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30-story tower planned in Fort Lauderdale, Fla.; Lennar unit buys $171M asset

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30-story tower planned in Fort Lauderdale, Fla.; Lennar unit buys $171M asset

Commercial real estate

* The Development Review Committee of Fort Lauderdale, Fla., is slated to consider a proposal for a 30-story residential tower in the Tarpon River neighborhood, the South Florida Business Journal reported. The project is slated to have 368 multifamily units, 373 parking spaces, ground-floor retail space and a rooftop amenity level.

The 1-acre property, which houses low-rise residential buildings marked for demolition, is owned by an affiliate of Moderno Development Group.

* Lennar Corp. unit Lennar Multifamily Communities LLC acquired the Novel Stonewall Station apartment community in Charlotte, N.C., from Crescent Communities for $171 million, the Charlotte Business Journal reported, citing Mecklenburg County real estate records.

The deal includes the 459-unit multifamily portion of the property at Stonewall and Caldwell streets and its parking deck. Crescent Communities previously sold the development's retail space to Asana Partners for over $34 million, according to the publication.

* A joint venture between Holland Partner Group and North America Sekisui House LLC sold the 648-unit Sofia Los Angeles apartment complex in the Westlake neighborhood of Los Angeles to Carlyle Group LP for $272.5 million, The Real Deal reported, citing Los Angeles County property records.

The apartment complex opened in August 2017 and the sellers first listed it for $330 million in June 2018, according to the report.

* Alchemy-ABR Investment Partners is acquiring Calvary Baptist Church's properties on Manhattan, N.Y.'s Billionaires' Row with plans to develop a boutique office building atop church space, The Real Deal reported. The project at 123-141 W. 57th St., located next to Extell Development Co.'s One57 tower, will have a 230,000-square-foot building with retail and office space and a commercial condominium for the church.

The developers said the project is expected to have an all-in cost of about $350 million, the report noted.

* Law firm Baker Donelson signed a lease for around 70,000 square feet on the top three floors of Propst Development LLC's 21-story project underway at 1600 W. End Ave. in Midtown in Nashville, Tenn., the Nashville Business Journal reported. The law firm will anchor the $540 million, 510,000-square-foot Broadwest mixed-use project.

The report noted that the law firm's relocation is a high-profile departure from the downtown area and may indicate more such moves to come.

* Altus Realty paid $66.5 million for the Park Place office building in Rosslyn, Va., marking its third acquisition in 16 months, the Washington Business Journal reported. The 1655 Fort Myer Drive property was sold by an affiliate of Tishman Speyer. The 13-story, 178,064-square-foot building is about 60%-leased and assessed at roughly $44 million, according to the report.

* CIM Group provided a $73 million loan for National Realty Investment Advisors and U.S. Construction's Ocean Delray luxury condo development at 1901 S. Ocean Blvd. in Delray Beach, Fla., The Real Deal reported. The three-story, 19-unit project will be the first new oceanfront development in the city in more than 30 years, the report noted.

* Blackstone Group Inc. affiliate Blackstone Property Advisors LP acquired a 70-acre industrial warehouse project in Gwinnett County, Ga., in the Atlanta area for $80.4 million, the Atlanta Business Chronicle reported, citing real estate records. The property was sold by an affiliate of TA Realty LLC.

* Amazon.com Inc. has leased the 165,000-square-foot 7575 Brewster Ave. near Philadelphia International Airport, the Philadelphia Business Journal reported, citing unnamed sources.

After the bell

* An affiliate of Brookfield Asset Management Inc. is negotiating to sell the 1,000-room Diplomat Beach Resort in Hollywood, Fla., to real estate developer Jeff Soffer, Bloomberg News reported, citing people with knowledge of the matter. The sale price being discussed could not be determined, but any deal would potentially value the resort at less than $1 billion, including debt, the people told the news outlet.

* Nuveen Real Estate acquired an approximately $3 billion logistics portfolio with more than 100 properties from Blackstone.

The day ahead

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

In Asia, the Hang Seng rose 0.28% to 25,893.40, and the Nikkei 225 lifted 0.99% to 21,587.78.

In Europe, around midday, the FTSE 100 fell 0.31% to 7,175.52, and the Euronext 100 was down 0.96% to 1,062.34.

On the macro front

The producer price index and the Redbook index for retail sales are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Now featured on S&P Global Market Intelligence

Data Dispatch: Investors continue to dump funds into US real estate-focused ETFs in September: Chart Watch: U.S. real estate-focused exchange-traded funds logged net flows of more than $1.24 billion in September, as returns for the group outpaced the S&P 500 during the month.

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