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$4B Miami project gets preliminary OK; Trump Hotels CEO signals expansion plans

Commercial real estate

* The Miami-Dade County Commission gave preliminary approval for the $4 billion American Dream Miami mega mall and amusement park by Triple Five Group as well as a neighboring mixed-use project by the Graham Cos., the South Florida Business Journal reported.

The mall project, slated to be the largest in North America, was approved despite opposition from a group that included Simon Property Group Inc., Taubman Centers Inc. and General Growth Properties Inc., according to the report. County commissioners are due to take a final decision on the development plan in April or May.

The Miami Herald also reported on the news.

* Continuing a recent series of refinancing, SL Green Realty Corp. secured a $250 million loan for The Olivia tower at 315 W. 33rd St. in Manhattan, N.Y., according to its fourth-quarter earnings release. The Real Deal reported that the 10-year financing for the 36-story rental tower was secured from life insurer Principal Financial Group. The loan carries a fixed interest rate of 4.236%.

* Brookfield Property Partners LP is in late-stage negotiations with two tenants for office space at its 2.3 million-square-foot One Liberty Plaza office tower in Manhattan's Financial District, unnamed sources told The Real Deal.

Insurance firm Aon is in talks for "a little more than" 200,000 square feet, and New Avon, comprising cosmetics company Avon's struggling North American business that was spun off in 2016 and sold to Cerberus Capital Management, has a lease out for roughly 90,000 square feet, according to the report.

Meanwhile, Zurich Insurance, which occupies 170,000 square feet in the building, is moving across the street to Silverstein Properties' 4 World Trade Center, where in 2016 it signed a lease for 132,000 square feet.

* Speaking at the Americas Lodging Investment Summit in Los Angeles, Trump Hotels CEO Eric Danziger hinted at expanding the company's footprint into all 26 major U.S. metropolitan areas from its current presence in five areas, Bloomberg News reported. The report noted that this could lead to additional controversy about potential conflicts between President Donald Trump's business and the presidency.

The company is also shelving its expansion plans in China, a country Trump has criticized over trade deals and U.S. job losses.

* Manhattan's office market saw a 17% annual fall in total 2016 leases through late December of that year, The Real Deal reported, citing an analysis of CoStar Group data.

* The Brill Building located at 1619 Broadway on the north end of Manhattan's Times Square is moving toward a sale as owners and lenders attempt to refinance more than $200 million of loans on the 11-story landmark property, sources told the New York Post. Brill Holdco LLC is foreclosing on loans and will sell them during a Uniform Commercial Code foreclosure on March 14.

Brickman Associates, Allied Partners and Merchants Hospitality acquired the asset for $185.5 million in 2013. They tried to sell it two years ago and in 2016 brought in a group of minority shareholders who had contracted to own it for $300 million, but failed to secure financing, according to the publication.

* Edward Minskoff landed a $110 million Barclays Bank loan to refinance a portion of the 44-story office tower at 1166 Sixth Ave. in Manhattan, The Real Deal reported. RXR Realty and Marsh & McLennan also own major stakes in the 1.6 million-square-foot building that is presently undergoing a revamp, the report said.

* Pharmaceutical giant Pfizer has selected Cushman & Wakefield after screening brokers to handle its search for a new headquarters as well as the sale of its Manhattan buildings, according to the New York Post.

* Bob Evans Farms Inc. is selling its struggling chain of 522 family dining restaurants for $565 million to Golden Gate Capital, The Wall Street Journal reported. The company was previously mulling a possible REIT spinoff for its properties. Activist Thomas Sandell had been pushing the company to separate its restaurant and packaged food businesses, the report said.

* AEW Capital Management LP pulled in $495.5 million for its AEW Senior Housing Investors III fund, marking the largest amount raised by the asset manager in its senior housing series, IPE Real Estate reported. AEW had aimed for a $500 million target for the U.S. senior housing fund.

After the bell

* FelCor Lodging Trust Inc. is weighing a company sale and is in discussions with potential acquirers, the Journal reported, citing people with knowledge of the matter.

* Eldorado Resorts Inc. and Isle of Capri Casinos Inc. won shareholder approvals for their proposed merger at separate meetings Jan. 25.

* SL Green on Jan. 25 reported earnings for the 2016 fourth quarter and full year.

* Duke Realty Corp. reported a year-over-year gain in funds from operations for the 2016 fourth quarter and full year, and issued its initial guidance for the full year 2017.

* Las Vegas Sands Corp. reported an 8.5% increase in EPS to 64 cents for the fourth quarter of 2016, primarily due to $64 million of other income related to foreign exchange gains and changes in the value of forward currency contracts.

* Crown Castle International Corp. raised its 2017 earnings outlook, as the company recorded a 9% year-over-year gain in adjusted funds from operations for the fourth quarter of 2016.

Housing

* PulteGroup Inc. reported net income of $273.2 million, or 83 cents per share, for the fourth quarter of 2016, up from $228 million, or 64 cents per share in the year-ago period.

The day ahead

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

In Asia, the Hang Seng rose 1.41% to 23,374.17, and the Nikkei 225 was up 1.81% to 19,402.39.

In Europe, as of midday, the FTSE 100 was up 0.16% to 7,175.64, and the Euronext 100 was up 0.01% to 939.62.

On the macro front

The international trade in goods report, the jobless claims report, the Chicago Fed national activity index, the PMI services flash, the new home sales report, the leading indicators, the EIA natural gas report, the Kansas City Fed Manufacturing Index, the Fed balance sheet and the money supply report are due out today.

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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.