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Rockpoint JV to sell NYC interest for $275M; Blackstone RE buys asset for $156M

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Rockpoint JV to sell NYC interest for $275M; Blackstone RE buys asset for $156M

Commercial real estate

* Rockpoint Group LLC and Highgate Hotels are looking to sell the leasehold interest of an office and retail development in the Meatpacking District of New York City for $275 million after the property reached a new lease agreement with Turkish restaurateur Nusret "Salt Bae" Gökçe's Nusr-Et steakhouse, The Real Deal reported, citing Crain's New York Business. The development includes three buildings at 412 W. 15th St. and 413-421 W. 14th St.

* Invesco Ltd. sold a low-rise office building spanning a full block in downtown Boston for about $155.7 million to Blackstone Real Estate, the Boston Business Journal reported, citing a Suffolk County deed. The seller purchased the 221,474-square-foot property at 179 Lincoln St. in 2012 for $75 million.

* A joint venture of Actium Development Co. and Lionheart Capital LLC sold the 172-room Seagull Hotel Miami Beach at 100 21st St. in Miami Beach, Fla., for $120 million to BHI Miami Ltd., sources told The Real Deal. The 1948-built waterfront property will be redeveloped into a luxury hotel, the sources told The Real Deal.

* Cohen Brothers Realty Corp. reached an agreement with an affiliate of Fortress Investment to refinance a mortgage at its 782,986-square-foot property at 1855 Griffin Road in Dania Beach, Fla., for $112 million, The Real Deal reported. The agreement helped Design Centers Of The Americas avoid a $172.9 million foreclosure lawsuit from Wells Fargo, which was acting on behalf of lender GE Commercial Mortgage Corp.

* Leasing activity in Los Angeles dropped around 16% year over year during the fourth quarter of 2019 to 3.8 million square feet, making it the slowest quarter of the year, The Real Deal reported, citing Savills. The drop was a result of WeWork Cos. Inc. and other coworking, technology and media firms stepping back in the quarter, the report noted, adding that hesitation from local landlords to lease space to the coworking firms could also be a factor.

* Casoro Group of Austin, Texas, is investing $90 million in the San Antonio apartments market, including a five-year loan of $35.5 million to acquire the 322-unit Jax multifamily property at 12222 Vance Jackson Road in Northwest San Antonio, the San Antonio Business Journal reported. The company will also renovate the 466-unit Sunset Canyon Apartments at 2170 Thousand Oaks Dr. and the 232-unit Peppermill Apartments at 2125 Universal City Blvd.

* RK Associates plans to build two 30-story towers and one 15-story tower, all totaling 819 residential units, 71,960 square feet of retail/office space, 4,000 square feet of restaurants, a 4,000-square-foot food hall and 1,351 parking spaces on a 5.68-acre site in Fort Lauderdale, Fla., the South Florida Business Journal reported. The company also plans to build a 240-room, a 17-story hotel at a 0.93-acre site at 550 NE Ninth St., and a 15-story residential tower on the 0.87-acre site at 450 NE Ninth St.

* Torburn Partners is planning an office building and a retail building at Plantation Pointe office park in Plantation, Fla., the South Florida Business Journal reported. The company will build a 10-story office building with 150,436 square feet of rentable space, and a 9,000-square-foot retail building.

* Tishman Speyer Properties LP and Mitsui Fudosan America are teaming up to develop over a million square feet at Tishman's Brannan Square project in the Central SoMa neighborhood of San Francisco, the San Francisco Business Times reported. The project will include a three-building office complex at 598 Brannan St. with 700,000 square feet of office space and 65,000 square feet of light industrial and retail space.

After the bell

* Eldorado Resorts Inc. on Jan. 13 agreed to sell its Eldorado Resort and Casino in Shreveport, La., to Maverick Gaming LLC for $230 million in cash, subject to a working capital adjustment.

The day ahead

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

In Asia, the Hang Seng decreased 0.24% to 28,885.14, while the Nikkei 225 rose 0.73% to 24,025.17.

In Europe, around midday, the FTSE 100 was down 0.23% to 7,600.13, and the Euronext 100 was down 0.14% to 1,154.97.

On the macro front

The NFIB Small Business Optimism Index, CPI and the Redbook are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Now featured on S&P Global Market Intelligence

Data Dispatch: Macy's to close 30 locations in early 2020; REITs have limited exposure: While Macy's is waiting until its Feb. 5 Investor Day to release its growth strategy and three-year plan, a list of 30 properties have circulated in the media as slated for closure in early 2020.

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