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HNA unit sells Minneapolis property; Taylor Morrison taking over AV Homes

Commercial real estate

* A subsidiary of Chinese conglomerate HNA Group Co. Ltd. divested an office-and-retail complex in Minneapolis for $320 million to an unknown buyer in one of the most expensive real estate transactions of 2018 in the city, the Minneapolis/St. Paul Business Journal reported.

The publication, citing records from the state of Minnesota's Department of Revenue, noted that the buyer is operating under the name City Center 33 South Property. HNA paid $315 million in 2016 for the complex, which comprises the 1.6 million-square-foot 33 S. Sixth St. office building that is anchored by Target Corp. and the three-level City Center asset.

* Amazon.com Inc. is expanding in Nashville, Tenn., with a new deal to lease 125,000 square feet for a distribution facility and an adjacent 7-acre site for a planned parking lot near Interstate 65 and Interstate 24, the Nashville Business Journal reported, citing confirmation from Whitfield Hamilton, regional executive for developer Panattoni Development Co. Panattoni developed two other buildings on the 44-acre site, according to the report.

* Waterton Associates LLC is poised to acquire the 55-story North Harbor Tower in Chicago from Miami-based real estate developer Crescent Heights Inc., Crain's Chicago Business reported, citing unnamed sources.

The purchase price was not disclosed, but the seller acquired the 600-unit apartment tower at 175 N. Harbor Dr. for $237 million in May 2016.

* WeWork Cos. has leased 45,000 square feet at 71 Fifth Ave. in Manhattan, N.Y.'s Flatiron District, The Real Deal reported, citing confirmation from a company representative. Citing CBRE, the report noted that WeWork's Manhattan footprint spanned 4.1 million square feet in the first quarter, including spaces it does not yet occupy.

The report noted that the fee interest in the 11-story property is owned by the family of Mark Lapidus, WeWork's head of real estate. The ground lease of the property is controlled by Madison Capital.

* Jonathan Rose Cos. plans to develop a 384-unit mixed-use building in Manhattan's East Harlem neighborhood with L+M Development Partners Inc., The Real Deal reported. The 37-story development at 1681 Madison Ave. would be part of the larger Sendero Verde complex.

* Holland Partner Group is placing its 606-unit Sofia Los Angeles mixed-use project at 1106 W. 6th St. in Los Angeles on the market, The Real Deal reported. The project, completed in summer 2017 in partnership with America Sekisui House, is valued at $330 million, the report noted, citing Real Estate Alert.

The project, comprising two seven-story buildings with 28,000 square feet of ground-floor retail space, is roughly 80% leased. The retail space is occupied by Grocery Outlet, Starbucks and Chipotle.

* ESG Kullen made a $111 million offer for a 21-story lakefront condominium tower in the Gold Coast neighborhood in Chicago, with the intention to convert all 391 condos into apartments, Crain's Chicago Business reported, citing an unnamed person familiar with the deal.

Of the total units at the 1400 N. Lake Shore Drive property, 310 condos are leased, while 57 units serve as primary residences, the report added, citing a CBRE brochure.

* Pacific Coast Capital Partners acquired the 17-story Cumberland Center II office building in Cumberland, Ga., in the Atlanta metro area along with an adjacent two-acre undeveloped site for $68.3 million, the Atlanta Business Chronicle reported, citing Cobb County property records. The properties were sold by Crocker Partners.

The building served as the former headquarters of HD Supply, which has moved to a new $100 million headquarters at Interstate 75 and the Perimeter. The report noted that HD Supply is still paying rent at Cumberland Center II into 2020.

Housing

* Taylor Morrison Home Corp. signed a cash and stock deal worth roughly $963 million to acquire all of the outstanding shares of AV Homes Inc.'s common stock for $21.50 apiece.

* D.R. Horton Inc. is planning a townhouse project near Homestead in south Miami-Dade County on a 10.1-acre vacant site that it has under contract, the South Florida Business Journal reported, citing a pre-application filed with county officials. The developer is seeking a rezoning of the land from agricultural to residential and aims to build 89 townhouses in a project called Lake Victoria Townhouses.

The day ahead

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

In Asia, the Hang Seng was up 0.81% to 31,512.63, while the Nikkei 225 rose 0.87% to 22,823.26.

In Europe, around midday, the FTSE 100 fell 0.09% to 7,705.22, and the Euronext 100 rose 0.18% to 1,061.99.

On the macro front

The jobless claims report, the quarterly services survey, the EIA natural gas report, the consumer credit report, the Fed balance sheet and the money supply report are due out today.

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