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Amazon-leased asset sold in Seattle; Brookfield JV plans 2 towers in $1B project

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Amazon-leased asset sold in Seattle; Brookfield JV plans 2 towers in $1B project

Commercial real estate

* An affiliate of Chicago-based LaSalle Investment Management Inc. acquired an Amazon.com Inc.-leased building in South Lake Union, Seattle, for $129.5 million, or a record $996 per square foot, the Puget Sound Business Journal reported, citing a sales affidavit from King County.

Germany-based GLL Real Estate Partners GmbH sold the Roxanne office building at a price 33% greater than the $749 per square foot that it paid in 2013. On a per-square-foot basis, the consideration surpasses the last $925 record set in January 2017 for Seattle's Urban Union tower, also leased by Amazon.

* Brookfield Property Partners LP and Park Tower Group Ltd. plan to develop two more rental towers at the Greenpoint Landing project in Brooklyn, N.Y., at a cost of roughly $1 billion, The Real Deal reported. Construction on the towers, which will total 1,240 units with one-third earmarked for affordable housing, is expected to commence in 2019.

The partners previously developed two towers on the site where leasing is expected to start by the end of the summer. The 22-acre Greenpoint Landing site along the East River is slated to include up to 5,500 units, with 1,400 set aside as affordable.

* TH Real Estate, an affiliate of asset manager TIAA, is looking to sell its 49% stake in the 8 Spruce St. luxury rental tower in Lower Manhattan, N.Y., and has enlisted CBRE to seek buyers, The Real Deal reported, citing confirmation from brokerage sources. Forest City Realty Trust Inc.'s Forest City New York owns a 26% stake in the building, and the National Electrical Benefit Fund owns the remaining 25%.

TH Real Estate paid $250 million to Forest City in 2012 to buy into the 898-unit tower in a deal that valued the asset at more than $1 billion. Citing Real Estate Alert, the report noted that the building is now valued at $900 million. A Forest City spokesman told The Real Deal that the REIT does not intend to change its ownership status.

* Howard Hughes Corp. plans to develop a new multifamily project at its Hughes Landing project in The Woodlands, Texas, close to the eight-story, 390-unit One Lakes Edge complex, the Houston Business Journal reported, citing company spokeswoman Lorrie Parise. Plans for the new project are in preliminary stages. The project's name and groundbreaking date have not been finalized, according to Parise.

* Canadian developer Onni Group is planning two buildings on the site of the former headquarters of The Seattle Times in Seattle and has received design support from a city board, the Puget Sound Business Journal reported, citing a city Department of Construction and Inspections spokesperson and plans submitted to the city.

The developer had initially planned two residential towers before considering a switch to office space. The plans now call for more than 1 million square feet of space, with 940,160 square feet of office and 54,000 square feet of retail space as well as 1,200 underground parking stalls. Onni acquired the two blocks five years ago for $62.5 million.

Onni is also developing two 41-story towers and a 12-story building to the south of the site, the report noted.

* Zeller Realty Group Inc. received a $215 million loan from Morgan Stanley for its jointly owned 311 S. Wacker Drive tower in Chicago and terminated its mortgages with Bank of China and Canadian Imperial Bank of Commerce, The Real Deal reported, citing Cook County records. Zeller acquired the 1.3 million-square-foot, 65-story office building in 2014 for $302 million in partnership with China's Cindat Capital Management.

* Jamison Services plans to convert a 17-story office building at 3255 W. Wilshire Blvd. in Los Angeles' Koreatown into a 240-unit rental project with ground-floor retail space, The Real Deal reported, citing a permit. The 200,000-square-foot Wilshire Center property, which was constructed in 1977, marks at least the third office-to-residential conversion project for the developer in the past few years, the report noted.

* The Fuller Theological Seminary is placing its 13-acre campus in Pasadena, Calif., on the market ahead of its relocation to Pomona, Calif., The Real Deal reported, citing a release from listing brokerage CBRE. The campus contains 248 apartments, a new library, an auditorium, office space and educational facilities, among other things.

The asset is being offered as a portfolio deal for a single buyer or smaller sales to different buyers, the report noted, citing the Los Angeles Times. The property is expected to hit the market in 30 days without an asking price, according to the report.

Housing

* Home sales in the tri-county South Florida region increased 7.85% year over year in April to more than 8,700, The Real Deal reported, citing Florida Realtors.

Miami-Dade saw the largest year-over-year increase in residential sales at 12.9%. Home sales in Miami-Dade were up 2.1% year over year, while condominium sales increased 24.6%, the report noted, citing the Miami Association of Realtors.

The day ahead

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

In Asia, the Hang Seng declined 0.56% to 30,588.04, while the Nikkei 225 increased 0.6% to 22,450.79.

In Europe, around midday, the FTSE 100 was up 0.24% at 7,736.44, and the Euronext 100 was up 0.46% at 1,077.21.

On the macro front

The durable goods orders report, two-year FRN note settlement report and the Baker-Hughes Rig Count report are due out today.

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Conference Chatter: Horde of digitally native retailers want to open stores, venture capitalist says: Mounting bankruptcies and store closures among legacy brick-and-mortar retailers have obscured the growing demand for retail space among e-commerce startups, a venture capitalist said at RECon this week in Las Vegas.

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