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Uniti Group closes Bluebird deal; RioCan buys out partner in Toronto property

Commercial real estate

* Uniti Group Inc. completed the sale-leaseback and fiber deal with Bluebird Network LLC through an operating company-property company partnership with Macquarie Infrastructure Partners Inc. The buyers paid $319 million for Bluebird's fiber network.

The communications-focused real estate investment trust also closed the sale of its Uniti Fiber Midwest operations to Macquarie, while maintaining ownership of the existing Midwest fiber network.

* RioCan Real Estate Investment Trust completed the acquisition of KingSett Capital Inc.'s Canadian Real Estate Income Fund's nonmanaging, 50% co-ownership interest in Yonge Sheppard Centre in Toronto for C$357.6 million.

* CIM Group LP and LIVWRK LLC received $335 million in new financing for the redevelopment of the Watchtower building at 25 Columbia Heights in Brooklyn, N.Y.'s Dumbo neighborhood, The Real Deal reported, citing city property records. JPMorgan Chase was the administrative agent on the loans.

* British advertising company WPP PLC leased 115,000 square feet at Kilroy Realty Corp.'s 430,000 square-foot property at 360 Third St. in San Francisco, the San Francisco Business Times reported.

* The Queen's Medical Center and D.R. Horton Inc.'s Hawaii arm paid an undisclosed amount for 4.9 acres of zoned land at Hoopili, Hawaii, for a new ambulatory medicine center, the Pacific Business News reported.

* Bristol Group Inc. leased 194,624 square feet at its 340,000-square-foot Alii Place property at 1099 Alakea St. in Honolulu to Hawaiian Electric Co. Inc., the Pacific Business News reported, citing the landlord. The utility company will become the largest tenant at the 24-story class A building, occupying nine full floors and three partial floors.

* Property developer Midway Cos. LLC plans to start work by 2019-end on the 150-acre East River project along Buffalo Bayou in Houston's Fifth Ward, that will encompass 60 city blocks over a mile of waterfront real estate, the Houston Business Journal reported. The company will build 8.9 million square feet of office space, 1,440 multifamily units, 390 hotel rooms and 475 single-family homes, along with the Houston Maritime Museum. The company tapped CBRE to handle leasing on the first phase of the project's office and retail spaces.

* Property developers Highridge Costa Housing Partners LLC and Coastal Rim Properties have started the $71 million second phase of the Kulana Hale residential project in Kapolei, Hawaii, the Pacific Business News reported. The phase involves the construction of a 13-story tower with 143 units for families earning no more than 60% of the area median income.

* Plymouth, Minn.-based developer Dominium Development and Acquisition LLC is planning to convert a vacant Kmart store in West St. Paul, Minn., into a four-level building with 137 apartments and a five-story building with 232 senior apartments in a project that would cost $90 million to $100 million, the Minneapolis/St. Paul Business Journal reported, citing city documents.

The day ahead

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

In Asia, the Hang Seng fell 0.39% to 25,527.85, and the Nikkei 225 rose 0.02% to 20,625.16.

In Europe, around midday, the FTSE 100 dropped 0.30% to 7,259.44, and the Euronext 100 was down 0.47% to 1,061.71.

On the macro front

The Purchasing Managers' manufacturing index, the Institute for Supply Management's manufacturing index and the construction spending report 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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