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Uber eyeing Dallas for office expansion; $400M Minn. office park up for sale

Commercial real estate

* Uber Technologies Inc. is focusing on Dallas for its latest office expansion, the Dallas Business Journal reported, citing multiple sources familiar with the matter. The ride-sharing service earlier said Dallas is on its list of potential cities for a new office, and the sources said KDC Real Estate's The Epic project in the Deep Ellum neighborhood is emerging as the likely site for the expansion.

The eight-acre mixed-use development will contain 310 apartments, a 10-story office tower, a 164-room hotel and 42,000 square feet of retail, the publication added. The 251,351-square-foot tower will open in 2019.

* A joint venture of MetLife Inc. and Allstate Insurance Co. is selling the 1.7 million-square-foot Normandale Lake Office Park in Bloomington, Minn., which is valued at $400 million, the Minneapolis / St. Paul Business Journal reported, citing Real Estate Alert. Eastdil Secured is listing the five-building, 27-acre campus for the owners. The 86%-leased property last traded for $369 million in 2014.

* Property developers Cobalt Partners LLC and La Macchia Holdings LLC withdrew their application for an estimated $186 million, 28-acre mixed-use redevelopment in Bayside, Wis., the Milwaukee Business Journal reported. The project, which would have demolished older buildings to make way for a town center with an up to 15-story apartment building, has faced opposition from village residents, according to the publication.

* Joint venture partners SHVO, Bilgili and Deutsche Finance acquired the 92-room, 51,590-square-foot Richmond Hotel for about $87.9 million and the 117-room, 27,617-square-foot South Seas Hotel for $52 million in Miami Beach, Fla., the South Florida Business Journal reported.

Wallace Corp. sold the Richmond Hotel at 1757 Collins Ave., along with the 11,250-square-foot parking lot at 1832 James Ave., the publication reported, adding that Richmond Hotel Corp. sold 18 apartments at 1757 James Ave. as part of the deal. Synergetic Real Estate of Florida sold the South Seas Hotel at 1751 Collins Ave.

* LNR Partners LLC purchased the Triangle Town Center in Northeast Raleigh, N.C., after submitting the highest bid of about $120.4 million at an auction in July, the Triangle Business Journal reported. DRA Advisors LLC was the previous owner.

* Developer Kettler Inc. and Pacific Life teamed to buy The Aster residential community in Cary, N.C., for $119 million, the Triangle Business Journal reported, citing county records. The 3025 Alston Manor St. property offers nearly 500 rental units.

* Concord Pacific Developments Inc. purchased a half-block property at 1901 Minor Ave. in Seattle for $72 million from Crescent Heights Inc., the Puget Sound Business Journal reported. The site has partial approval for a 737-unit, two-tower multifamily project which will be 40 stories tall, the publication added, citing public records.

* PTM Partners and Estate Investments Group secured a $55 million construction loan from Bank OZK and about $18 million mezzanine financing from Nationwide Real Estate Investments for their Soleste Grand Central project in an opportunity zone in Overtown, Miami, The Real Deal reported. The 18-story multifamily project at 218 NW Eighth St. will offer 360 units.

* Tishman Speyer Properties LP's coworking unit Studio will open a 32,000-square-foot, two-level space at 900 19th St. NW in Washington, D.C., in September, the Washington Business Journal reported.

* Neurological disease drug developer Cerevel Therapeutics LLC agreed to lease 59,865 square feet at Divco West's 222 Jacobs St. property in the 43-acre Cambridge Crossing mixed-use campus in Cambridge, Mass., the Boston Business Journal reported. The company will relocate from its 23,000-square-foot office at 131 Dartmouth St. in Boston's Back Bay, the publication added, citing Quentin McCubbin, Cerevel's head of technical operations.

* Swedish fashion retailer H&M backed out of Brookfield Property Partners LP's Fifth + Broadway project in downtown Nashville, Tenn., the Nashville Business Journal reported, citing Burgin Dossett, a Brookfield development executive. The owner has signed two tenants that will fill all of H&M's former space spanning roughly 30,000 square feet, the report added.

The day ahead

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

In Asia, the Hang Seng was down 0.69% to 25,939.30, and the Nikkei 225 gained 0.44% to 20,684.82.

In Europe, around midday, the FTSE 100 was down 0.20% to 7,272.47, and the Euronext 100 slipped 0.74% to 1,042.14.

On the macro front

The producer price index for final demand and the Baker-Hughes Rig Count 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

Demand for new nontraded REIT products accelerating, JLL exec says: S&P Global Market Intelligence caught up with Allan Swaringen, president and CEO of Jones Lang LaSalle Income Property Trust, to hear his read on the rise of NAV REITs and the resurgence of the nontraded REIT market as a whole.

7 US real estate companies boost dividends in July: A total of 78 real estate companies based in the U.S., Canada and Bermuda increased their regular dividends year-to-date through July 31.

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