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Salesforce tags another tower; MIT-area business campus up for $700M sale


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Salesforce tags another tower; MIT-area business campus up for $700M sale

Commercial real estate

*HCP Inc. its board unanimouslyapproved a spinoff of the HCR ManorCare portfolio into a publicly traded REIT.

First-quarterFFO applicable to common shares at HCP cameto $322.8 million, or 68 cents per share, compared to a loss of$117.6 million, or a loss of 26 cents per share, in the first quarter of 2015.

*One Kendall Square, near the Massachusetts Institute of Technology in EastCambridge, Mass., is on the market and is expected to sell for about $700million, The Boston Globe reported,citing a broker from Newmark Grubb Knight Frank. The mixed-use campus wasacquired by the owner for $395 million in 2014, as previously. It comprises ninebuildings with 667,000 square feet of office, lab and retail space along with amovie theater and a car park, the report said.

* Inc. has leased around 250,000 square feet at The Chase Tower indowntown Indianapolis, The IndianapolisStar reported.The 45-story building, which is currently about 70% occupied, will be renamedSalesforce Tower, according to the report.

*Another plan is inthe works to revive the dormant Bellevue Center mall in Nashville, Tenn., with$200 million of development proposed, the NashvilleBusiness Journal reported.Up to 360,000 square feet of office buildings and nearly 400,000 square feet ofretail, restaurant and entertainment space is planned, the report said.

*Mandel Group Inc. is planning a $100 million luxury apartment development ineastern Milwaukee, TheMilwaukee-Wisconsin Journal Sentinel reported.The 24-story project will commence by summer 2017, and will comprise 235apartments, according to the report.

* A14-acre development site in Montauk, N.Y., is on the market for $52.5 million,according to a reportfrom The Real Deal. The site has 57rental and hotel units, and the potential for around 70 hotel units, the reportsaid, citing a person from the brokerage firm that is marketing the property.

After the bell

*Ashford Hospitality Prime looking to replaceMonty Bennett as CEO. He is expected to continue to serve as board chairman.The board is also interviewing director candidates and plans to add one or moreindependent directors.

*Colony Capital Inc.has entered into exclusive negotiations with NorthStar Asset Management and basedon a joint proposal from Colony and NorthStar Realty for a tri-party, all-stock"at the market" business combination based on historical tradingprices.

Thethree companies saidthey believe the combination would create a diversified real estate andinvestment management equity REIT with significant scale, deep managementtalent, and the opportunity to generate substantial revenue and expensesynergies.

*Extra Space Storage Inc.and Extra Space Storage LP have agreedto sell up to $400.0 million of common stock through "at the market"offerings.


*Horseshoe Casino Cincinnati is poised to change its name to Jack CincinnatiCasino in June, reported.Caesars Entertainment Corp.sold the operationsof the casino in 2015, along with two other casinos in Ohio, to JackEntertainment, then known as Rock Gaming, according to the report.

The day ahead

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

In Asia, the Hang Seng rose 0.23% to 20,156.81, while theNikkei 225 was up 0.68% to 16,216.03.

In Europe, as of midday, the FTSE 100 was up 0.50% to6,156.27 and the Euronext 100 rose 1.24% to 860.99.

On the macro front

No notable reports are due out today.

Now featured

: The May 6 weekly news roundup in the North American realestate space also features major timberland transactions, a big-buck hotelsales deal reportedly in the offing and a handful of deal closings on theM&A front.

: Thisroundup collects recently reported guidance from North American real estatecompanies.

:The 10 most read real estate articles for the week ending May 6.

:Our real estate editors' picks for the best stories of the week ending May 6.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.