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Nuveen pays $103.5M for Fla. property; office leases rise in Lower Manhattan, NY


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Nuveen pays $103.5M for Fla. property; office leases rise in Lower Manhattan, NY

Commercial real estate

* Alliance Residential affiliate Broadstone City Center LLC sold the 315-unit Broadstone City Center apartment complex in downtown West Palm Beach, Fla., to Nuveen Real Estate's Trea Sole at City Center for approximately $103.5 million, the South Florida Business Journal reported.

The multifamily property totals 334,422 square feet across 2.6 acres and was built in 2018.

* Lower Manhattan, N.Y., saw 7.3 million square feet of office leasing in 2019, marking the highest level of new office leases since the late 1990s, The Wall Street Journal reported, citing Richard Persichetti, vice president of Cushman & Wakefield's Tri-state region research. The publication noted that the bulk of office take-up in the area was from technology, advertising, media and information companies.

* Emerald Equity is struggling to pay the debt on the Dawnay Day portfolio of rent-stabilized properties in New York City, The Real Deal reported, citing multiple sources with direct knowledge of the matter. Emerald had paid $357.5 million for the 1,181-unit portfolio in 2016 with plans to renovate and convert the units to market rate. It is one of the biggest rent-stabilized portfolios in the city.

Now, Emerald may not be able to sell the portfolio as values of rent-regulated properties dived after the introduction of tenant-friendly regulation in June 2019, the report noted. The regulation also hampers landlords' ability to raise rents or convert units to market rate. About 251 units had been converted to market rate by the end of 2017, the report added, citing tax bills and public data.

* Doradus Partners received a $140 million loan to fund the construction of four hotels at the Flamingo Crossings Town Center development near the western entrance to Walt Disney World in Orlando, Fla., Connect Florida reported. The 223-room Residence Inn by Marriott, the 272-room Fairfield Inn & Suites by Marriott, the 272-room Home2 Suites by Hilton and the 229-room Homewood Suites by Hilton are all slated for completion in the fall, according to the report.

* Clarion Partners LLC bought the Stockyards Atlanta office project in Atlanta's West Midtown for $69.7 million, the Atlanta Business Chronicle reported. The adaptive reuse property, which was converted from a meatpacking plant, was sold by a joint venture between Federal Capital Partners and Westbridge Partners. The property spans 142,478 square feet and is fully occupied, according to the report.

* Magellan Group plans to build a new 109,000-square-foot self-storage facility on a South Los Angeles site that houses a 21,000-square-foot light manufacturing complex, The Real Deal reported, citing records filed with the Los Angeles City Planning Department. The project site is included in an Opportunity Zone, the report noted.

Other real estate news

* Singapore state investor Temasek Holdings and China-based private equity firm TrustBridge have held talks to boost their stakes in WeWork China to gain a combined majority ownership, Reuters reported, citing three people familiar with the matter. The deal values WeWork China at roughly $1 billion, two of the people told Reuters.

WeWork Cos. Inc. has a 59% stake in WeWork China, and Temasek and TrustBridge presented the plan to WeWork's majority shareholder SoftBank Group Corp. in late 2019, one of the people told Reuters. A potential deal may ease the financial burden on WeWork, although the talks are at an early stage and no deal is certain, the news outlet noted, citing the sources.

The day ahead

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

In Asia, the Hang Seng rose 0.60% to 29,056.42, and the Nikkei 225 rose 0.45% to 24,041.26.

In Europe, around midday, the FTSE 100 was up 0.92% to 7,679.82, and the Euronext 100 was up 0.76% to 1,168.04.

On the macro front

The housing starts report, the industrial production report, the consumer sentiment report, the JOLTS report and the Baker-Hughes Rig Count 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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