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Paragon plans $500M retail investments; NYC property lands $570M loan

Commercial real estate

* Paragon Commercial Group plans to invest $500 million in retail property acquisitions in California in the next 18 months, The Real Deal reported, citing a company release. The development firm plans to invest alongside some of its existing institutional and private partners.

Roughly $200 million worth of investments are planned in southern California, with the remainder marked for northern California. The company expects to make acquisitions in the $20 million to $80 million range.

* EQ Office, a unit of Blackstone Group LP, secured a $570 million refinancing package for its Park Avenue Tower property in New York City from Morgan Stanley, The Real Deal reported, citing a source with knowledge of the matter. EQ Office recently completed a $25 million renovation of the 36-story property at 65 E. 55th St., according to the publication.

* Clarion Partners sold the Lake Washington Park Building at 5808 Lake Washington Blvd. NE in Kirkland, Wash., for $53 million to Monolithic Power Systems Inc., the Puget Sound Business Journal reported, citing public records. The sale marks a 35% boost in the property's value since Clarion bought it nine months ago for roughly $39.3 million. Clarion had not carried out any improvements at the property, the publication added.

Monolithic Power's Seattle regional office is a mile from the newly acquired property, and it plans to occupy a part of the building, the publication noted, citing a commercial real estate broker familiar with the market who asked not to be named.

* Property developer Tishman Speyer Properties LP and co-living facility operator Common Living Inc. launched a family housing concept that will offer features including custom-designed shared spaces with family programming and events and on-demand childcare.

Dubbed Kin, the residential brand aims to cater to the needs of families living in and near cities, according to a release. The companies will launch Kin in Long Island City, N.Y., in May, and will expand across the country in the coming years.

* SJ Collins Enterprises Inc. listed the 18-acre North Decatur Square mixed use-project in Decatur, Ga., for sale with an asking price of $55 million, the Atlanta Business Chronicle reported. The retail element of the roughly 86,000-square-foot-development is anchored by Whole Foods Market on a 20-year lease. Other tenants at the property include restaurant chain Jason's Deli.

* The Houston Business Journal reported on plans for a 274-acre mixed-use project planned in Houston's Jersey Village suburb. The first phase, expected to open by May 2022, is slated to include shops, restaurants, apartments, a hotel, offices, an amphitheater and municipal town square, the publication added, citing a release.

* Los Angeles County Employees Retirement Association is shifting a total of $915 million worth of properties to DWS from Capri Capital Partners LLC and TA Associates Realty, IPE Real Assets reported, citing a board meeting document. A U.S. apartment portfolio worth $534 million will be transferred from Capri Capital, and 16 properties worth $381 million will be moved from TA Associates.

The moves come as the pension fund replaces under-performing managers to enhance performance.

After the bell

* Piedmont Office Realty Trust Inc. CEO Donald Miller will retire, effective June 30, and will be succeeded by current President and Chief Investment Officer C. Brent Smith.

The day ahead

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

In Asia, the Hang Seng declined 0.49% to 29,320.97, while the Nikkei 225 gained 0.20% to 21,608.92.

In Europe, around midday, the FTSE 100 fell 0.14% to 7,313.56, and the Euronext 100 dropped 0.28% to 1,050.20.

On the macro front

The EIA petroleum status report is 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.

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