Commercial real estate
*Clarion Partners acquired the 17-story One Victory Park office building inDallas from a Hines-led group, The DallasMorning News reported,citing county deed records. The 436,253-square-foot tower is 95% leased totenants such as Ernst & Young, Haynes and Boone, PlainsCapital Bank andHFF, the report said.
Termsof the sale were not disclosed, but the asset was expected to sell for morethan $400 per square foot, according to the report.
*Retail chain Under Armour snapped up a waterfront site at Port Covington inBaltimore for $70.3 million, TheBaltimore Sun reported.The retailer plans to build its new headquarters on the roughly 50-acre site,the report said.
Theseller is Under Armour CEO Kevin Plank's private real estate firm SagamoreDevelopment, which is working on a $5.5 billion plan for Port Covington, thereport noted.
In aseparate report,the newspaper said Sagamore is facing pressure to double its allocation oflow-income housing in the project to at least 20%.
* New York Post featured a reporton the complexities of the nearly $550 million sale of the landmark in Manhattan, N.Y.,which is 75% owned by India's SaharaGroup. Other shareholders include Saudi prince Al-Waleed Bin Talal,who runs Kingdom Holding Co., which is buying the asset along with the QatariInvestment Authority.
*AllianceBernstein paid $100.4 million for a 99-year ground lease for the GeorgeWashington Hotel at 23 Lexington Ave. in Manhattan's Gramercy Park district, The Real Deal reported,citing property records.
Thebuilding's owner, BLDG Management, plans to restore the 148,767-square-footproperty into a 417-room hotel with retail space and other amenities, thereport said, citing permits filed with the Department of Buildings in April.The building was most recently used as a student dormitory, the news outlet noted.
*Developer Post Bros. refinanced its Presidential City apartment complex at 3900City Ave. in Philadelphia with a $183 million loan from Starwood Capital Group,The Philadelphia Inquirer reported,citing a CBRE release. The developer has completed redevelopment work at two ofthe 1,018-unit complex's four towers, according to the report.
*The self-storage industry is expected to see more investment as vacancy ratescontinued to decline in the first quarter alongside healthy rental growth.Citing Reis data, National Real EstateInvestor reportedthat non-climate-controlled self-storage properties saw first-quarter rentalgrowth of 3.9%, surpassing all property types except apartments.
After the bell
*Presidential Realty Corp.and First Capital RE Trust Inc.executed a letter of intent under which the former is proposing to substantially all of theassets of First Capital in exchange for Presidential Realty's newly issuedshares.
*AvalonBay Communities Inc.named Richard Lieb toits board, effective Sept. 13. He serves as senior adviser of investment bankGreenhill & Co. LLC. He was appointedto CBL & Associates PropertiesInc.'s board in February.
In areport titled It's Not a Housing Bubble, It's Just Expensive, Bloomberg News notedthat the structural issues that led to the housing collapse are not present inthe current market.
Accordingto an index compiled by Realtor.com chief economist Jonathan Smoke, six metroareas currently show signs of a potential bubble, whereas in 2005, there were29 cities that met or exceeded those conditions. And the areasthat are showing signs of bubble conditions, such as the San Francisco BayArea, are places where the population is growing at a faster rate thanavailable housing supply.
*Sales of existing single-family homes in California jumped 10% month over monthin June, representing the highest increase since January 2011, accordingto the California Association of Realtors.
*Atlantic City casinos are more at-risk in the near term from pending gamingregulations than casinos in other areas, Fitch Ratings said.Casino expansion in Atlantic City would "cannibalize" the city'scurrent casinos, potentially resulting in more , the ratings agency said.
The day ahead
Early morning futures indicators pointed to a lower openingfor the U.S. market.
In Asia, the Hang Seng dropped 0.60% to 21,673.20, while theNikkei 225 was up 1.37% to 16,723.31. In Europe, as of midday, the FTSE 100 wasdown 0.42% to 6,667.33, and the Euronext 100 dropped 0.84% to 856.49.
On the macro front
The housing starts report and Redbook are due out today.
The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.