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Japan's Unizo to sell 5 offices in Washington, DC; PulteGroup logs Q3 results

Commercial real estate

* Japanese real estate investor Unizo Holdings Co. Ltd. tapped CBRE Group Inc. to market almost all of its properties in Washington, D.C., the Washington Business Journal reported, citing a marketing document. The 86% leased portfolio comprises five office buildings totaling 1.26 million square feet. Unizo acquired the properties for a total of $785 million between August 2016 and September 2017.

The buildings up for sale are 1111 19th St. NW, The Colorado Building, The Executive Building, Capitol View and Union Center Plaza. Offers are being sought for individual assets or on a portfolio basis, with the sales targeted to close by year-end, the report added, citing CBRE. The Colorado and Executive buildings have to be sold together due to existing financing arrangements, according to the report.

* Green Brick Partners Inc. unit The Providence Group of Georgia paid an undisclosed amount to acquire a 115-acre tract of land off East Jones Bridge Road in Peachtree Corners, Ga. The land, with 4,000 feet of frontage along the Chattahoochee River, was acquired for a joint venture project with East Jones Bridge LLC to develop a community with independent and assisted living components for residents aged 55 and older, with a total of 916 units.

Construction is expected to begin in January 2020, and the first homes are expected to be available for sale in the fourth quarter of 2020.

* Dallas-based Lincoln Property Co. entered into a partnership via a $16.8 million sale with Eden Multifamily and Cypress Equity Investments to build a 32-story apartment project in downtown Fort Lauderdale, Fla., The Real Deal reported. Construction of the 374-unit project at 419 SE 2nd St. in the Las Olas district is expected to begin in October, the publication reported, citing Jay Jacobson, president of Eden Multifamily.

* An affiliate of Starwood Real Estate Income Trust Inc. acquired the fee-simple interest in the 570-unit Cascades Apartments multifamily property in Charlotte, N.C., for $109.6 million, excluding closing costs. The newly renovated complex is 96% occupied.

* BH Properties LLC sold a 517,391-square-foot building occupied by Overstock.com Inc. at 5300 Kansas Ave. in Kansas City, Kan., to Sealy & Co. for an undisclosed price, the Kansas City Business Journal reported.

* Andretti Indoor Karting & Games is seeking a site around the Walt Disney World in central Florida to open its second location in the state, the Orlando Business Journal reported. The company opened its first 150,000-square-foot location in the state on I-Drive in September 2017.

* Bay Area Rapid Transit and the University of California Office of the President are set to leave the 975,000-square-foot 300 Lakeside office complex in Oakland, Calif., leaving an approximately 600,000-square-foot vacancy at the property within the next year and a half, the San Francisco Business Times reported. The vacancy is expected at a time when tenant demand is reaching 3.7 million square feet in Oakland, the publication noted, citing data from CBRE. Swig Co. and Rockpoint Group LLC are the owners of the complex.

* LCOR Inc. received approval from the Arlington County Board to build a 19-story tower at 400 11th St. S. in Arlington, Va., the Washington Business Journal reported. The building will include 306 apartments on top of about 11,400 square feet of retail. The project is part of a development boom in the area due to the arrival of Amazon.com Inc., the report noted.

* MRP Realty and Peter Lawrence Cos. received preliminary zoning approvals to develop a 32-acre portion of Isaac Newton Square office park in Reston, Va., into 2.8 million square feet of mixed-use space, the Washington Business Journal reported. The developers plan to build a mix of up to 2,100 apartments, townhomes and condominiums. The new zoning also allows for up to 300 hotel rooms, 260,000 square feet of office space and about 69,000 square feet of retail space.

After the bell

* WeWork Cos. Inc. shareholder SoftBank Group Corp. is in late-stage discussions to take control of the coworking giant in a deal that will value WeWork between $7.5 billion and $8 billion on a pre-funding basis, CNBC reported, citing people with knowledge of the matter.

* Equity LifeStyle Properties Inc. disclosed third-quarter funds from operations available for common stock and operating partnership unit holders of $108.6 million, or 56 cents per share, an increase of 9.8% on a per-share basis from $97.7 million, or 51 cents per share, in the third quarter of 2018.

* Howard Hughes Corp., which launched a strategic review earlier in 2019, unveiled a plan to sell approximately $2 billion of noncore assets and announced the appointment of Paul Layne as its new CEO.

Housing

* PulteGroup Inc. said its third-quarter adjusted EPS remained flat year over year at $1.01. Adjusted net income totaled $279.8 million, a decrease from $289.5 million in the year-earlier period.

The day ahead

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

In Asia, the Hang Seng gained 0.23% to 26,786.20.

In Europe, around midday, the FTSE 100 lifted 0.37% to 7,189.91, and the Euronext 100 fell 0.11% to 1,091.46.

On the macro front

The Redbook Index for retail sales, the existing homes sales report and the Richmond Fed manufacturing index 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

Conference Chatter: PropTech revolution is well underway, landlords say: While doubts linger about the wider adoption and impact of new property technologies, big data and new digital tools are already transforming the core of the commercial real estate business, industry leaders said at a conference in Brooklyn.

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