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NYC office asset stake sells for $318M; Canadian commercial property hits all-time high

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NYC office asset stake sells for $318M; Canadian commercial property hits all-time high

Commercial real estate

* Two firms scooped up the remaining stake in the 330 HudsonSt. office building in Manhattan, N.Y., for $318 million, The Real Deal reported,citing property records filed with the city. Beacon Capital Partners is theseller.

Ivanhoe Cambridge and Callahan Capital Properties hadearlier bought aminority stake amounting to 49% in the asset, the publication noted.

* Canadian commercial property values have hit an all-timehigh due to the Brexit vote and foreign investment that are pushing up pricesin the country's commercial real estate market, Financial Post reported,citing a survey from CBRE Canada.

* The Philadelphia Inquirer takesa look at Kimco RealtyCorp.'s SuburbanSquare shopping center in Ardmore, Pa., which is struggling to findtenants for the 100,000-square-foot space left vacant by Macy's.

* Crain'sNew York Business and TheWall Street Journal reported on the New York City building owners'lawsuit over the city's rentfreeze.

The landlords, who have formed the Rent StabilizationAssociation, are seeking to overturn the freeze that was voted for by themembers of Rent Guidelines Board in June. The association represents 25,000landlords owning 1 million rent-stabilized apartments. Four building owners inBrooklyn, N.Y., are also on the association's side.

* Equity Office has pocketed $285 million from the sale of a429,095-square-foot property in San Francisco, the San Francisco Business Times reported,citing a source familiar with the deal. Vanbarton Group LLC, in partnershipwith a pension fund, acquired the 25-story class A building at for about$664 per square foot.

* American Realty Advisors paid $101 million for a315,385-square-foot class A office tower in Jersey City, N.J., reported.The asset is 72% leased to 46 tenants.

* A report by the NationalReal Estate Investor analyzesthe potential impact of Brexit on the U.S. real estate sector.

After the bell

* Federal RealtyInvestment Trust priced its $250 million public of 3.625% senior unsecurednotes due Aug. 1, 2046.

* Care CapitalProperties Inc. priced its private offering of $500 million of 5.125% senior notesdue 2026. The company's operating partnership, Care CapitalProperties LP, will issue the bonds at a price of 100% of the offering'sprincipal amount.

* HealthcareTrust of America Inc.'s operating partnership a $350 million offering of 3.50%senior unsecured notes due 2026 at 99.721% of the principal amount.


* Gaming revenues in Ohio for June totaled $66.5 millionacross the state's four casinos, a 5.4% drop from May, reported,citing the Ohio Casino Control Commission.

The state's seven racinos raked in $70.6 million during themonth, down 9.7% from May, according to the Ohio Lottery Commission.

* Vietnamese firm Saigon Cuu Long Corp has up tomanage a hotel that will include a casino in Ho Chi Minh City, Vietnam. Thehotel, to be called Hilton Saigon, will open in the fourth quarter of 2019.

The day ahead

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

In Asia, the Hang Seng fell 0.69% to 20,564.17, and theNikkei 225 fell 1.11% to 15,106.98.

In Europe as of midday, the FTSE 100 had fallen 0.06% to 6,529.69,and the Euronext 100 was up 0.42% to 829.07.

On the macro front

The employment situation report, the consumer credit reportand the Treasury STRIPS report are due out today.

Now featured

Tradingsuspensions revive debate over safety of open-ended property funds:Suspensions of trading in more than half a dozen U.K. real estate funds havebrought long-standing concerns about liquidity mismatches into focus.

The Property Ledger:Prologis wraps up 16 US, European projects; Gramercy buys 4 assets for$60.4M: The July 7 North American property news roundup alsofeatures Gramercy Property Trust's European real estate investment fund'sacquisition of five car dealerships in the Netherlands.

The Daily Dose isupdated as of 7:30 a.m. ET. Some external links may require a subscription.Articles and links are correct as of publication time.