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Chinese investor buys property stake in $1B deal; loan secured for NYC project

Commercial real estate

* Chinese sovereign wealth fund China Investment Corp. acquired a 45% stake in the former McGraw-Hill Building at 1221 Sixth Ave. in Manhattan, in a deal worth $1.03 billion, The Real Deal reported, citing sources familiar with the transaction. The stake in the building was bought from Canada Pension Plan through Invesco, the report noted.

Rockefeller Group will retain its 55% interest in the asset and continue to manage it.

* An affiliate of Grover Corlew, G&C OC Investors LLC, purchased the 21-building Orlando Central Office Park in Orlando, Fla., for an undisclosed amount. The 637,380-square-foot business park is 82% leased, with suites available ranging from 800 square feet to more than 20,000 square feet.

* Vulcan Real Estate paid $93 million for New York Public Library's approximately 100,000-square-foot commercial condominium at the Midtown branch at 188 Madison Ave., in Manhattan, The Real Deal reported, citing property records.

* Japan-based Resorttrust subsidiary Resorttrust Hawaii LLC is seeking approval to renovate the Kahala Hotel & Resort in Honolulu, the Pacific Business News reported, citing a spokeswoman for the hotel. The hotel in east Oahu was bought from Kahala Hotel Investor LLC, a unit of Honolulu-based Trinity Investments LLC, for $282.5 million in 2014.

The 338-room hotel underwent a $52 million renovation more than five years ago, the report noted. Resorttrust Hawaii has now filed a $570,000 building permit with the City and County of Honolulu's Department of Planning and Permitting to renovate the hotel's lobby and retail areas, according to the report.

* Bank of the Ozarks loaned Lightstone Group $53 million for the construction of a 37-story Moxy hotel at 105-109 West 28th St. in Manhattan, The Real Deal reported. The building, which is slated to open in 2017, will offer 349 rooms, a rooftop restaurant and other facilities. The bank is also taking over a current $17 million mortgage on the project from Banco Inbursa.

Meanwhile, Lightstone is developing three other hotels for Marriott's Moxy in New York City.

* Greystar Real Estate Partners will break ground in January 2017 on a 16-story apartment complex in Denver's Golden Triangle area, the Denver Business Journal reported. The 302-unit building's construction is expected to wrap up in the second quarter of 2019, the report noted, citing Greystar Managing Director of Development Trent Connor.

The cost for the project was not disclosed, but a New York Life Real Estate Investors release noted that a $119 million construction-to-permanent loan was issued for the project, with a 10-year term.

After the bell

* Independent proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. recommended that New York REIT stockholders vote in favor of the company's proposed liquidation and dissolution plan, according to the company.

* Healthcare Trust Inc.'s board appointed Lee Elman as an independent director.

* Pure Multi-Family REIT LP agreed to purchase a multifamily apartment community consisting of 288 residential units in Dallas, TX, for US$40.0 million, representing a going-in capitalization rate of 5.3%.

The day ahead

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

In Asia, the Hang Seng rose 0.17% to 21,790.91, while the Nikkei 225 was down 1.32% to 19,145.14.

In Europe as of midday, the FTSE 100 was down 0.09% to 7,099.65, and the Euronext 100 had fallen 0.11% to 931.49.

On the macro front

The international trade in goods report, the jobless claims report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.

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Data Dispatch: December state of the housing market: Recent data showed overall favorable conditions in the U.S. housing market, with home prices, new home and existing home sales rising annually and monthly, while completed foreclosures decreased.

Data Dispatch: Trump win a snag in Mexican REITs' growth story: U.S. and European investors in recent quarters have warmed to the FIBRAs, but their share prices fell sharply after the U.S. election as talk of a potential trade war with Mexico circulated.

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.