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Hawaii agency overturns Howard Hughes' challenge; CyrusOne moves HQ to Dallas

Commercial real estate

* Howard Hughes Corp.'s challenges to certain approval conditions for its Aalii tower project in Honolulu, Hawaii, were rejected by the Hawaii Community Development Authority's board, which voted not to reconsider the conditions, Pacific Business News reported, citing an agency spokesman.

The company's vice president of community development, Todd Apo, told the publication in an email that Howard Hughes is still committed to the 42-story, 751-unit project despite the authority's decision.

* Toll Brothers Inc., along with an unnamed institutional partner, snapped up Brandywine Realty Trust's 50% stake in the Parc at Plymouth residential development in Plymouth Meeting, Pa., for $100.5 million, The Philadelphia Inquirer reported, citing an email from Brandywine CEO Jerry Sweeney. The company disclosed the stake sale in its recent earnings release but did not disclose the buyer.

* Pure Industrial Real Estate Trust completed its approximately C$52.5 million acquisition of an 800,000-square-foot distribution center in Atlanta, the company said in a release. The 201 Greenwood Court property in the McDonough suburb is fully leased to DHL Supply Chain, with 5.6 years remaining on the lease.

* CyrusOne Inc. is relocating its headquarters to Rosewood Court in Uptown Dallas, with executives scheduled to move by the end of February, the Dallas Business Journal reported. The data center provider will occupy 30,137 square feet at 2101 Cedar Springs Road, according to the report.

* Speaking of Dallas, President Donald Trump's hotel management company, Trump Hotels, plans to debut its new four-star concept hotel in Dallas, which could be the first of its kind in the U.S., the Dallas Business Journal reported. Trump Hotels CEO Eric Danziger had recently signaled an expansion of the company's footprint into all 26 major U.S. metropolitan areas.

The new Scion brand will not carry the Trump name and will be comparatively affordable. The six-story, 220-room Scion Dallas project, undertaken by Alterra International, is planned within a new $50 million mixed-use development near city hall, the report noted. It will be financed by an international capital stack, the report added, citing Altera International's Mike Sarimsakci.

* Related Cos. is teaming up with former N.Y. Gov. Eliot Spitzer for a 1.4 million-square-foot apartment and office project on adjacent sites owned by the two in Manhattan, N.Y.'s Hudson Yards, The Real Deal reported.

The first phase of the planned project involves nearly 75,000 square feet of office and retail space with 400 apartments on top, and the second phase has a roughly 950,000-square-foot office tower, the report said.

* Georgetown Co. reached a financial arrangement with the city of Columbus, Oh., to receive 10-year property tax breaks for planned residential developments near the Easton Town Center, with investments expected to total more than $250 million, according to a report from Columbus Business First.

* The U.S. division of food and beverage giant Nestlé is relocating its headquarters to 1812 N. Moore St. in Rosslyn, Va., the Washington Business Journal reported, citing confirmation from Virginia Gov. Terry McAuliffe. The company will be the anchor tenant with a 206,000-square-foot lease spanning about 40% of the 35-story building. Nestlé is moving from Glendale, Calif.

* An affiliate of Ram Realty Services sold a 330-unit apartment community in South Charlotte, N.C., to an MRP Realty affiliate for "just under" $54.6 million, The Charlotte Observer reported, citing real estate records.

* The Real Deal reported that 55% of respondents in a survey at the Commercial Real Estate Finance Council's annual conference were of the opinion that the real estate market has already passed its peak, while 43% said the market is still going through the midpoint of the cycle.

After the bell

* AvalonBay Communities Inc. reported gains in funds from operations in the fourth quarter and full year 2016, declared a first-quarter 2017 dividend, and issued guidance for the first quarter and full year 2017.

* Mid-America Apartment Communities Inc. reported better-than-expected core funds from operations results for the 2016 fourth quarter and full year, and offered guidance for the 2017 first quarter and full year.

Housing

* Distressed sales accounted for 16.2% of all single-family home and condo sales in the U.S. in 2016, marking a decline from 18.8% in 2015 to reach the lowest level since 2007, according to ATTOM Data Solutions' Year-End 2016 U.S. Home Sales Report.

* The U.S. homeownership rate decreased to 63.7% in the fourth quarter of 2016, from 63.8% in the year-ago period, The Wall Street Journal reported, citing the Census Bureau. The rate stands lower than the historical average of 65%.

Gaming

* Gross gaming revenue in Macau rose 3.1% year over year in January to approximately 19.26 billion Macanese patacas, according to the Gaming Inspection and Coordination Bureau. Bloomberg News noted in a report a median estimate by analysts of an 8.5% growth for the month.

The day ahead

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

In Asia, the Hang Seng fell 0.57% to 23,184.52, and the Nikkei 225 was down 1.22% to 18,914.58.

In Europe, as of midday, the FTSE 100 was up 0.26% to 7,126.17, and the Euronext 100 was up 0.41% to 927.61.

On the macro front

The jobless claims report, the productivity and costs report, the Gallup good jobs rate report, the EIA natural gas report, the Fed balance sheet and the money supply report 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.