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Align Technology to buy 4 land parcels; Milwaukee high-rise apartment rents down

Commercial real estate

* The proposed east-west bus rapid transit line between downtown Milwaukee and Wauwatosa, Wis., has the potential to help spur $60 million to $97 million worth of private development on parking lots and vacant buildings along the route, the Milwaukee Business Journal reported, citing a report by University of Wisconsin-Milwaukee students.

The potential development would annually generate more than $1.9 million in property taxes, the report noted. Construction on the nine-mile BRT route is expected to start in 2018.

* Align Technology Inc. agreed to acquire from LBA RIV-COMPANY XXX LLC four parcels of real estate in Santa Clara County, Calif., and related rights for $44.1 million, subject to certain adjustments. The transaction is expected to close Jan. 26, 2017, subject to the satisfaction of closing conditions.

* High-rise Milwaukee apartment landlords cut monthly rental rates by 4.4% over the past year, the Milwaukee Business Journal reported, citing a RealPage report analyzing 3,300 apartment units in the Milwaukee market. The cut was ranked the fifth highest in the country.

Rents for high-rise apartments dropped the most in Houston, by 7.1%.

* One of Alabama's fastest-growing cities, Fairhope, has temporarily halted new large residential projects after its city council unanimously voted to put a six-month moratorium on new subdivisions of four or more lots and new multifamily properties with more than three units, according to AL.com.

The moratorium gives the city more time to analyze its infrastructure capabilities and allows it to catch up with an influx of applications for large projects, while assisting in streamlining regulations relating to development, according to the report. Fairhope's population has risen by 22% from 2010 to 2015.

* The Hoover City Council on Dec. 19 approved CircusTrix's new 30,000-square-foot recreation center in the Tattersall Park development off Alabama 119 near U.S. 280, the Hoover Sun reported. The project is expected to be ready to open in May, spokesman Marcus Hardy reportedly said.

After the bell

Douglas Emmett Inc. closed on two secured, nonrecourse loans aggregating $520 million in proceeds. A $220 million interest-only loan matures in December 2023 and is secured by a pool of six office properties.

The day ahead

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

In Asia, the Nikkei 225 rose 0.03% to 19,403.06. In Europe, around midday, the Euronext 100 was up 0.28% to 932.74.

On the macro front

The S&P Corelogic Case-Shiller HPI report, the consumer confidence report, the Richmond Fed Manufacturing Index and the State Street Investor Confidence Index are due out today.

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