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Blackstone's Chicago tower gets $310M loan; Brookfield in talks for $600M deal

Commercial real estate

* Blackstone Group LP refinanced the 24-story River North Point office building at 350 North Orleans St. in Chicago with a $310 million loan from Goldman Sachs Group Inc., The Real Deal reported, citing property records. The refinancing pays off a $245 million Wells Fargo & Co. mortgage.

The 1.3 million-square-foot property, acquired for $378 million in 2015, is home to GGP Inc.'s headquarters and a 525-room Holiday Inn Hotel, the news outlet noted.

* Brookfield Property Partners LP is in discussions to acquire the Waterside Plaza mixed-use property in Manhattan, N.Y., for approximately $600 million, Bloomberg News reported, citing people familiar with the matter.

* The Wall Street Journal reported that Hobby Lobby Stores Inc., Burlington Stores Inc. and TJX Cos. Inc. are among the retailers that are expected to fill the spaces vacated by bankrupt Toys R Us Inc. Citing Kimco Realty Corp. CEO Conor Flynn, who was speaking at the Jefferies Global Consumer Conference in Nantucket, Mass., in June, the publication noted that traditional grocers and larger fitness companies are also among those that are eyeing the spaces.

* American Realty Advisors is looking to sell the 294-unit Residences at the Grove rental complex at 2845 Easton St. in Downers Grove, Ill., with the 16-acre property expected to sell for roughly $75 million, The Real Deal reported, citing Real Estate Alert. The suburban complex, which is 94% leased, comprises three seven-story buildings with 270 apartments and five three-story buildings with 24 townhomes.

* Atlantic Pacific Communities is proposing a $172.8 million residential and retail project on a 90,000-square-foot parking lot at 152 N.W. Eighth St. on county-owned land in Miami's Overtown neighborhood, the South Florida Business Journal reported. Miami-Dade County had issued a request for proposals for the property, called Block 45, and gave Atlantic Pacific's proposal the highest score, the publication added.

The project would feature two 29-story towers totaling 600 apartments, 23,000 square feet of retail space, 600 parking spaces and amenities. Citing the developer, the publication noted that 60% of the apartments would be either affordable or workforce housing, with the remainder carrying market-rate rents.

* The office markets of all three metro counties in the South Florida region reported negative net absorption in the second quarter following a number of consecutive quarters of growth, The Real Deal reported, citing JLL. The Broward, Miami-Dade and Palm Beach counties also logged increased vacancy rates for the period.

* Chicago's industrial market saw asking rents hit a record $5.58 per square foot in the second quarter as vacancy rates moved to 8.1% from 8%, The Real Deal reported, citing Newmark Knight Frank. The vacancy rate remained roughly even despite the addition of more than 2 million square feet of speculative space, the report noted.

Sales activity hit more $1.6 billion in the second quarter, reflecting a 28% year-over-year jump. The news outlet pointed out that 10.5 million square feet of industrial space is expected to enter the market by the end of 2018, which could push up vacancy rates.

The day ahead

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

In Asia, the Hang Seng increased 0.47% to 28,315.62, while the Nikkei 225 rose 1.12% to 21,788.14.

In Europe, around midday, the FTSE 100 was down 0.21% to 7,587.28, while the Euronext 100 was up 0.14% to 1,051.59.

On the macro front

The employment situation report, international trade report, EIA natural gas report, Treasury STRIPS report and Baker-Hughes Rig Count report are due out today.

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