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Coretrust buying office complex for $260M; Manhattan, NY, resi rents down YOY

Editor's note: The publication of this feature was delayed due to technical issues.

Commercial real estate

* Coretrust Capital Partners LLC is set to acquire the Corporate Center Pasadena office complex in Pasadena, Calif., for roughly $260 million from UBS Realty, The Real Deal reported, citing Real Estate Alert.

The four-building, six-acre 251 South Lake Ave. property that spans a full city block was listed in August 2017. The 640,000-square-foot asset is 22% vacant and was owned by UBS for 30 years.

* Citing a report by Miller Samuel Inc. and brokerage Douglas Elliman Real Estate, Bloomberg News reported that apartment rents in Manhattan, N.Y., declined year over year for the third consecutive month in February. The median rent in February was down 2.8% year over year to $3,168.

The news outlet noted that landlords have increasingly been offering incentives to lure renters as the market is seeing a large influx of supply. In 2017, 4,270 units entered the market, and roughly 5,630 new apartments are slated to arrive in 2018, the report noted, citing Citi Habitats data.

* Thor Equities and Premier Equities have filed new scaled-down plans for a residential building at 1299 Third Ave. on Manhattan's Upper East Side, The Real Deal reported. Previous plans called for a 31-story condominium tower with retail at the base.

The new plans indicate a six-story building with three residential units, the report noted, citing plans filed with the Department of Buildings.

* The planned Oasis Hallandale project in Hallandale Beach, Fla., is being redesigned to reduce its density, the South Florida Business Journal reported. The project has a valuation of $370 million, the report noted, citing an application.

The 10.1-acre site at 1000-1100 E. Hallandale Beach Blvd. is owned by Romagnole Investment Properties. The project would comprise 500 multifamily units in two 25-story towers along with 59,219 square feet of retail and restaurant space, 34,691 square feet of office space and 1,486 parking spaces.

The previous plans, approved in 2016, also had a 200-room hotel. The new plans also cut down the towers' height by one story and reduced the office space while boosting the restaurant and retail space.

* Renard Development Co. plans to select a commercial real estate brokerage to market the 78-acre site in Prince George's County, Md., that was a short-listed contender for a new FBI headquarters, the Washington Business Journal reported. The General Services Administration opted to redevelop the FBI's existing headquarters instead.

The site was also pitched for Amazon's second headquarters, but the region did not make Amazon's short list. It would be marketed to tenants large enough to anchor the development, according to the report.

* Asia Gateway Holdings LLC, which is acquiring a development site that is part of the Vietnam Town project in San Jose, Calif., for $95.3 million, revealed plans for a Pan-Asian-themed complex, the Silicon Valley Business Journal reported.

The overall development at 909-999 Story Rd. has nine buildings planned with 256 commercial condo units.

* A CBRE survey of real estate investors ranked Los Angeles as the most attractive market in terms of commercial real estate for the third year in a row, LA Biz reported. Dallas was the runner up with New York and Seattle tied at third place. San Francisco and Houston were tied for fifth place.

The day ahead

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

In Asia, the Hang Seng fell 0.53% to 31,435.01 and the Nikkei 225 dropped 0.87% to 21,777.29.

In Europe around midday, the FTSE 100 had risen 0.26% to 7,157.38 and the Euronext 100 was up 0.24% at 1,026.40.

On the macro front

The Atlanta Fed Business Inflation Expectations and EIA Petroleum Status Report are due out today.

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