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PulteGroup CEO resigns; W. P. Carey inks deals worth $167M in Florida, Texas


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PulteGroup CEO resigns; W. P. Carey inks deals worth $167M in Florida, Texas

Commercial real estate

*W. P. Carey Inc.said it is carryingout approximately $167 million worth of sale-and-leaseback transactions withNord Anglia Education Inc. The company bought a private preparatory schoolcampus in Windermere, Fla., and also agreed to acquire two school campuses, inCoconut Creek, Fla., and Houston by the end of the second quarter.

*Buyers will be able to start the move-in process at , the first luxury condominiumtower in Swire Properties Ltd.'s$1.05 billion Brickell City Centre project in Miami, now that it has procuredits temporary certificate of occupancy, the MiamiHerald reported.Prices for units at the 43-story building range from $595,000 to $2.7 million,the publication noted.

* ExtellDevelopment is looking to raise up to $200 million for its luxury residentialtower in lower Manhattan, N.Y., via the EB-5 investor visa , The Real Deal reported.New York City's Department of Buildings recently put a halt to construction atthe project following complaint from a neighboring resident, as reportedpreviously. OneManhattan Square will be 80 stories tall and contain 815 units, the publicationnoted.

* A 1.7-acre amusement park will be built on the roof of theformer Sears distribution center near Atlanta's BeltLine park, TheWall Street Journalreported.

*The amount of occupied office space in the U.S. increased by 10 million squarefeet in the first quarter, and by 45 million square feet over the prior year,the Journal reported,citing Reis Inc.'s data covering 79 metropolitan areas. Theyear-long period had the strongest showing since 2007.

Thevacancy rate inched down to 16.2% from 16.3% in the previous quarter and 17.6%in 2010, while rents rose 3% from a year earlier. However, the pace ofexpansion is off historic highs as employees now require less space peremployee.

*Staples Inc. is partnering up with office-sharing startup Workbar LLC to opencommunal workspace at three stores in the Boston area, the Journal reported.

After the bell

*LaSalle Hotel Propertieshas rehired KennethFuller to serve as its executive vice president, CFO, secretary and treasurer.The company said that Fuller will take over the roles from Bruce Riggins, whois stepping down to explore other opportunities and will remain in the CFO postduring the transition period.


*PulteGroup Inc.said Chairman andCEO Richard Dugas Jr. has decided to retire and will leave the company in May2017. The company's board has formed a special committee of independentdirectors to conduct a search for Dugas' successor.


* Two indirect wholly owned subsidiaries of areplanning a privateoffering of $1.05 billion in senior notes due 2024.

The offering is in connection with the formation of MGMResorts' gaming REIT, MGM GrowthProperties LLC.

Other real estate news

*Blackstone Group LPdoes not intend to acquire a controlling stake in Brazilian mall operatorBR Malls Participações SA,Reuters reported, citing an emailed statement from the private-equity firm.Brazilian newspaper O Globo carried areport on the same day that said Blackstone is considering an acquisition of BRMalls, as it hired JP Morgan Chase & Co. for the purchase of a controllingstake worth around 12 billion reais.

The day ahead

Early morning futures indicators pointed to a higher openingfor the U.S. market. In Asia, the Hang Seng dropped 1.34% to 20,498.92, and theNikkei 225 fell 0.25% to 16,123.27.

In Europe, as of midday, the FTSE 100 was up 0.76% to6,192.99, and the Euronext 100 increased 0.95% to 862.15.

On the macro front

The factory orders report is due out today.

Now featured

:At NAREIT's REITWise 2016 conference in Washington, D.C., participants mulledthe many troubles that can befall a company.

: Starwood Hotels CEO Tom Mangassaid on a conference call that the company was "disappointed" itcould not proceed with the Anbang consortium's takeover proposal, but ralliedbehind Marriott International's takeover offer as the best deal forshareholders.

: On a conference call, the executive seemed relieved thatthe Marriott-Starwood combination was back on track and projected a mid-2016close.

: The April 1 weekly news roundup inthe North American real estate space also features a shopping center REITclosing its go-private deal and a flurry of strategic asset sales by threeREITs.

:The 10 most read real estate articles for the week ending April 1.

:Our real estate editors' picks for the best stories of the week ending April 1.

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