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Brookfield closes multifamily portfolio sale; Weyerhaeuser Q3 earnings fall YOY

Commercial real estate

* L+M Development Partners Inc. and Invesco Real Estate completed the acquisition of Brookfield Property Partners LP's Putnam rental portfolio in Manhattan, N.Y., using about $823 million in financing from Wells Fargo, The Real Deal reported, citing sources familiar with the deal. The amount, an agency loan with Fannie Mae, covers four of the five properties in the portfolio, including 1295 Fifth Ave. in East Harlem, 1990 and 1890 Lexington Ave. in East Harlem, 1940 First Ave. on the Upper East Side, and 552 Main St. on Roosevelt Island.

* Weyerhaeuser Co.'s third-quarter net earnings stood at $99 million, or 13 cents per share, on net sales of $1.67 billion, representing a decline from $255 million, or 34 cents per share, on net sales of $1.91 billion in the same quarter in 2018.

* The General Services Administration is planning to spend almost $95.7 million to upgrade its Regional Office Building near L'Enfant Plaza in Washington, D.C., as it plans to shift parts of the Department of Homeland Security divisions and offices to 301 Seventh St. SW, the Washington Business Journal reported. The seven-story building comprises roughly 941,500 square feet, and the agency expects to complete construction in 2023.

* Savanna Investment Management LLC is selling the Bruckner building in the Bronx, N.Y., to ZG Capital Partners for $65 million, The Real Deal reported, citing people familiar with the matter.

* WeWork Cos. Inc. is set to open its first location in downtown Tampa, Fla., as planned, by the end of 2019, the Tampa Bay Business Journal reported. The coworking company signed a lease in March for 60,000 square feet across three floors at 501 E. Kennedy Blvd., which has been renamed WeWork Place.

* Funds managed by Prologis Inc. and Cabot Properties Inc. received commitments of $150 million from State Universities Retirement System of Illinois, IPE Real Assets reported. The $19.4 billion pension fund committed $100 million to open-ended core Prologis Targeted US Logistics Fund and $50 million to closed-ended Cabot Industrial Value Fund VI.

* Z&L Properties Inc. secured $330 million in financing for the development of a two-tower, 640-unit luxury condominium project on a 1.94-acre site at 188 West St. James in downtown San Jose, Calif. JLL arranged the five-year, floating-rate construction loan on behalf of Z&L from Mack Real Estate Credit Strategies. The 20- and 22-story towers will offer about 629,000 square feet of residential space, about 30,000 square feet of ground-floor retail and over 650 parking stalls.

* Wyndham Hotels & Resorts unveiled the winning design for its first-ever shared room concept, ROOM8, for its Super 8 by Wyndham economy hotel brand. The winner was selected from a recent design challenge. The concept will pilot at select Super 8 locations as early as 2020.

* Atrium Health plans to build a $147.1 million, 160,000-square-foot hospital in the north Charlotte, N.C., region as an extension of its University City location, the Charlotte Business Journal reported. The facility at the southwest corner of Westmoreland Road and N.C. Highway 21 in Cornelius will comprise 30 acute-care beds.

* Bates Land Consortium is marketing the 7,100-acre Eldon Stock Farm near Sperryville, Va., for $75 million, The Wall Street Journal reported. The ranch includes four main homes and dozens of other structures for cattle and workers.

The day ahead

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

In Asia, the Hang Seng was down 0.49% to 26,667.39, and the Nikkei 225 rose 0.22% to 22,799.81.

In Europe, around midday, the FTSE 100 slipped 0.56% to 7,287.66, and the Euronext 100 down 0.45% to 1,094.03.

On the macro front

The consumer sentiment report, the Baker-Hughes Rig Count report 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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* Essex Property expects little to no impact from Calif. rent cap in 2020: A new statewide law capping rent increases is scheduled to take effect in 2020, but is unlikely to affect Essex Property Trust's business, President and CEO Mike Schall said.

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