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Wyndham Destinations, JLL report Q2 results; GGP files plans for Ga. mall revamp

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Wyndham Destinations, JLL report Q2 results; GGP files plans for Ga. mall revamp

Commercial real estate

* Wyndham Destinations reported second-quarter net income of $378.0 million, or $3.77 per share, up from $85.0 million, or 81 cents per share, in the comparable 2017 period.

* Jones Lang LaSalle Inc.'s second-quarter EPS rose 14.1% year over year to $2.35 from $2.06.

* GGP Inc. has filed redevelopment plans for the North Point Mall in Alpharetta, Ga., with the new project to include 328 apartments and nearly 30,000 square feet of retail and restaurant space, the Atlanta Business Chronicle reported. A Sears department store that closed in July will be removed, with the new project to take its place, spanning roughly 14 acres.

Roughly 25,000 square feet of coworking space operated by Spaces will also take up a presently vacant portion of the mall, the publication noted.

* Macerich Co. is partnering with workplace operator Industrious LLC for a multi-property rollout of coworking spaces in its mall portfolio. The first Industrious location at a Macerich property will open in January 2019 at Scottsdale Fashion Square in Scottsdale, Ariz.

* Douglaston Development landed a $380 million loan from Natixis Capital to refinance its 2 North 6th St. rental tower in Brooklyn, N.Y.'s Williamsburg neighborhood, The Real Deal reported, citing documents from the city's Department of Finance. The new financing replaces a $276.7 million construction loan from Capital One and includes a $103.3 million gap mortgage.

The 40-story tower features 554 units.

* Slate Property Group and Meadow Partners received a $125 million loan from Mack Real Estate Credit Strategies to refinance the 1 Flatbush Ave. mixed-use development in downtown Brooklyn, Commercial Observer reported. The financing replaces around $110 million worth of debt from 2015. The 170,000-square-foot project, which is almost complete, features 183 rental units and 25,000 square feet of retail space.

* A unit of Bridge Investment Group LLC is said to be acquiring the 32-acre Lenox Park in Atlanta, which houses telecommunications giant AT&T Inc., for north of $225 million, the Atlanta Business Chronicle reported. The buyer plans to remodel the seven-floor 1277 Lenox Park Blvd. building within the campus, which was vacated by AT&T. The telecommunications company also intends to relocate from another building at Lenox Parks in the coming years, the report added.

* Preylock Real Estate Holdings LLC acquired the Willow Creek Corporate Center in Redmond, Wash., for $136 million, the Puget Sound Business Journal reported, citing a King County deed. The asset was acquired from EQ Office, which paid $65.2 million for the 27-acre property in 2015.

The property spans roughly 421,785 square feet, with Facebook Inc. leasing just over half of it, the publication reported, citing real estate industry sources who are familiar with the submarket. The seven-building property is 100% occupied, according to a separate release from Holliday Fenoglio Fowler LP, which brokered the deal.

* The Wall Street Journal featured a report on Alder Hill Management's bets against some of the weakest U.S. malls as it buys a credit default swap index known as CMBX that tracks the values of mortgages backed by commercial property. Hedge-fund manager Eric Yip's investment in the index stands to increase in value if shopping centers struggle to make payments or default on their loans, according to the publication.

Although certain retail properties have shown signs of life, easing concerns for landlords, Alder Hill considers "any retail comeback as a lull in the weaker malls' inevitable decline," the report noted.

* Citing Green Street Advisors LLC analyst DJ Busch, Bloomberg News reported that the second-quarter earnings results for the largest mall landlords have mostly been in line with expectations. The retail real estate sector has been besieged by the rise of e-commerce in recent years, and landlords are now "trying to paint a rosier picture and convince investors that the worst is behind them," according to the news outlet.

* Aecom's proposal for a $65 million development in Minneapolis is being recommended by city staff, the Minneapolis/St. Paul Business Journal reported. The company's plan for the vacant half-acre parcel at 800 Washington Ave. S. calls for 76 condominium units and office space.

Aecom is also mulling a larger $82 million option for the site with 111 condos, the publication added, citing Finance & Commerce.

After the bell

* Host Hotels & Resorts Inc. reported Nareit and adjusted funds from operations for the second quarter of 54 cents per share, up 10.2% from 49 cents per share in the same period in 2017.

The day ahead

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

In Asia, Hang Seng climbed 0.39% to 28,359.14, while the Nikkei 225 fell 0.08% to 22,644.31.

In Europe, around midday, the FTSE 100 had gained 0.86% to 7,785.15, and the Euronext 100 was up 0.04% to 1,081.78.

On the macro front

The MBA mortgage applications report and the EIA Petroleum Status Report are due out today.

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