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Toronto hotel sale sets Canadian record; $279M project pitched in downtown Milwaukee

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Toronto hotel sale sets Canadian record; $279M project pitched in downtown Milwaukee

Commercial real estate

* ColumbiaProperty Trust Inc. completed the sale of an office property in downtown Newark,N.J., for gross proceeds of $174.5 million. The 973,000-square-foot class Aoffice property is located at 80 Park Plaza, and is 85% leased.

* Saudi Arabia's Kingdom Holding Co. sold the Four SeasonsHotel in Toronto for C$225 million, Canada's Financial Post reported,citing Jones Lang LaSalleInc., which brokered the sale. The asset was sold toPakistani-American billionaire Shahid Khan, according to the report.

The sale of the 259-room property in Toronto's Yorkvilleneighborhood set an all-time record in Canada for per-room price, at C$868,726,the report noted.

* Red LionHotels Corp. said it closed its acquisition of Vantage HospitalityGroup Inc. a month ahead of schedule. Red Lion had to acquire the brands and brandoperations of Vantage in a cash-and-stock transaction worth roughly $27.8million.

* RFR Holding snapped up an 85% stake in the 285 MadisonAve. building in Midtown Manhattan, N.Y., for $334.1 million, The Real Deal reported,citing property records filed with the city. The company bought out itspartners GreenOak Real Estate, East End Capital and Downtown Properties.

* Nursing home owner Leopold Friedman acquired three eldercare facilities in the Bronx borough of New York City for $110 million, The Real Deal reported,citing property records filed with the city. The adjacent facilities arelocated on New Jewish Home’s University Heights campus, and span more than500,000 square feet, the report said.

* Accordingto The Wall Street Journal's analysisof New York City Department of Finance data, the number of residential sales inManhattan dropped 15.3% year over year in the third quarter. Many brokersattributed the cooling market to uncertainty surrounding the upcoming U.S.presidential election, the report said.

Overall, median prices for apartments in Manhattan were up10.5% year over year but remained below peak prices earlier in 2016.

* The target offering price for new condo projects approvedin New York City is down 34.4% year over year through August, The Real Deal reported,citing an analysis of condo offering plans approved by the New York StateAttorney General's real estate finance bureau.

The dollar volume of the total offering price for approvedunits through August was $10.92 billion, down from $16.64 billion in the sameperiod in 2015, the report noted.

* The luxury rental price in the Manhattan market increased2.2% year over year in August, marking the slowest growth rate since 2010,Bloomberg News reported,citing a report.

* In downtown Milwaukee, Jackson Street Holdings has drawnup a $279 million proposal to develop a dormant city-owned parking lot at NorthFourth St. and West Wisconsin Ave., the MilwaukeeBusiness Journal reported,citing a company document. The plan includes three hotels, astreetcar hub and more than 100,000 square feet of convention space, and theproject is expected to be a public-private investment, according to the report.

Meanwhile, the Milwaukee-WisconsinJournal Sentinel reportedthat Marcus Hotels & Resorts has also submitted a proposal for thedevelopment, although details of the proposals are not known.

* Rockpoint Group has acquired the Aloft South Beach hotelat 2360 Collins Ave. in Miami Beach, Fla., for $105 million, Miami Herald reported.The 235-room property has been rebranded as The Gates Hotel South Beach. JMHDevelopment was the seller.

The South FloridaBusiness Journal also reportedon the news.

* LeCesse Development Corp. is planning a 12-acre mixed-usedevelopment in Altamonte Springs in south Orlando, the Orlando Business Journal reported.The plans include a 300-unit apartment complex, shops and restaurants,according to the report.

After the bell

* AltisourceResidential Corp. purchased 4,262 single-family properties in aseller-funded transaction valued at $652.3 million, more than doubling the sizeof its single-family rental portfolio.


* The (U.K.) Guardian featured a reporton Vancouver's countermeasure against an increasing property bubble: a 15% taxon foreign buyers of residential real estate. The measure has reportedlyslashed the average price of a detached home in the Canadian city by 16.7% inAugust, the report said, citing the Real Estate Board of Greater Vancouver.

The day ahead

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

In Asia, the Hang Seng rose 1.23% to 23,584.43, while theNikkei 225 increased 0.90% to 16,598.67.

In Europe, around midday, the FTSE 100 was up 0.19% to6,977.73, and the Euronext 100 had increased 0.25% to 883.24.

On the macro front   

?The MarkitPurchasing Managers' manufacturing index, the Institute for Supply Management manufacturingindex, the construction spending report and the motor vehicle sales report aredue out today.

Now featured onS&P Global Market Intelligence

The Week in USReal Estate: Catching heat; getting the green light: The Sept. 30weekly news roundup in the North American real estate space featuresshareholder activism at two REITs and a hotel M&A deal winning shareholderapproval after a bumpy ride.

Data Dispatch:Timing of Monogram Residential sale talk raises eyebrows, analystssay: While the multifamily REIT may be an attractive acquisitiontarget for a wide range of potential buyers, reports of a potential sale areemerging earlier than some observers might have expected.

Data Dispatch:In the Lehigh Valley, an industrial building boom rivaling the InlandEmpire's: Some observers say the Lehigh Valley in Pennsylvania andNew Jersey is on its way to becoming the next Inland Empire, the west coastindustrial mega-market outside Los Angeles. The extraordinary building boom andrising rents in the market suggest they may be right.

The ShortReport: REITs notch short interest gains in September 1st half:U.S. equity REITs saw average short interest rise 12 basis points during thefirst half of September, reaching 3.28% of outstanding shares.

The ShortReport: 1st half of September sees rise in gaming short interest:Wynn Resorts saw the biggest short-interest gain and was also the most-shortedgaming stock during the first half of September.

The ShortReport: Homebuilder short interest slips in September 1st half: WCICommunities saw the greatest short-interest gain, while LGI Homes was themost-shorted homebuilding stock during the first half of September.

Best of SNL:Real Estate, most read: The 10 most read real estate articles forthe week ending Sept. 30.

Best of SNL:Real Estate, editors' picks: Our real estate editors' picks for thebest stories of the week ending Sept. 30.

The Daily Dose isupdated as of 7:30 a.m. ET. Some external links may require a subscription.Articles and links are correct as of publication time.