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Korean investor tops race for Anbang's US hotels; 2 Calif. offices fetch $180M

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Korean investor tops race for Anbang's US hotels; 2 Calif. offices fetch $180M

Commercial real estate

* A Mirae Asset Financial Group-affiliate emerges as the front-runner to purchase 15 luxury hotels across the U.S. from Anbang Insurance Group Co. Ltd., Bloomberg News reported, citing people with knowledge of the matter.

The South Korean asset manager could value the properties, which have also attracted suitors including Brookfield Asset Management Inc., at more than US$5.5 billion, the report said. The properties' former owner, Blackstone Group Inc., was reported earlier to be also bidding for the assets, formerly known as Strategic Hotels & Resorts Inc.

* Polidev is selling two San Francisco office properties in separate transactions, according to the San Francisco Business Times. A partnership of Goldman Sachs and Tidewater Capital agreed to acquire the 351 California St. property for about $110 million, while Morgan Stanley and Bridgeton Holdings will pay about $70 million for the building at 747 Front St. The 351 California property spans 145,303 square feet, while 747 Front offers 85,423 square feet of space. The report noted that the Turkish seller is expected to gain roughly 3x more than what it paid for the assets.

* Joint venture partners Pacific Coast Capital Partners and The Brookhollow Group sold a two-building office complex in Santa Ana, Calif., for $97.5 million to Drawbridge Realty, the Commercial Observer reported, citing the buyer. The 390,600-square-foot Pacific Center's site at 1600-1610 E. Saint Andrew Place is an opportunity zone, according to the publication.

Citing property records, the report noted that the sellers acquired the site in 2015 for $44 million and refurbished the asset in 2017. Tenants include Nationstar Mortgage, Collectors Universe and Career Networks Institute.

* Pacific Coast Capital Partners and Carroll Organization paid $99.2 million for the 372-unit The Goodwyn at Town Brookhaven apartment project in Brookhaven, Ga., the Atlanta Business Chronicle reported, citing DeKalb County property records.

* Equity Residential acquired The Brodie multifamily property in Westminster, Colo., for roughly $87.8 million from Post Investment Group, the Colorado Real Estate Journal reported, citing public records.

The 2311 Park Center Drive asset comprises 312 units across eight buildings and is 97% leased at the time of the sale, according to the report. Amenities include a pool, clubhouse, fitness studio and an outdoor volleyball court.

* Colony Industrial acquired a more than 1.3 million-square-foot industrial portfolio, in addition to three development sites, in northern New Jersey for an undisclosed amount from Hampshire Real Estate Cos., NJBIZ reported, citing broker CBRE, which negotiated the joint venture deal on behalf of the seller.

The 30-building portfolio includes 41 Slater Drive in Elmwood Park, 700 Blair Road in Carteret and 231-232 Main St. in Little Falls. It spans 83 acres and is multi-leased with occupancy at 99%, according to the report.

* Citing unnamed sources, The Real Deal reported that Rockrose Development is under contract to purchase a development site at 98 DeKalb Ave. in Brooklyn, N.Y., for a price in the mid-$60 million range, and negotiating for the acquisition of adjacent air rights could push the price higher. The sources said the site could be used for an apartment building with several hundred thousand square feet.

* New York's city council passed legislation requiring landlords to register the status of their retail space in a bid to address storefront vacancy rates in the city, Bloomberg News reported. According to the newswire, the council is more concerned about the small establishments, which accounted for up to 20% of vacant retail space in Manhattan and Brooklyn.

* GPI Cos. raised $300 million in commitments for its real estate fund, The Real Deal reported, adding the investment and development firm will use the funds for multifamily, office and industrial properties, as well as retail conversion projects.

* Coworking company Blackbird will open its first location in September in a roughly 12,000-square-foot space at 10600 Virginia Ave. in Culver City, Calif., according to The Real Deal. Another coworking company, Haven Collective, will open a new location at 620 E. Broad St. in Columbus, Ohio, the Columbus Business First reported. Haven will take up 6,000 square feet at the three-story building.

Meanwhile, Office Evolution leased 10,262 square feet at The Offices at Flagler Center in Jacksonville, Fla., for its second coworking site, the Jacksonville Business Journal reported.

* A more than 18,000-acre property in San Antonio, Texas, was sold to an unnamed local investor, The Dallas Morning News reported. Whitetail Properties Real Estate marketed the La Bandera Ranch for sale at more than $54 million, according to the report.

The day ahead

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

In Asia, the Hang Seng dropped 2.10% to 25,281.30, while the Nikkei 225 shed 1.11 % to 20,455.44.

In Europe, around midday, the FTSE 100 fell 0.41% to 7,196.72, and the Euronext 100 dropped 0.54% to 1,029.18.

On the macro front

The consumer 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

REIT Replay: REIT prices rise during week ended Aug. 9; broader market drops: Share prices for U.S. equity REITs increased during the past week amid a drop for the broader market.

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