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Macerich lands $540M loan for NY mall; Healthpeak Properties pays $333M for lab

Commercial real estate

* Retail landlord Macerich Co. secured a $540.0 million loan on its Kings Plaza Shopping Center in Brooklyn, N.Y. The loan bears a fixed interest rate of 3.62% and is set to mature Jan. 1, 2030. The company repaid a $427.4 million loan at closing and used the excess proceeds to repay a portion of its revolving line of credit.

* Healthcare real estate investment trust Healthpeak Properties Inc. bought the 224,305-square-foot class A Alewife Research Center at 35 CambridgePark Drive in West Cambridge, Mass., from The Davis Cos. for $332.5 million, the Boston Business Journal reported. The Davis Cos. completed the construction of the lab in November 2018. The property also has a 331-space parking garage.

* Prologis Inc. sold a 70-acre site along NW 170th St. between I-75 and the Florida Turnpike in northwest Miami-Dade, Fla., to Terra Group LLC for $52 million, The Real Deal reported. The buyer plans to build a multifamily project with 1,369 apartments on the site it purchased using a $43 million loan from Synovus.

* Rexford Industrial Realty Inc. paid a total of $99.7 million for two fully leased industrial properties in California. The assets include the 751,528 square-foot Pomona Distribution Center at 1601 W. Mission Blvd. in Pomona and the 57,300-square-foot 2757 E. Del Amo Blvd. in Rancho Dominguez.

* Consolidated-Tomoka Land Co. is under contract to sell 2,500 acres in Volusia County, Fla., to Avalon Park Group/SitEX, the Orlando Business Journal reported. The buyer plans to build its Avalon Park Daytona project, which may feature $2 billion in commercial and residential development with an estimated 10,000 residents, the publication noted.

* The Nebraska Investment Council is planning to pull its $167 million investment from the UBS Trumbull Property Fund to reinvest in another core open-ended fund, the IPE Real Assets reported, citing a board meeting document. The proposal was made by the investor's real estate consultant The Townsend Group due to underperformance of the fund, which it attributed in part to the fund's high exposure to retail property, including regional malls.

The $22.7 billion UBS Trumbull Property Fund's redemption queue stood at $5.4 billion at the end of September, the publication noted.

* San Francisco-based startup Eden is in competition with the previous owner of Managed by Q Inc. to buy the entity from WeWork Cos. Inc., The Real Deal reported, citing people familiar with the matter. The We Co. unit is planning to sell the business it acquired about eight months ago according to a Dec. 11 Bloomberg News report. Eden, WeWork and Managed by Q founder Dan Teran declined to comment, The Real Deal noted.

* Vornado Realty Trust is leasing 41,300 square feet at the top three floors of the 11-story 512 W. 22nd St. in New York to loyalty-rewards company Next Jump Inc. for nearly $160 per square foot, Crain's New York Business reported.

* A joint venture of funds managed by Oaktree Capital Management LP and Bascom Group LLC sold the 336-unit Axis at Nine Mile Station apartment community at 3257 S. Parker Road in the Kennedy neighborhood of Denver, the Denver Business Journal reported. Laramar Group acquired the asset for $78.2 million, the publication added, citing public records.

* Global City Development and Brazil-based Leste investment management firm are planning to carry out a $2.5 billion project to build 10,000 new build-to-rent houses and townhomes in 30 communities over the next five to seven years, The Real Deal reported. The Cassa Life-branded communities will be targeted toward renters between the ages of 25 and 44, most of whom are paying high rents for small spaces in high-rise buildings, Brian Pearl, principal of Global City Development, told the publication.

* CapitaLand Ltd. completed its nearly S$1.67 billion transfer of 28 business parks in the U.S. and two Singapore properties to its Ascendas Real Estate Investment Trust subsidiary.

After the bell

* Industrial Property Trust Inc. obtained stockholder approval for the planned sale of substantially all of its assets to affiliates of industrial real estate investment trust Prologis.

The day ahead

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

In Asia, the Hang Seng increased 1.31% to 26,994.14, while the Nikkei 225 was up 0.14% to 23,424.81.

In Europe, around midday, the FTSE 100 increased 0.49% to 7,251.27, and the Euronext 100 increased 0.04% to 1,123.59.

On the macro front

The jobless claims report, the PPI-FD report, the EIA natural gas report, the Fed balance sheet and the money supply report are due 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.

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