Commercial real estate
* Blackstone Group LP and Fairstead Capital are seeking to off-load eight rental properties on Manhattan, N.Y.'s Upper East Side that are part of the Caiola portfolio that the duo acquired for $690 million in 2015, The Real Deal reported, citing an offering memorandum. The average asking price of six of the buildings is $803 per square foot, indicating a potential overall asking price of about $175 million for the eight properties, the report said.
The partners have sold two of the buildings from the 24-strong Caiola portfolio in separate deals and have rebranded the remaining 22 assets as luxury properties, the report noted.
* A partnership between Artemis Real Estate Partners, Ackerman & Co. and MLL Capital bought a four-building medical office portfolio in San Antonio, Texas, from an undisclosed seller, according to a release. The portfolio spans 423,411 square feet. Financial terms of the deal were not disclosed.
Two of the buildings are in the CHRISTUS Children's Hospital of San Antonio campus, which recently underwent a $135 million renovation and expansion. The other two buildings are situated on the campus of CHRISTUS Santa Rosa Hospital - Medical Center. The buyers plan to invest $27 million to renovate and lease the portfolio.
* The three-building, 500,000-square-foot office complex of Raytheon Corp. in Richardson, Texas, was sold to the Mormon Church by developer KDC, according to The Dallas Morning News. The campus was completed in early 2016 for almost $100 million. The sale price was not disclosed.
KDC is developing the $1.5 billion, 186-acre CityLine mixed-use project that houses the Raytheon campus. Raytheon occupies the four-story buildings on a lease running through 2026. Citing Collin County deed records, the publication noted that KDC paid off a $76.6 million construction loan on the campus at the time of sale.
* GPI Cos. plans to develop a 28-story tower to replace the Amoeba Music store in Hollywood, Calif., Urbanize LA reported, citing an initial study published by the Los Angeles Department of City Planning. The project at 6400 Sunset Blvd. will comprise 232 apartments, with 10 marked for very low-income households, along with 7,000 square feet of ground-floor commercial space.
Construction is expected to commence in mid-2019, subject to approval from the city, and completion is expected in 2021.
* The Dallas-Fort Worth area saw the biggest slowdown in commercial real estate construction starts in the first six months of 2017 among a list of major U.S. cities, The Dallas Morning News reported, citing Dodge Data & Analytics. During the period, $3.2 billion worth of commercial projects were started, compared to $10.5 billion in New York and $4.4 billion in Los Angeles, the top two U.S. markets.
The report noted that the Dallas-Fort Worth area had nearly $21 billion in commercial and multifamily building starts in 2016, second only to New York.
* Jackson Square Properties snapped up the 328-unit Gateway Park Apartments complex in Denver, Colo., for $75 million from a partnership between Griffis Residential and PCCP LLC, the Denver Business Journal reported. The nearly 21-acre property at 4255 Kittredge St. comprises 22 buildings, and was 98% leased when sold.
After the bell
* Marriott International Inc. reported second-quarter net income of $414.0 million, or earnings per share of $1.08, and net income as adjusted of $432.0 million, or $1.13 per share.
* DDR Corp. priced an underwritten public offering of $350 million worth of 3.900% senior unsecured notes due 2024.
* Kimco Realty Corp. priced a cash tender offer for $300 million of the principal outstanding amount of its 4.30% series E medium-term notes due 2018.
* Lennar Corp. subsidiary Lennar Homes is looking to buy the former California Club golf course in northern Miami-Dade County, Fla., to build 690 homes on the 181.4-acre site, the South Florida Business Journal reported. The site is owned by Mazel Group LLC.
The housing plans comprise 296 villas, 348 townhouses and 46 single-family homes.
* Maryland's six casinos logged more than $138.7 million in July revenue, marking a year-over-year increase of about 33.6%, the Baltimore Business Journal reported, citing figures from Maryland Lottery and Gaming. Excluding the more than $50.7 million revenue posted by MGM Resorts International's MGM National Harbor casino, revenue at the remaining five casinos declined 15.3% year over year.
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng climbed 0.59% to 27,854.91, while the Nikkei 225 fell 0.30% to 19,996.01.
In Europe, around midday, the FTSE 100 gained 0.01% to 7,532.67, and the Euronext 100 rose 0.02% to 1,013.21.
On the macro front
The NFIB Small Business Optimism Index, the Redbook and the JOLTS report are due out today.
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