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WeWork cancels Seattle lease; Bridge plans industrial complex in Davie, Fla.

Commercial real estate

* The We Co. unit WeWork Cos. Inc. said it will not go ahead with its planned WeWork-WeLive Belltown Seattle project at Third and Lenora in Seattle, the Puget Sound Business Journal reported, citing a company release. The Martin Selig Real Estate Inc.-owned 35-story property was leasing the top 23 floors to WeLive, with the floors below for office space, bringing the lease to a total of 176,500 square feet.

* Citing new data by Trepp LLP, the Washington Business Journal reported that commercial mortgage-backed securities tied to office properties partially leased by WeWork total about $93.3 million in Washington, D.C.; $348.4 million in Los Angeles; and about $380 million in San Francisco.

Across the U.S., more than $3.8 billion in total commercial mortgage-backed securities debt is slated to expire between 2024 and 2035, according to the data.

* Bridge Development Partners LLC unit Bridge 595 LLC secured an approximately $60.3 million loan from Wells Fargo to build the Bridge Point 595 industrial complex at 2650 and 2700 Bridge Way in Davie, Fla., The Real Deal reported, citing property records. The development will comprise three buildings totaling over 677,000 square feet on the 34.1-acre site it purchased in July for $36.9 million from Forman Industrial Land.

The project is expected to be complete in the third quarter of 2020.

* Marcus & Millichap Inc.'s San Ramon, Calif-based affiliate Meridian sold the 115,000-square-foot Cotton Medical Center at 50 Bellefontaine St. in Pasadena, Calif., to Healthcare Realty Trust Inc. for undisclosed terms, The Real Deal reported. An industry professional estimated the purchase price at above $60 million, the publication reported.

The property sits on 2.8 acres and consists of a four-story, 52,000-square-foot building and a five-story, 62,750-square-foot building, along with an adjacent underground garage.

* Denver-based NuovoRE is planning to convert the former headquarters of The Procter & Gamble Co. in Cincinnati into a 181-room hotel with an investment totaling nearly $53.5 million, the Cincinnati Business Courier reported. The firm submitted an application for the Ohio Historic Preservation Tax Credit Program, seeking $5 million in tax credits, the publication reported. The property is at 602 Main St. and comprises three buildings.

* Black Creek Group LLC purchased the nearly 1.2 million-square-foot Pioneer 360 Business Center in Arlington, Texas, assessed for $79.6 million, from LaSalle Investment Management Inc. earlier this summer, the Dallas Business Journal reported, citing county deed records. The industrial park comprises three buildings at the southeast corner of Texas Highway 360 and East Pioneer Parkway.

* TA Realty LLC purchased the 823,379-square-foot Penn Distribution Center in Dallas from Trammell Crow Co. and Prudential Real Estate Investors for an undisclosed price, the Dallas Business Journal reported, citing county deed records. The property was last assessed by the Dallas County Appraisal District for nearly $36.7 million, the publication noted.

The warehouse property is fully leased to R.R. Donnelley & Sons Co., and CBRE Group Inc. is subleasing nearly 215,000 square feet. The deal closed earlier in the summer, the report noted.

* Wholesale office furniture distributor JMJS Inc., doing business as COE Distributing, signed a 251,754-square-foot lease at 10620 Telge Road in the Highland Grove Industrial Park in northwest Houston with CRP/CHI Randalls Owner LP, the Houston Business Journal reported, citing Colliers International.

* Independence Realty Trust Inc. purchased the 318-unit Thornhill Apartments in Raleigh, N.C., from Merion Realty Partners for $53 million, the Triangle Business Journal reported. The community is spread on 35 acres at 4801 5 Leaf Lane off Hillburn Drive with 17 three-story buildings.

* Zymergen Inc. signed a 12-year lease for 293,358 square feet in Emeryville, Calif., with BioMed Realty LP, a unit of Blackstone Group Inc., the San Francisco Business Times reported. The trophy building is the former headquarters of Chiron Corp.

The day ahead

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

In Asia, the Hang Seng fell 0.07% to 26,503.93, and the Nikkei 225 lifted 1.87% to 22,207.21.

In Europe, around midday, the FTSE 100 fell 0.30% to 7,191.84, and the Euronext 100 was up 0.50% to 1,095.97.

On the macro front

The Redbook Index for retail sales is due out today.

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