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Rockpoint Group paying $310M for Los Angeles tower; JV sells NYC asset for $160M

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Rockpoint Group paying $310M for Los Angeles tower; JV sells NYC asset for $160M

Commercial Real Estate

* Rockpoint Group LLC is paying $310 million for the 30-story Miracle Mile office tower at 5900 Wilshire in Los Angeles that is being sold by a consortium of PGIM Real Estate Finance LLC, Ratkovich Co. and Axar Capital Management LP, The Real Deal reported, citing unnamed sources. The 493,000-square-foot office building is about 93% leased, with anchor tenant SBE hospitality company set to exit in October.

* Slate Property Group LLC, China Vanke Co. Ltd. and Adam America Group divested the Rivington House building in New York City's Lower East Side neighborhood to an unnamed buyer for $159.6 million, The Real Deal reported, citing property records filed with the city.

* U.K.-based The Collective Partners LLP plans to develop a 150-unit, 10-story co-living project at a vacant site at 1215 Fulton St. in Brooklyn, N.Y.'s Bedford-Stuyvesant neighborhood, The Real Deal reported, citing plans filed with the Department of Buildings. The project will span about 239,000 square feet and is expected to open in early 2022, the report noted, citing Brownstoner.

* Cavache Properties LLC will receive a $7.8 million tax financing incentive for the $63 million Old Town Square mixed-use development in Old Town District of Pompano Beach, Fla., The Real Deal reported. The 282-apartment project will be built on nearly two acres between Northeast Second and Third streets, and is expected to be completed by 2021.

* REM Finance purchased a 47,000-square-foot flex office property at 606-654 Venice Blvd. and 1800 Abbot Kinney Blvd. in Venice, Calif., for $52 million, The Real Deal reported, citing public records.

* Pappas Properties and Allen Tate Co. sold the Solis SouthPark apartments and ground-floor retail space in the SouthPark neighborhood of Charlotte, N.C., for about $66.8 million to an affiliate of Principal Financial Group Inc., the Charlotte Business Journal reported, citing Mecklenburg County real estate records.

The assets are part of the Sharon Square mixed-use development. The buyer also purchased the two-story, 2,400-square-foot Starbucks on Sharon Road for about $3.3 million, bringing the total acquisition to 239 apartments and about 25,000 square feet of retail space.

* Toll Brothers Inc. is close to selling the Brier Creek County Club and The Hasentree Club in North Carolina, to Apollo Global Management Inc.-backed ClubCorp USA Inc. for an undisclosed amount, the Triangle Business Journal reported, citing multiple sources aware of the negotiations.

The Brier Creek Country Club in northwest Raleigh comprises more than 1,200 homes, an 18-hole golf course and a 40,000-square-foot clubhouse, among other features. The Hasentree Club in Wake Forest comprises a 16,500-square-foot clubhouse, a restaurant and a 13,000-square-foot family activity club, among other features.

* Crescent Communities is under contract to purchase land to build about 340 apartments and retail space as part of the LoSo Station development being built by Charlotte-based Beacon Partners in the Lower South End area of Charlotte, the Charlotte Business Journal reported. Construction on the multifamily project is expected to begin in early 2020, with delivery expected to begin in the second half of 2021.

Housing

* Home sales in Miami fell 13% year over year in August to 3,493, and the median sales price dropped 1.7% year over year to $295,000, The Real Deal reported, citing RE/MAX.

The day ahead

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

In Asia, the Hang Seng dropped 1.07% to 26,468.95, and the Nikkei 225 rose 0.38% to 22,044.45.

In Europe, around midday, the FTSE 100 was up 0.59% to 7,357.54, and the Euronext 100 climbed 0.25% to 1,091.33.

On the macro front

The jobless claims report, the Philadelphia Fed business outlook survey, the current account report, existing home sales report, leading indicators report, the EIA natural gas report, the Fed balance sheet and the money supply report 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.

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