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Education Realty JV plans $150M project; DCT's industrial project fully leased

Commercial real estate

* Education Realty Trust Inc. and University Enterprises Inc. are partnering on a $150 million project to build up to 1,100 student beds southeast of California State University Sacramento's campus, the Sacramento Business Journal reported. The 11-acre project in Sacramento, Calif., would replace a baseball complex.

University Enterprises, which is the university's nonprofit commercial arm, selected Education Realty Trust through a request-for-qualifications process. If approved, the project would begin in summer 2019 and complete before the fall 2021 semester. The developer is also expected to finance and manage the project, the report noted.

* DCT Industrial Trust Inc. has fully leased the two-building DCT PetroPort Industrial Park project near Port Houston that broke ground in 2017, the Houston Business Journal reported, citing DCT senior vice president Justin Bennett. A 163,000-square-foot building in the project was previously pre-leased to an undisclosed tenant. Leader Gasket Technologies has leased the remaining 89,000-square-foot building.

The project, located at 850 Sens Road, spans 35 acres and is expected to be delivered in April, the report noted, citing Bennett.

* The Square Feet column of The New York Times featured a report on Brandywine Realty Trust's Schuylkill Yards project in Philadelphia that seeks to transform 14 acres of parking lots and older buildings into 7 million square feet of office, laboratory, retail and residential space. The project has been pitched as a site for Amazon.com Inc.'s second headquarters and Philadelphia is among the 20 locations the online retail giant shortlisted.

Most of the land is owned by Drexel University. Brandywine broke ground on the first phase of the project in November 2017.

* An affiliate of UDR Inc. sold the 264-unit Pacific Shores apartment property in Huntington Beach, Calif., to TruAmerica Multifamily LLC for $90.5 million, The Real Deal reported. The UDR affiliate had acquired the property for $33.8 million in 2003, the report noted, citing records.

TruAmerica plans to renovate the class B property, the report noted, citing a release.

* Roe Corp. is looking to sell a 131,000-square-foot development site at 267 Broadway in Manhattan, N.Y.'s Tribeca neighborhood that has approvals in place for a 45-story condominium and hotel tower, The Real Deal reported, citing listing broker Geoffrey Newman of Newmark Knight Frank. The site does not have an asking price, the report noted, citing Newman.

Plans for the site include a 131-room hotel covering 23 stories, along with 18 stories of condos, and Roe is finalizing the development scheme with the city, the report noted, citing Newman.

* Canadian investor Western Wealth Capital paid $90 million for the 552-unit Carlyle at South Mountain multifamily complex in Phoenix, the Phoenix Business Journal reported. The property, which features apartments and rental townhouses, was sold by FPA Multifamily.

* Uncertainty caused by the upcoming presidential election in Mexico is leading to an increase in Mexican real estate investments in South Florida, The Real Deal reported, citing industry experts. The investments are expected to rise further as the election is scheduled for July.

* An affiliate of Angelo Gordon & Co. sold an apartment community west of Boca Raton, Fla., for $64 million to an entity associated with Priderock Capital Partners, The Real Deal reported, citing property records. The property features at least 338 apartments, according to the report.

The seller had acquired the 22511 SW 66th Ave. asset for $43.9 million in 2014, the report noted, citing records.

After the bell

* Self-storage real estate investment trust Extra Space Storage Inc. disclosed funds from operations attributable to common stockholders and unit holders for the 2017 fourth quarter of $158.6 million, or $1.17 per share, an 18.0% increase in the aggregate from $134.4 million, or $1.00 per share, in the 2016 fourth quarter.

* Self-storage REIT Public Storage reported FFO allocable to common shares for the 2017 fourth quarter of $470.7 million, or $2.70 per share, a decline in the aggregate from $480.7 million, or $2.77 per share, in the 2016 fourth quarter.

* Joe Russell was selected to become the new CEO of Public Storage, in addition to his president position.

The day ahead

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

In Asia, the Hang Seng rose 1.81% to 31,431.89, and the Nikkei 225 increased 0.21% to 21,970.81.

In Europe, around midday, the FTSE 100 was down 0.14% at 7,236.82, and the Euronext 100 had fallen 0.37% to 1,017.62.

On the macro front

The Redbook, PMI Composite Flash, Existing Home Sales and FOMC Minutes are due out today.

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