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JBG buys $159M apartment property; Amazon-let Seattle building sells for $206M

Commercial real estate

* JBG Smith Properties acquired the F1rst Residences apartment building near Nationals Park in Washington, D.C., for $158.7 million from a joint venture between Grosvenor Americas and McCaffery Interests, the Washington Business Journal reported, citing the D.C. Recorder of Deeds.

The acquisition of the 325-unit building is part of a like-kind exchange for the development site JBG plans to sell to Inc. for the latter's second headquarters project in Arlington County, Va.

* J.P. Morgan Investment Management Inc. paid Heitman America nearly $206.3 million for the Amazon-leased building in downtown Seattle, the Puget Sound Business Journal reported, citing a sales affidavit. The 312,700-square-foot property previously changed hands for $76.5 million in 2011 and for $150.4 million in 2013, according to the report.

* Vornado Realty Trust sold two vacant buildings on Manhattan, N.Y.'s Upper East Side to Naftali Group for $71 million, The Real Deal reported, citing city property records. Vornado had paid $60 million for the adjacent retail and apartment buildings in late 2015.

* Camden Property Trust could place an undeveloped site in Atlanta's Buckhead Village up for sale, according to the Atlanta Business Chronicle. A Camden affiliate owns the 4.6-acre site where the company has been redeveloping the former Paces apartment complex into a mixed-use project, delivering 379 apartments along with townhouses and shops, and is set to deliver another 365 apartments in a $100 million third phase.

The remaining site is expected to be placed on the market by the end of 2019, according to the report.

* Corporate Office Properties Trust said it completed the sale of 90% of its interest in two single-tenant data center shell properties to Blackstone Real Estate Income Trust Inc. for an aggregate implied property value of about $80 million. Corporate Office Properties received $77 million in proceeds which it intends to deploy into its active development pipeline.

* JPMorgan Chase provided a $388 million loan to refinance the Centre Square office building in Philadelphia's Center City, the Philadelphia Business Journal reported. The 1.8 million-square-foot property at 1500 Market St. is jointly owned by Nightingale Properties and Wafra Capital Partners.

* SR Residential Partners is planning a $350 million project in Spring Hill in Greater Nashville, Tenn., including nearly 300 apartments, two hotels, office space and restaurants, the Nashville Business Journal reported. SR Residential recently acquired a 103-acre property in the area for $12 million, and the planned Kedron Square mixed-use development is expected to be completed in seven years.

* Office sales in San Francisco have reached a volume of more than $7 billion so far in 2019, marking the highest level in this decade, the San Francisco Business Times reported, citing CBRE. The office sales volumes in 2018 and 2017 were $2.53 billion and $3.84 billion, respectively.

The day ahead

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

In Asia, the Hang Seng fell 0.65% to 27,508.09, and the Nikkei 225 dropped 0.29% to 23,952.35.

In Europe, around midday, the FTSE 100 was up 2.19% to 7,514.52, and the Euronext 100 rose 1.00% to 1,143.74.

On the macro front

The Empire State manufacturing survey, the housing market index and the Treasury international capital 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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