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US remains China's top property investment target; SL Green, partner loan $235M


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US remains China's top property investment target; SL Green, partner loan $235M

Commercial real estate

* SL Green Realty Corp. and Wharton Properties refinanced their jointly owned property at 724 Fifth Ave. in Manhattan, N.Y.'s Plaza District with a new $235 million loan, The Real Deal reported. The loan, provided by Aareal Capital Corp., replaces a $235 million existing loan from Goldman Sachs, the report noted, citing loan documents.

A partnership between SL Green and Wharton acquired the 12-story, 65,000-square-foot building for $200 million in 2012.

* Empire State Realty Trust Inc. leased 56,700 square feet at 200 First Stamford Place in Stamford, Conn., to Partner Reinsurance Co. of the U.S., it said in a release. The international reinsurer is moving from Greenwich Plaza and will occupy a full floor at the new location.

* London's Financial Times reported on the surge in overseas investments from China in residential, commercial and industrial property during 2016. Of a total investment volume of $33 billion, which marked a 53% year-over-year jump, the U.S. accounted for $14.3 billion and remained the top destination for Chinese capital for the second consecutive year, the publication said, citing JLL.

Hong Kong, Malaysia, Australia and the U.K. followed as the next most popular destinations for Chinese real estate investment abroad, according to the report.

* Former NY Congressman Rick Lazio is expected to be appointed deputy secretary of the Department of Housing and Urban Development, The Real Deal reported, citing sources familiar with the decision.

* The Wall Street Journal took a look at the trend of landlords in New York's suburbs incorporating various features and amenities, such as retail space for restaurants, cafes and supermarkets, in corporate office campuses to attract tenants to the market.

* Public-private plans for a $200 million mixed-use project in San Antonio, Texas, spanning roughly five acres, are set for a vote by the city council in the upcoming week, the San Antonio Business Journal reported.

The proposal by Zachry Hospitality includes a 358-unit residential development, up to 70,000 square feet of retail space and as much as 120,000 square feet of office space, along with a 200-room hotel. An 800-space parking garage is also included in the plans.

* Nearly 1.7 million square feet of office space in Charlotte, N.C. was absorbed in 2016, and around 2.2 million square feet is under construction, the Charlotte Business Journal reported, citing Cushman & Wakefield. The report noted that the region's office market ended the year "on a high note" despite the controversial House Bill 2 that impacted North Carolina's economy.

* Foundry Commercial said it closed on a 1.1 million-square-foot, 106-acre property located in Charlotte's Airport West submarket and plans to redevelop, along with partner Principal Real Estate Investors, the asset into an industrial park. The first phase of the WestPark 85 development is expected to be delivered in the fourth quarter of 2017, the company said in a release.

After the bell

* Mack-Cali Realty Corp. closed on $925 million of senior unsecured credit facilities. The facilities, through their accordion features, may be expanded up to $1.2 billion.

The day ahead

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

In Asia, the Nikkei 225 slid 0.51% to 19,368.85.

In Europe, around midday, the FTSE 100 was down 0.76% to 7,129.75, while the Euronext 100 fell 0.89% to 925.84.

On the macro front

The Commerce Department's personal income and outlays report, the National Association of Realtors' pending home sales index and the Dallas Fed's manufacturing survey are due out today.

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