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WeWork pushes IPO to 2019-end; Blackstone pays $312M for Los Angeles portfolio

Commercial real estate

* The We Co., the parent of coworking giant WeWork Cos. Inc., said it plans to pursue its IPO by the end of 2019, following earlier reports of a potential delay due to investor concerns regarding valuation and corporate governance, Reuters reported, citing a statement from the company.

The company was scheduled to hold a roadshow to market its shares as early as Sept. 16, with its trading debut tipped to follow within the week of Sept. 23. However, a report from The Wall Street Journal said the company could postpone its IPO until October at the earliest.

* Blackstone Group Inc. purchased four Los Angeles-area rental complexes totaling 862 units for $312 million from TruAmerica Multifamily LLC, The Real Deal reported. The portfolio includes the 368-unit The Vicino Apartments, on 14 acres at 12350 Del Amo Blvd. in Lakewood, Calif.; the 160-unit Harborview Apartment complex in San Pedro, Los Angeles, on 7.6 acres; and the 176-unit Canyon Ridge Apartments and 158-unit Canyon Crest Apartments in Santa Clarita, Calif.

After completing the deal, TruAmerica also purchased three apartment complexes in North Carolina totaling 830 units for $108.7 million. The publication could not get a comment from Blackstone and TruAmerica.

* The Related Group is seeking approvals from the Miami Urban Development Review Board for two projects in the city, The Real Deal reported. The affordable housing division of the company is planning work on the third phase of the Liberty Square redevelopment project at 1201 NW 65th St., which comprises 192 units totaling around 170,000 square feet across six new garden-style apartment buildings with 113,000 square feet of open space and 192 parking spaces. The full-block third phase will replace 100 public housing units with 71 affordable public housing units.

The second project is the 12-story, 160-unit The Gallery on the River workforce and affordable housing apartment building at 401 NW North River Drive along the Miami River that will total 384,000 square feet. The property has 200 existing apartments, and the project will be built on a vacant part of a property owned by Miami-Dade County.

* Safehold Inc. purchased the 2.5-acre parcel beneath the Alohilani Resort Waikiki Beach at 2490 Kalakaua Ave. in Honolulu for $195 million from The Queen Liliuokalani Trust, Pacific Business News reported. The deal does not include the leasehold hotel on the site.

* Apartment builder Presidium started construction of the 408-unit The Presidium at Revelstoke apartments in North Fort Worth, Texas, The Dallas Morning News reported. The more than 17-acre community is being developed as part of the Alliance Town Center mixed-use project.

* The Port of Everett in Everett, Wash., picked development firm Gracorp and multifamily builder SeaLevel Properties to develop the Waterfront Place Apartments comprising two four-story residential buildings, the Puget Sound Business Journal reported. The buildings will total more than 247,000 square feet at 1300 and 1400 W. Marine View Drive, and will comprise 135 units in the north building and 131 units in the south building.

The project is part of the redevelopment of the Port of Everett, which will include five districts, up to 660 housing units, along with commercial and retail spaces.

The day ahead

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

In Asia, the Hang Seng fell 1.23% to 26,790.24, and the Nikkei 225 gained 0.06% to 22,001.32.

In Europe, around midday, the Euronext 100 was up 0.03% to 1,084.79.

On the macro front

The Redbook Index for retail sales, the industrial production report, the housing market index and the Treasury International Capital report are due out today.

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