Commercial real estate
* LexingtonRealty Trust sold its three remaining land parcels underneath threehotels in New York City for a gross sale price of approximately $338.2 million,according to a news release. The price reflects a GAAP capitalization rateof 13.6% and a cash capitalization rate of 4.6%.
The company did not name the buyer. However, unnamed sourceshad told The Real Deal that the landparcels could be soldto BH Properties.
* AmericanHotel Income Properties REIT LP said it will acquire a portfolio of fourMarriott-branded, select-service hotels in Jacksonville and Lake City, Fla.,and Chattanooga, Tenn., for $47 million. The aggregate purchase price excludesclosing and post-acquisition adjustments.
* TishmanSpeyer submitted plans to build an office skyscraper, dubbed theSpiral, at 66 Hudson Blvd. in the Hudson Yards area of Manhattan, N.Y., The Real Deal reported,citing plans filed with the city's Department of Buildings.
The Spiral will stand 1,005-foot tall. The ground floor willoffer retail space and second through 62nd floors will be reserved for officespace.
* The median monthly rent in Manhattan grew 2.9% in Augustto $3,320 year over year, compared with a 5.8% increase at this time last year,accordingto StreetEasy. In Brooklyn, the median rent climbed 1.9% to$2,932, the slowest annual growth since December 2010, and less than half theyear-over-year growth recorded in August 2015.
Meanwhile, Manhattan's median rent is expected to increase4.3% to $3,461 over the next 12 months, and the median rent in Brooklyn isprojected to climb 2.9% to $3,016.
* Wells Fargo sold the Sunnyvale Town Center property inSunnyvale, Calif., for $100 million, the SiliconValley Business Journal reported.Wells Fargo assumed control of the property in 2009.
A joint venture of Hunter Storm, Sares Regis Group ofNorthern California and others bought the property. The transaction involvesalmost the entire half-finished 36-acre Town Center property, according tocounty records. The first phase of construction at the propertywill take two years to complete.
After the bell
* Silver BayRealty Trust Corp.'s CFO left the company in a realignment that shifted financefunctions to the chief accounting officer and executive vice president offinance. CFO Christine Battist departed, effective immediately, ina move that was not the result of any dispute or disagreement with Silver Bay,the company said in a news release.
* A secondaryoffering of 13.0 million paired shares of and ESHHospitality Inc. by certain affiliates of Blackstone Group LP, Centerbridge Partners LP and Paulson & Co. Inc.priced at $14.25 apiece.
* IndependenceRealty Trust Inc. priced its public offering of 25.0 million common sharesat $9.00 apiece for $225.0 million in gross proceeds. The offering, set toclose Oct. 5, also carries a 30-day option for the underwriters to buy up to3,750,000 additional shares. The company plans to use the net proceeds to fullypay $43.0 million for its management internalization, among other things.
* The San DiegoUnion-Tribune reported,citing the California Association of Realtors, that the state's median price isexpected to rise 6.2% year over year at the end of 2016 and 4.3% in 2017,leading home buyers toward the more inexpensive inland stretches of the state.The association's president, Pat Zicarelli, noted that California will registera six-year housing affordability low in 2017.
* Minority borrowers grabbed a slightly larger slice of themortgage market in 2015 year over year, with African Americans accounting for5.2% of home-purchase mortgages, The WallStreet Journal reported,citing the Federal Financial Institutions Examination Council. The figure is upfrom 4.9% in 2014.
Hispanic borrowers accounted for 7.9% of such mortgages, upfrom 7.5%.
* The Minneapolis StarTribune reportedon a planned casino resort complex in Otter Tail County, Minn. The proposed270-acre complex will be built on the shore of Star Lake and will also includea hotel and 850 slot machines, among other things.
The project, which is expected to open in early 2018, isfacing opposition from Star Lake Concerned Citizens.
The day ahead
Early morning futures indicators pointed to a mixed openingfor the U.S. market.
In Asia, the Hang Seng dropped 1.86% 23,297.15, and theNikkei 225 declined 1.46% to 16,449.84.
In Europe as of midday, the FTSE 100 had fallen 1.03% to6,848.45, and the Euronext 100 had fallen 1.28% to 868.73.
On the macro front
The personal income and outlays report, the Chicago PMIreport, the consumer sentiment report and the Baker-Hughes Rig Count report aredue out today.
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