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CBL & Associates fills former Macy's space; BofA scouts major Chicago lease

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CBL & Associates fills former Macy's space; BofA scouts major Chicago lease

Commercial real estate

* CBL & Associates Properties Inc. filled Macy's former space at its Layton Hills Mall in Salt Lake City, Utah, with fashion retailer Dillard's Inc. set to open at the site in fall 2017. Construction work at the 160,000-square-foot store is scheduled to begin in April, the company said in a release.

Macy's announced the planned closure of 68 stores in early January, including four CBL & Associates locations.

* Bank of America is scouting more than 500,000 square feet in downtown Chicago, with real estate sources telling Crain's Chicago Business that the bank is in advanced talks with Howard Hughes Corp. and Riverside Investment & Development to anchor a proposed office tower of more than 50 stories at 110 N. Wacker Drive.

Sources also told the publication that two other locations are also being considered: the 110-story Willis Tower where Blackstone Group LP and an affiliate are planning a $500 million overhaul and Tishman Speyer Properties' proposed 51-story tower at 130 N. Franlink St.

The site proposed by Howard Hughes houses the 226,000-square-foot headquarters of GGP Inc., which is seeking brokers for a relocation, the report noted.

* Weyerhaeuser Co. reported a boost in its fourth-quarter 2016 net attributable earnings, owing largely to after-tax earnings from discontinued operations, which included gains from the divestment of its cellulose fibers pulp mills and printing papers businesses.

* The New York Times is subleasing space at the Rockefeller Group's 1271 Avenue of the Americas in Manhattan, N.Y., from Time Inc., The Real Deal reported, citing unnamed sources. The publication will temporarily move into the roughly 160,000-square-foot space at the location while it revamps its headquarters at 620 Eighth Ave.

Time, which relocated to Brookfield Place in 2015 from the former Time-Life Building, still has about one year remaining on its lease at the 1.9 million-square-foot tower, which is undergoing a nearly $600 million redevelopment, the report noted.

* Multifamily transaction volume in Brooklyn, N.Y., declined 12% in 2016 with 865 sales totaling $4 billion, compared to $4.5 billion in 2015, The Real Deal reported, citing Ariel Property Advisors. All pricing indicators reflected positive gains with an overall growth of 9% and a 15% increase in per-square-foot price during the year, the report said.

* In another case of ailing apparel retailers, teen-focused Wet Seal LLC filed for chapter 11 bankruptcy protection one week after announcing it would close all of its stores, most of which are located in malls, The Wall Street Journal reported.

* The San Antonio City Council unanimously approved a roughly $200 million mixed-use development for the downtown Hemisfair site, the San Antonio Business Journal reported. The approval clears the way for Hemisfair Park Area Redevelopment Corp. and Zachry Hospitality to commence work on a 5-acre project that could potentially lure more investors, the report said.

The approved project comprises a 200-room hotel, a 385-unit residential project, up to 70,000 square feet of retail space and up to 120,000 square feet of office space.

* Developers Wagenbrenner Development and Fortress Real Estate Cos. are planning a more than $80 million mixed-use project in the Harrison West neighborhood of downtown Columbus, Ohio, Columbus Business First reported. The developers reached a deal to buy about 20 acres of underused land from the Battelle Memorial Institute to develop about 500 apartments, 50 single-family homes, retail and office space and a 120-room hotel.

The land deal, for an undisclosed price, is expected to conclude by year-end, with work expected to commence in early 2018, the report said.

* The one million-square-foot RSI Distribution Center at the Lincoln County Industrial Park in Lincolnton, N.C., changed hands for about $56 million, the Charlotte Business Journal reported. The 82-acre property, which has the capacity for a 141,000-square-foot expansion, was sold by 838 Lincoln County Parkway LLC to an undisclosed buyer, according to the report.

After the bell

* Kimco Realty Corp. offered 2017 full-year guidance alongside its 2016 fourth-quarter and full-year results.

* Essex Property Trust Inc. reported gains in funds from operations for the fourth quarter and full year 2016, and released guidance for the full year 2017.

* Farmland Partners Inc. and American Farmland Co. finalized their merger, creating the largest public farmland REIT in the U.S. with a roughly $400 million market cap.

The day ahead

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

In Asia, the Hang Seng slipped 0.24% to 23,129.21, while the Nikkei 225 increased 0.02% to 18,918.20.

In Europe, around midday, the FTSE 100 was up 0.56% to 7,181.04, and the Euronext 100 was up 0.76% to 933.38.

On the macro front

The employment situation report, the factory orders report, the PMI services index and the ISM non-manufacturing index 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.