trending Market Intelligence /marketintelligence/en/news-insights/trending/kdl40fu9JSJDOrdcHgedPA2 content esgSubNav
In This List

Work set to start on Chicago's 3rd tallest tower; UPS could make a move in Miami-Dade County


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Work set to start on Chicago's 3rd tallest tower; UPS could make a move in Miami-Dade County

Commercial real estate

*Prologis Inc. isconsidering plans for a 100,000-square-foot industrial building on a 6.5-acresite in the Ravenswood business district of East Palo Alto, Calif., the Silicon Valley Business Journal reported,citing a company letter to city officials.

* Carey WatermarkInvestors 2 Inc. boughtthe 510-room San Jose Marriott hotel for $154 million. The downtown San Jose,Calif., property acquisition was financed with $88 million of senior debt.

*Dalian Wanda CommercialProperties Co. Ltd. and Magellan Development Group's planned95-story Wanda Vista Towerin Chicago is set to commence construction during July or August, the Chicago Tribune reported,citing a company spokesman. About 110 of the 406 condominiums in the tower areunder contract, the report said.

Slatedto be the Windy City's third-tallesttower, the $1 billion project will also include a 191-room Wanda Vista Hotel onthe bottom 12 floors.

*Indian Hotels Co. Ltd.completed the $125 million sale of the TajBoston hotel, according to a filing.

*Ares Management LPand Normandy Real Estate Partners closed their $101 million of a six-story officebuilding in Manhattan, N.Y.'s Greenwich Village, The Real Deal reported.The partners secured a $55 million loan from Ladder Capital to fund theacquisition of the 138,000-square-foot property at 797-799 Broadway, the reportsaid, citing unnamed sources.

*Chinese developer Xinyuan Real Estate filed plans for a 105,305-square-footcondo project in the Hell's Kitchen neighborhood of Manhattan, The Real Deal reported.The seven-story Manhattan Hudson Garden project is expected to have 82 condounits and 18,977 square feet of retail space, the report said, citing theapplication filed with the Department of Buildings.

* ASamKoo Development executive confirmed the South Korean company's plans tobegin construction on a $200 million mixed-use condo project near the Ala MoanaCenter in Honolulu, Hawaii, the PacificBusiness Journal reported.The 45-story Kapiolani Residence scheme will house 484 units, of which 292 willbe affordable, as well as some commercial and retail space, the report said.

Thedeveloper also plans to build a second tower near its 45-story condo project at1391 Kapiolani Blvd., the report noted.

*United Parcel Service Inc. is looking at launching a $65 million facility innorthwest Miami-Dade County, the AtlantaBusiness Chronicle reported.The company is seeking an incentive deal for the 180,000-square-foot vehiclepackaging facility, the report said, citing a filed application.It is also consideringJacksonville, Fla.; Nashville, Tenn.; and Louisville, Ky., for the project.

*CIM Group is planning a 374-unit, 31-story residential tower in San Francisco'sSouth of Market area, the San FranciscoBusiness Times reported.The area could see a development rush in the wake of a rezoning plan that isexpected to pass soon, according to the report.

*The New Jersey office market saw more than 2.3 million square feet of leasesclosed during the second quarter, reported,citing Cushman & Wakefield. Vacancies dropped to 18.2% from 18.8% in theprevious quarter, the report said.

After the bell

*The Casino Control Commission in New Jersey granted for its of 's 50% stake in theBorgata Hotel Casino & Spa in Atlantic City.The deal will give MGMResorts full control of the asset, according to The Associated Press.

*Hilton Worldwide Holdings Inc.named JamesMikolaichik CFO of Hilton Grand Vacations, effective in August.

Theappointment comes ahead of the company's planned spinoff of the timeshare business later in 2016.

*Medical Properties Trust Inc.said that a public offering of $500 million of senior notes due 2026 with a 5.250% coupon.

Theoffering, beingconducted by MPT Operating Partnership LP and MPT Finance Corp., is expected tobe completed on or about July 22.


*According to RealtyTrac's Midyear2016 U.S. Foreclosure Market Report, the number of U.S. properties withforeclosure filings during the first six months of 2016 amounted to 533,813,reflecting a 20% slide from the previous six months, and an 11% drop from theyear-ago period.Foreclosure activity in June was down 6% from May, and dropped 19% year overyear to reach the lowest level since July 2006.

However,19 states recorded year over year increases in foreclosures, with Massachusettsand Connecticut leading the way with 46% and 40% increases, respectively.

*The median home sale price in the Baltimore, Md., region increased 5.8% yearover year to reach $275,000 in June, the highest level since June 2007, The Baltimore Sun reported,citing a report from ShowingTime RBI. Home sales also recorded an 11% increaseyear over year, marking the 23rd consecutive monthly year-over-year increase insales activity, the report noted.


* Las Vegas Review-Journal reportedthat the state Gaming and Control Board held a hearing for a proposed $2billion project in west Las Vegas. Developers are looking to build an8,000-square-foot casino, a 400-room high-rise hotel and a 2,000-seatperforming arts center, along with Asian restaurants and a Japanese-themed parkand gardens.

Thestate board expressed concerns over the project's financing and the source ofinvestment funds, and told the developers "to go back to the drawingboard," the report said.

The day ahead

U.S. markets are expected to start the day's trading on ahigher note as the Nasdaq composite index, the S&P 500 and the Dow JonesIndustrial Average were trading above fair value in early morning futurestrading.

In Asia, the Hang Seng rose 1.12% to 21,561.06, and theNikkei 225 was up 0.95% to 16,385.89.

In Europe as of midday, the FTSE 100 was up 0.89% to6,729.67, and the Euronext 100 had climbed 0.94% to 868.64.

On the macro front

The jobless claims report, the PPI-FD report, the EIAnatural gas report, Bloomberg Consumer Comfort Index, the Fed balance sheet andthe money supply report are due out today.

Now featured

: U.S. real estate ETFs accumulated $1.44billion in net inflows in June, generating a total of $4.93 billion in netinflows year-to-date.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.