured senior revolving credit facility.

* The Wall Street Journal featureda look at how large department stores and big box chains, once sought-afteranchor tenants of malls, are now being replaced by an array of new and smallertenants including fast-fashion chains, sporting-goods retailers, restaurants,movie theaters and other entertainment outlets.

Thepaper said CBL & AssociatesProperties Inc., SimonProperty Group Inc. and GeneralGrowth Properties Inc. are among the mall operators making theswitch.

*The $2.5 billion Century PlazaHotel mixed-use project in Los Angeles' Century City neighborhoodlanded construction financing worth around $1 billion, according to a newsrelease. The financing includes a $446 million senior loan from J.P. MorganChase, $450 million in EB-5 funding provided by CMB Export LLC Regional Centerand $120 million in mezzanine financing from a vehicle managed by ColonyCapital.

Theproject will include two 46-story luxury residential towers, restaurants,shops, a 400-room hotel and residences.

*East End Capital is planning a 400,000-square-foot mixed use rental complex inMiami's Wynwood neighborhood, the MiamiHerald reported.The project will offer 289 apartment units, retail and collaborative workingspace, among other amenities designed to appeal to millennials, according tothe report.

*New York City-based property-service union 32BJ SEIU snapped up four commercialcondominiums from landlord RXR Realty for $143.9 million, The Real Deal reported,citing property records filed with the city.

Theunits are located at 620 Avenue of the Americas in Manhattan, N.Y.'s Chelseaneighborhood, according to the report.

*SBH Health System is partnering with developers to build a 450,000-square-footresidential complex in the Bronx, N.Y., that will provide affordable apartmentswith certain medical and health-related services, the Journal reported.Construction of the $156 million project is slated to complete in late 2018,the report said.

*Onyx Equities LLC and Rubenstein Partners LP are selling a 15-story,320,000-square-foot office building on Jersey City's waterfront for $101million, according to a reportfrom

*Citing data from FP Infomart, Canada's FinancialPost reportedthat the country's real estate sector had the highest number of merger andacquisition deals among all industries during the first half.

* The Globe and Mail featured a reporton how soaring real estate prices in Vancouver are altering the city's retaildistricts. The report said numerous businesses on the more expensive west sideare closing up amidst rent and tax boosts and redevelopments, while retailstrips on the city's east side are enjoying a boost from changing demographicsand gentrification.


* CaesarsEntertainment Corp. and Caesars Acquisition Co. to amend the terms of theirproposed merger.

Under the revised terms, holders of Caesars Acquisitioncommon stock will receive 27% of the outstanding Caesars Entertainment commonstock on a fully diluted basis.


*Single-family home sales in San Diego declined 4% in June compared with May,and dropped nearly 14% year over year, while condo and townhouse sales were 6%below year-ago levels, accordingto the Greater San Diego Association of REALTORS.

Themedian prices of single-family homes remained unchanged during the month, whilecondos and townhouses inched up 1% compared to May.

*Condo sales in Austin, Dallas and San Antonio in Texas saw a year over yearincrease between January and May, and outpaced demand for townhomes and single-familyhomes, accordingto the Texas Association of Realtors.

*The median sales price of Charlotte, N.C., homes increased 8.1% year over yearto reach $255,000 in June, while sales were down 3.3% compared to the year-agoperiod, the Charlotte Business Journal reported,citing the Charlotte Regional Realtor Association.

The day ahead

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

In Asia, the Hang Seng rose 1.54% to 20,880.50, while theNikkei 225 increased 3.98% to 15,708.82. In Europe, around midday, the FTSE 100was up 0.73% to 6,638.48 and the Euronext 100 0.68% to 844.46.

On the macro front  

The Labor Market Conditions index is due out today.

Now featured

: The July 8weekly news roundup in the North American real estate space includes a handfulof sizeable deals in health care, in both the medical office and life sciencearenas.

:SNL Financial on July 8 released second-quarter 2016 M&A league tables forits covered North American sectors.

:SNL Financial on July 8 released second-quarter 2016 capital markets leaguetables for its covered North American sectors.

:Our real estate editors' picks for the best stories of the week ending July 8.

:The 10 most read real estate articles for the week ending July 8.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.