Commercial real estate
* AltisourceResidential Corp.'s management dispute with activist shareholderscould potentially drawthe support of two investors.
Shareholders Putnam Investments and Luxor Capital Partners,which own 14.9% and 7.6% of Altisource Residential, respectively, are in favorof the management's strategy, Bloomberg News reported, citing people familiarwith the matter.
* Ashford Inc. said expedited discovery was granted inAshford Hospitality Prime Inc.'scourt case against Sessa Capital. "The discovery request seeks the namesand identities of Sessa's limited partners, communication between those limitedpartners and Sessa, and information about cooperation between Sessa and itslimited partners in support of its claims that Sessa violated Ashford Prime'sbylaws and federal securities laws," according to the news release.
* SimonProperty Group Inc. said it will a Madame Tussauds wax attraction atOpry Mills in Nashville. The location will be the seventh Madame Tussauds inthe U.S. and the first of the attractions to be located at a U.S. mall.
* TollBrothers Inc. unit City Living and Starwood Capital Group areselling the remaining 30 units at the 106-unit Pierhouse development at BrooklynBridge Park in Brooklyn, N.Y., Crain'sNew York Business reported.The partnership hired Corcoran Group, instead of using an in-house team, tomanage the sales and marketing of the units.
* In the midst of decliningdemand for luxury rental units, Extell Development Co. is planning to sell the unitsat its One57 tower atWest 57th St. in Manhattan, N.Y., and not list them for lease, Bloomberg News reported,citing a statement.
The company has set a price tag of about $3.5 million forthe units on the 32nd through 38th floors of the tower, according to the report.
* Carlyle Group and 60 Guilders have snapped up a retailco-op unit at 106 Spring St. in the SoHo neighborhood of Manhattan for nearly$100 million, The Real Deal reported.The duo is also on the verge of buying the neighboring retail space at 93Mercer St. for about $40 million, the news outlet added, citing unnamed sources.
* Also in SoHo, the median price of single-family homes,condominiums and co-op units surged 143% year over year to $5.9 million, The Real Deal reported,citing data by Property Shark.
* The InterContinental New York Barclay hotel is set to openin April after a $180 million revamp,the New York Post reported.
* Vacancy in New Jersey's "transit-centric" officemarkets and its suburban locales dropped to 16.9% in 2015, from 18.6% in 2014,NJBIZ.com reported,citing real estate services firm JLL. Rents, on the other hand, climbed to$30.32 per square foot from $30.18 per square foot.
* Southern California apartment rents are projected tocontinue their upward trend in the coming years, the Los Angeles Times reported.
According to the USC Casden Multifamily Forecast, theaverage rent in Los Angeles County is likely to rise 8.3% from 2015 to $1,416per month in 2018. Orange County, Calif., is expected to witness a 9.4%increase to an average of $1,736 a month, the report noted.
After the bell
* SL GreenRealty Corp. and partner Jeff Sutton are to unload three interlinkedbuildings in Manhattan's SoHo neighborhood, TheReal Deal reported, citing unnamed sources.
The partners are considering either a full or partial saleof the buildings and have hired Eastdil Secured to market the assets. A fullsale of the buildings could rake in roughly $450 million, according to thereport.
Located at 530-536 Broadway, the buildings cover 194,500square feet and stand 11 stories tall.
* SpiritRealty Capital Inc. priceda public offering of 30.0 million shares of its common stock at $11.15 apiece,with net proceeds expected at about $320.7 million.
The underwritten public offering was upsized from thepreviously offered27.0 million shares. In addition, the underwriters' option to purchaseadditional shares was upsized to 4,500,000 shares from 4,050,000 shares.
* RexfordIndustrial Realty Inc. priced its underwritten public offering of9.0 million common shares at $17.65 apiece, according to a .
The company expects to net $152.2 million from the offering,which will be injected into its operating partnership. In turn, the partnershipintends to use the proceeds to repay outstanding amounts under its unsecuredrevolving credit facility; fund potential acquisitions, including a roughly$191.0 million dealto acquire a private REIT; for general corporate purposes; or a combinationthereof.
* Gaming andLeisure Properties Inc. pricedits public offeringof about $1.38 billion of two tranches of senior notes.
The company priced $400.0 million of senior notes due 2021with a 4.375% coupon rate, while $975.0 million of senior notes due 2026 carrya 5.375% coupon.
* RexfordIndustrial Realty Inc. has inked a roughly $191.0 million deal toacquire a private REIT that owns a nine-property industrial portfolio inSouthern California infill markets.
The company saidthat it will exercise an accordion feature on its $125.0 million unsecured termloan, representing additional proceeds of $100.0 million, to help finance thetransaction.
* The ongoing feudat PulteGroup Inc.'smanagement took a new turn on Monday, when founder William Pulte sent aletter to thecompany's board of directors to reiterate a call for the immediate removal ofCEO Richard Dugas, calling his decision to appoint Dugas as CEO to be "perhapsthe biggest mistake of my career."
The company also released a the same day accusing thePulte family of trying to "destabilize the company's leadership and derailour successful value creation strategy through their public statements."
* Revenue from the four casinos in Ohio totaled $71.2million in the first three months, up nearly 6% from the previous quarter andmarking the highest single quarter since their opening in 2012, The Columbus (Ohio) Dispatch reported.
The day ahead
Early morning futures indicators pointed to a lower openingfor the U.S. market.
In Asia, the Hang Seng was up 0.30% to 20,501.27, and theNikkei 225 rose 1.13% to 15,928.79.
In Europe as of midday, the FTSE 100 dropped 0.06% to6,196.60, and the Euronext 100 was up 0.16% to 852.52.
On the macro front
The NFIB small business optimism index, the import andexport prices report, Redbook and the treasury budget report are due out today.
Vornado stillweighing DC spinoff, Roth says: Vornado's chairman and CEO brieflyaddressed the possibility of a spinoff transaction in his annual letter toshareholders.
The PropertyLedger: Independence Realty sells $23M Denver asset; Texas REIT adds todiversified portfolio: The April 11 edition of North Americanproperty news roundup also features an IPO hopeful's medical office buildingacquisitions in Florida and Michigan and Consolidated-Tomoka Land's noncoreincome asset sales.
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