Commercial real estate
* WeWork Cos. Inc., a unit of The We Co., is planning to kick off a road show for its IPO as soon as the week of Sept. 9, Bloomberg News reported, citing people familiar with the matter. The flexible office space provider is expected to meet potential IPO investors in cities such as New York and San Francisco, according to the sources.
* Blackstone Group Inc. sold the 396-acre, 950-room JW Marriott Desert Ridge Resort & Spa in north Phoenix to a joint venture of Elliott Management Corp. and Trinity Real Estate Investments LLC for $602 million, or $634,000 per room, the Phoenix Business Journal reported. The buyers are planning refurbishments that include renovations of guestrooms, upgrades to meeting spaces, among other things, the report noted.
* Office development in Miami has hit its highest level since 2009, with around 1.9 million square feet of office space set to be added to the city over the next two years, The Wall Street Journal reported, citing data from CBRE. The increase in demand comes from corporations looking to grow their Latin American business and tenants relocating from high-tax states, the publication noted. In 2011, the pipeline for the city comprised less than 500,000 square feet.
* Shares in companies serving the cannabis industry, such as cannabis real estate investment trusts and fertilizer companies, are performing better than shares in cannabis growers themselves because they look cheap and are relatively less volatile, The Wall Street Journal reported. Cronos Group Inc. and Green Thumb Industries Inc. have lost up to 50% of their market value over the past six months, while cannabis REIT Innovative Industrial Properties Inc. is earning more investor interest, with almost 60% of its stock owned by institutional investors. The publication added that cannabis companies rely mainly on retail shareholders.
* The retail market of Vancouver, Canada, remains a "gem" in the region's commercial property market, Vancouver Sun reported, citing data from CoStar Group Canada. In the 12 months to July 31, net absorption stood at 2.1 million square feet of retail space in the Lower Mainland, while the vacancy rate in the region's retail market dropped to a record low of 1.3% as at the end of July.
* Red Lion Hotels Corp. agreed to sell its Red Lion Hotel Atlanta Airport, Hotel RL Washington D.C. and Hotel RL in Salt Lake City for gross proceeds of $64 million. The conditional transactions are expected to close by year-end.
* Gershman Commercial Real Estate and BurkHill Real Estate LLC purchased the 18-property Chesterfield portfolio of Sachs Properties Inc. in St. Louis, with the deal expected to exceed $100 million, the St. Louis Business Journal reported. The portfolio, rebranded as the Offices of Chesterfield Village, comprises 13 multi-tenant office buildings, four retail properties and one industrial facility totaling 830,000 square feet. Sachs Properties will continue to control over 150 acres around Chesterfield Village.
* Gladstone Land Corp. purchased roughly 413 gross acres of farmland in the Oxnard Plain of California and entered into lease agreements with two different, unrelated third-party tenants to operate the property.
* Plymouth Industrial REIT Inc. completed the acquisitions of industrial buildings in Chicago; Cincinnati; Columbus, Ohio; and Memphis, Tenn., totaling 2.2 million square feet for $90.5 million.
* A Clark Enterprises Inc. affiliate sold its 16-story downtown Bethesda, Md., headquarters building to a joint venture of Stonebridge Associates and Rockwood Capital for an estimated $133.8 million, the Washington Business Journal reported, citing a source. The property at 7500 Old Georgetown Road spans roughly
After the bell
* Certain subsidiaries of CIM Real Estate Finance Trust Inc. agreed to sell a portfolio of 454 single-tenant properties to Realty Income Corp. for a total of about $1.25 billion.
* Rexford Industrial Realty Inc. bought five industrial properties totaling 488,000 square feet in infill Southern California submarkets for an aggregate of $110.3 million.
* NexPoint Residential Trust Inc. wrapped up its purchase of a 1,520-unit apartment property in Pembroke Pines, Fla., for about $322.0 million.
* Chesapeake Lodging Trust and Park Hotels & Resorts Inc. agreed to resolve a pair of lawsuits related to the proposed merger of the two hotel real estate investment trusts.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng surged 3.90% to 26,523.23, and the Nikkei 225 ticked 0.12% higher to 20,649.14.
In Europe, around midday, the FTSE 100 gained 0.30% to 7,290.21, and the Euronext 100 was up 0.86% to 1,071.42.
On the macro front
The international trade report, the Redbook and the Beige Book 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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