Commercial real estate
* WeWork Cos. Inc. is in discussions to sell its Managed by Q Inc. business it acquired eight months ago for a reported about $220 million, people familiar with the matter told Bloomberg News. A group of investors and executives, including Managed by Q co-founder and former Chairman Dan Teran, is trying to buy the business back from The We Co. unit, Bloomberg added, citing the people. WeWork did not immediately return Bloomberg's email seeking comment.
* Chinese developer City Century paid $121 million for a 3.3-acre former medical clinic parcel at 1001 W. Olympic Blvd. in downtown Los Angeles for its $1 billion housing and retail project, the Los Angeles Times reported, citing data from LandVision. The Olympia project will comprise three interconnected high-rises of 43, 53 and 65 stories over shops and restaurants.
* Brookfield Asset Management Inc. is planning a $75 million project featuring a nearly 1.4 million-square-foot logistics center in Bartow County, Ga., the Atlanta Business Chronicle reported, citing a filing with the state. The Emerson Logistics project will span 130 acres along Joe Frank Harris Parkway and will be built by Brookfield affiliate BPG Acquisitions after a rezoning approval. Completion of the project is expected by 2022, the publication noted.
* Palmer Development is planning to build a $157 million office complex on tribal land at the southeast corner of Pima Road and Loop 101 near Scottsdale, Ariz., the Phoenix Business Journal reported. The Sydney project will include four buildings totaling 535,000 square feet that could be expanded up to 750,000 square feet, Dan Lupien, principal at Palmer Development told the publication. Construction is expected to begin early 2021.
* FPA Multifamily LLC is set to receive an investment of $100 million from Tennessee Consolidated Retirement System for its FPA Core Plus Fund V, the IPE Real Assets reported, citing the pension fund. FPA Multifamily is seeking to raise $1 billion for the fund, the publication noted.
* Madison Realty Capital filed plans with the Department of Buildings in New York for a 21-story, nearly 81,000-square-foot condo building at 14-16 Fifth Ave. along Madison Square Park, The Real Deal reported. The building will feature 18 residential units. Madison Realty Capital purchased the mixed-use property in 2015 with City Urban Realty for $27.5 million, the publication noted.
* Core5 Industrial Partners LLC is building a 65-acre industrial park in McKinney, Texas, that will have four warehouse buildings, totaling 952,810 square feet, the Dallas Business Journal reported. The first phase of the project including two buildings is expected to be completed by summer 2020. Citadel Partners LLC will handle leasing of the entire project, the publication added.
* OA Development Inc. sold a five-building office portfolio at The Park-Huntersville near Charlotte, N.C., to Healthcare Trust of America Inc. for $81.5 million, the Charlotte Business Journal reported. The properties included the Kemp Building, the Reed Building, the Latta Building, the Storrs Building and the Alexander Building, totaling about 395,796 square feet. OA Development paid $62.5 million in early 2018 for the buildings, the publication noted.
* The Hawaii Land Use Commission approved amendments for the developer of the 800-unit Pulelehua mixed-use housing project near Kapalua Airport in West Maui, Hawaii, the Pacific Business News reported. Maui Oceanview LP secured approval for the project, which has stalled for more than a decade, after it agreed to increase the number of affordable rentals and for-sale homes.
* Consolidated-Tomoka Land Co. entered an agreement via Crisp39 SPV LLC to sell to C. Miller Capital roughly 154 acres between Interstate 4 and International Speedway Boulevard in Daytona Beach, Fla., the Orlando Business Journal reported. C. Miller plans to develop a roughly 50-acre industrial project at the site.
* Maquire Hayden is looking to sell a 155,200-square-foot building at 466 Devon Park Drive in the Swedesford Road Corridor in Wayne, Pa., the Philadelphia Business Journal reported. The asset could sell for over $50 million due to a new lease, the publication added, citing an industry source. Maquire purchased the then-vacant building from Merck & Co. for $7.9 million three years ago.
After the bell
* Private equity giant The Blackstone Group Inc. closed its $5.7 billion acquisition of Colony Capital Inc.'s light industrial logistics assets and its affiliated industrial operating platform.
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng rose 0.79% to 26,645.43, while the Nikkei 225 ticked 0.08% lower to 23,391.86.
In Europe, around midday, the FTSE 100 lost 0.08% to 7,208.31, and the Euronext 100 went down 0.21% to 1,120.01.
On the macro front
The U.S. consumer price index, the quarterly services survey, the Atlanta Fed business inflation expectations report, the U.S. Energy Information Administration petroleum status report, the Federal Open Market Committee meeting announcement and the Treasury budget 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.
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