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GSA to buy JBG building for $760M; Charlotte, NC, business park sells for $270M

Commercial real estate

* The General Services Administration plans to exercise an option to acquire the headquarters of the U.S. Department of Transportation at 1200 New Jersey Ave. SE in Washington, D.C.'s Capitol Riverfront for $760 million, the Washington Business Journal reported. The General Services Administration has signed the paperwork to acquire the 1.47 million-square-foot property from JBG Federal Center LLC, a subsidiary of JBG Smith Properties.

The agency set aside $767.9 million in its fiscal 2019 budget to buy the building, according to a February 2018 report. The deal is expected to close in March 2020. The lease at the property was slated to end Oct. 19, 2021.

* Partners Group and Accesso Partners jointly acquired the 1.8 million-square-foot Innovation Park in the University area of Charlotte, N.C., for $270 million, the Charlotte Business Journal reported, citing Brian Rosen, chief investment officer at Accesso Partners. Tenants at the 99%-leased park, originally built in the early 1980s, include Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo.

The new owners plan to develop new uses including a plaza, multifamily buildings, a boutique hotel and ground-level retail space along with new office space, the report noted, citing Rosen. The park comprises 12 buildings.

The seller was BECO Management affiliate BECO South. BECO Management had paid $42 million for the foreclosed property during the recession.

* Homebuilder Lennar Corp.'s multifamily division LMC is proposing a 241-unit apartment complex on a 2.5-acre site at 1936 Lyndale Ave. in Minneapolis, the Minneapolis / St. Paul Business Journal reported. The Vision Loss Resources center had placed its small building and parking lot at the site on the market earlier in 2019, asking developers to propose plans.

Lennar's plan also calls for 10,000 square feet of ground-floor retail space and 287 enclosed parking stalls.

* Spirit Airlines Inc. struck a deal with property owner and principal developer Kimco Realty Corp. to secure land for its $250 million global headquarters at the Dania Pointe project in Dania Beach, Fla. The airline company submitted site plans to the city of Dania Beach to develop a campus of up to 500,000 square feet at the Dania Pointe project.

* Comstock Holding Cos. Inc. said Rolls-Royce North America plans to move its headquarters to the company's Reston Station project in Reston, Va., in early 2020, relocating from Reston Town Center. The tenant will occupy the 16-story building at 1900 Reston Metro Plaza, the first of three planned office towers at the mixed-use project.

* Bank OZK's total construction loan portfolio increased to $6.68 billion at the end of the third quarter, compared to $6.49 billion in the year-ago period, The Real Deal reported. The bank's real estate lending arm RESG originated $2 billion worth of loans in the third quarter, marking the highest quarterly volume since 2017, the report noted.

* Swift Real Estate Partners has raised more than $450 million of its $500 million third value-add U.S. real estate fund in less than nine months, IPE Real Assets reported, citing unnamed sources. More than 95% of the capital commitments for Swift Real Estate Partners Fund III came from limited partners in its predecessor funds.

The day ahead

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

In Asia, the Hang Seng was up 0.08% to 26,740.24, while the Nikkei 225 inched up 0.25% to 22,548.90.

In Europe, around midday, the FTSE 100 was up 0.12% to 7,159.47, while the Euronext 100 was up 0.14% to 1,090.88.

On the macro front

No notable reports 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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