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AvalonBay arrives in Fla.; Hyundai's Genesis inks pricey NYC lease

Commercial real estate

* AvalonBay Communities Inc. bought an apartment complex within the Park at Broken Sound mixed-use community in Boca Raton, Fla., from developers CC Residential and The Praedium Group for $138 million, The Real Deal reported, citing property records.

The deal for the recently built 850 Boca complex marks AvalonBay's first foray into the state, the report noted. The complex, which was 69%-occupied as of October, comprises 336 apartments, 34 townhomes and amenities.

* Automaker Hyundai's luxury brand Genesis has leased roughly 40,000 square feet at the base of the Solar Carve Tower at 40 10th Ave. in Manhattan, N.Y.'s Meatpacking District in what is one of the priciest retail lease deals of 2017, The Real Deal reported, citing unnamed sources and documents filed with the city's Department of Finance.

The space was leased by a partnership between Aurora Capital Associates and William Gottlieb Real Estate. Citing the sources, the report noted that the annual rent for the lease is estimated at roughly $11 million.

* The national apartment vacancy rate in the U.S. increased to 4.5% in the fourth quarter from 4.4% in the third quarter, Reuters reported, citing real estate research firm Reis Inc. The vacancy rate increased in 50 of 79 metro areas. New York City and Washington, D.C., logged their highest-ever apartment vacancy rates at 5.1% and 6.6%, respectively.

The news outlet noted, citing Reis, that vacancies are expected to rise in 2018 as projects scheduled for completion continue over the next 12 months.

* Bridge Investment Group paid $54.5 million to acquire the 241,000-square-foot Fountain Square office complex in Boca Raton in what is one of the priciest office sales of 2017 in the area, The Real Deal reported, citing property records. The deal for the class A complex at 2600, 2650 and 2700 North Military Trail translates to roughly $226 per square foot.

The property was 90% occupied at the time of the sale, the report noted, citing a release.

The seller was Fountain Square Owner LLC, a joint venture between affiliates of Contrarian Capital Management LLC and NAI/Merin Hunter Codman Inc. The 1998-built three-building property previously changed hands for $37 million in 2013, the report noted, citing property records.

* A development group led by Tom Lund has filed plans to build a 170-unit luxury apartment tower replacing the Guitar Center building in Edina, Minn., the Minneapolis / St. Paul Business Journal reported. The 17-story tower would also have a 255-spot parking garage topped by an outdoor pool.

The 12,000-square-foot Guitar Center building at 3560 Hazelton Rd. is owned by StuartCo. The proposal is slated to go before the Edina Planning Commission and the City Council in January 2018. Lund hopes to commence construction by late 2018, the report noted.

The day ahead

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

In Asia, the Hang Seng was up 0.90% to 29,863.71. The Nikkei 225 fell 0.56% to 22,783.98.

In Europe, as of midday, the FTSE 100 was up 0.14% to 7,631.42, while the Euronext 100 was down 0.04% to 1,041.59.

On the macro front

The U.S. international trade in goods report, the jobless claims report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report 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.