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Summit unit buys oceanfront Fla. hotel; Trump Taj Mahal redo bill to cross $500M


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Summit unit buys oceanfront Fla. hotel; Trump Taj Mahal redo bill to cross $500M

Commercial real estate

* Summit Hotel Properties Inc. affiliate Summit Hospitality 134 LLC paid roughly $82.9 million for the oceanfront Courtyard Fort Lauderdale Beach hotel in Fort Lauderdale, Fla., the South Florida Business Journal reported. The 261-room hotel at 440 Seabreeze Blvd was sold by PHF Oceanfront, which is managed by FWF PHOV Equity.

The report noted that the property previously changed hands for $34.9 million in 2005.

* Developers have submitted their final plans for the planned overhaul of the Penn Station in Baltimore, and Amtrak is scheduled to choose a master developer for the 105-year-old train station in the summer, the Baltimore Business Journal reported. One of the shortlisted development teams is led by Brandywine Realty Trust, while another team includes Armada Hoffler Properties Inc. and Jones Lang LaSalle Inc.

* Reuters reported, citing a filing from BlackRock Inc., that the asset manager will pay a total of $1.25 billion over 20 years for its lease at 50 Hudson Yards in Manhattan, N.Y. The company signed on as anchor tenant at Related Cos. and Oxford Properties Group's 58-story tower in December 2016 for its new global headquarters. The project is slated for completion in 2022, and BlackRock's lease begins May 1, 2023.

* Starwood Property Trust Inc. unit LNR Partners and C-III Asset Management sold the 723,300-square-foot The Mall at the Source and the adjoining Fortunoff Building in Long Island, N.Y., to an unnamed private foreign buyer, for $92 million, Commercial Property Executive reported.

* Plans by New York City's Economic Development Corp. to redevelop a city-owned site along the Harlem River in the Bronx, N.Y., into an affordable housing complex rezoning approval from a local community board, Crain's New York Business reported. The Lower Concourse North project could deliver more than 1,000 affordable housing units.

* Transwestern Investment Group's Transwestern Corporate Properties I Investor is buying the 13-story Park Center I building in Atlanta in a sale-and-leaseback deal with State Farm Insurance, the company said in a release. The property spans 602,000 square feet, according to The Dallas Morning News, which also reported on the news.

Transwestern and a partner bought State Farm's regional hub in Richardson, Texas, in an $825 million deal in late 2016.

* Co-working space provider WeWork is mulling an 80,000-square-foot lease at the 24-story 1111 Broadway office tower in Oakland, Calif., which would be its first location in the city, the San Francisco Business Times reported, citing sources with knowledge of the deal. The property is owned by the University of California.

* The Alexander Co. has bought the former Proximity Printworks Mill in Greensboro, N.C., and is planning a $58 million, multi-use project with 217 apartments across five buildings, an 80,000-square-foot storage business, as well as restaurant and retail space, the Triad Business Journal reported.

After the bell

* Plymouth Industrial REIT Inc. launched an IPO of 3,750,000 common shares with a targeted price range of $19.00 to $21.00 per share.

* Ventas Inc. priced a C$275 million private offering of 2.55% series D senior notes due March 15, 2023.


* Citing data from luxury brokerage Olshan Realty Inc., Bloomberg News reported that year-to-date high-end home sales in Manhattan had the lowest median asking price in at least five years. The brokerage measures contracts for $4 million or more. Luxury homes sold so far in 2017 had stayed on the market for an average of 389 days, also marking a five-year record, the news outlet said, citing the brokerage.

* On a related note, the average accepted per-unit price of new condominiums in Manhattan was down 18% year over year in the first four months of 2017, according to The Real Deal's analysis of offering plans accepted by the New York State Attorney General's office. The report noted that the average price has been on the decline for the past two years, from just under $5 million in 2015 to $3.1 million in the first four months of 2017.


* The planned conversion of the former Trump Taj Mahal Casino Resort in Atlantic City, N.J., into Hard Rock Casino Hotel Atlantic City could end up costing more than $500 million, Press of Atlantic City reported, citing Hard Rock International chairman Jim Allen. The company, which bought the shuttered asset in March, had previously pegged the renovation bill at $375 million.

The day ahead

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

In Asia, the Hang Seng inched up 0.03% to 25,639.27, while the Nikkei 225 fell 0.64% to 19,686.84.

In Europe, around midday, the FTSE 100 was up 0.17% at 7,530.74, while the Euronext 100 was down 0.56% at 1,022.37.

On the macro front

The durable goods orders, the GDP report, the corporate profits report, the consumer sentiment report and the Baker-Hughes Rig Count are due out today.

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