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Colliers buying Harrison Street stake for $450M; Facebook nears SF lease deal

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Colliers buying Harrison Street stake for $450M; Facebook nears SF lease deal

Commercial real estate

* Colliers International Group Inc. agreed to purchase a 75% stake in real estate investment firm Harrison Street Real Estate Capital LLC from its founders for $450 million. The latter's senior management team will hold the remaining interest, while Christopher Merrill will remain Harrison Street's CEO and largest individual shareholder, according to a release.

Under the deal, Colliers will pay a further $100 million in 2022, based on the company hitting certain accelerated performance targets. The deal is expected to close in the third quarter.

* Social media giant Facebook Inc. is nearing a deal to lease the entire 750,000 square-foot Park Tower that John Buck Co. is developing at 250 Howard St. in San Francisco's Transbay district, the Silicon Valley Business Journal reported, citing a source with knowledge of the deal. Amazon.com Inc. and Google Inc. were previously reported to be in talks to take up space at the property.

A Facebook representative declined to comment, while a broker working on the deal told the publication that a deal has not yet been signed. The developer and its capital partner Metlife were unavailable to comment, the report added.

According to a separate report from The Real Deal, a Park Tower lease would will take the amount of space Facebook has secured for its California staff in the past year to over 1 million square feet. The 43-story office property is slated for completion later in the year.

* Dallas Cowboys owner Jerry Jones is planning to invest $1 billion to develop the land surrounding the team's practice facilities at The Star in Frisco, Texas, the Dallas Business Journal reported, citing Jones.

Jones' Blue Star Land real estate company, which is already developing a 17-story building, is planning up to four office buildings on the site, the report added, citing Blue Star President Joe Hickman, who added that one of the properties could span between 300,000 square feet and 350,000 square feet.

* Host Hotels & Resorts Inc. has rebranded its luxury W-New York hotel in Manhattan, N.Y., to Maxwell, Bloomberg News reported. The 697-room property at 541 Lexington Ave. and E. 49th St. is under contract to sell for $190 million in a deal expected to close later in May. Reported buyers Capstone Equities and Highgate Holdings did not respond to requests for comment, the newswire noted.

* 7 at Blue Lagoon LLC and Weiss Group of Co. CEO Caroline Weiss are seeking approval to rezone a 6.9-acre site along Miami's Blue Lagoon, south of Miami International Airport, for a 1.65 million-square-foot mixed-use project, the South Florida Business Journal reported. The six-building 7 at Blue Lagoon development would feature 888 residential units, 294 hotel rooms and 1,412 parking spaces, according to the report.

The city's planning, zoning and appeals board is expected to consider a land plan amendment for the project on May 16, the publication said, adding that the rezoning would allow a greater height and the residential density would remain at 150 units per acre.

* Grocery retailer SuperValu Inc. signed a $66.4 million sale-leaseback deal for the 769,391-square-foot Associated Grocers of Florida distribution center in Pompano Beach, Fla, the South Florida Business Journal reported. The asset was sold to a fund managed by Fortress Investment Group, according to the report.

Including this asset, SuperValu has executed a sale-leaseback deal for eight distribution facilities for $483 million, the report added, citing a company announcement.

In late 2017, SuperValu completed its acquisition of Associated Grocers of Florida.

The day ahead

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

In Asia, the Hang Seng was up 1.35% at 31,541.08 and the Nikkei 225 rose 0.47% to 22,865.86.

In Europe, as of midday, the FTSE 100 was down 0.20% at 7,709.21 and the Euronext 100 was down 0.13% at 1,069.30.

On the macro front

No notable reports due out today.

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