Commercial real estate
* HNA Group Co. Ltd. sold its office tower at 123 Mission St. in San Francisco to investment fund Northwood Investors for roughly $300 million, The Real Deal reported, citing an unnamed source familiar with the deal. The 28-story property in the city's SoMa neighborhood was HNA's first on the West Coast, having bought the building for $255 million in August 2016, according to the report.
In February, Northwood acquired a 22-story office building at 1180 Sixth Ave. in Manhattan, N.Y., for over $300 million from HNA and partner MHP Real Estate Services.
* Kennedy-Wilson Holdings Inc. sold a six-property multifamily portfolio across the western U.S. for $422 million. The garden-style apartment communities in the portfolio are across four states. Kennedy-Wilson, its funds and equity partners raised cash proceeds of $223 million, which includes roughly $104 million in net proceeds to Kennedy Wilson.
* A&E Real Estate is buying a six-building multifamily property portfolio in Queens, N.Y., for $118.5 million from Treetop Development LLC and the Weinroth family, The Real Deal reported, citing unnamed sources. The 428-apartment portfolio covers approximately 375,000 square feet, according to the report.
* RioCan Real Estate Investment Trust commenced a formal sales process for 10 shopping centers in London, southwestern Ontario, marking its exit from the Canadian town, CoStar Group reported, citing broker RBC Capital Markets. In 2017, the Canadian shopping center landlord said it plans to sell more than 100 properties worth more than C$2.0 billion in Canada's secondary markets and focus on its portfolio in the country's six core markets.
The London portfolio totals more than one million square feet of gross leasable area, and the centers are 97% occupied overall with a weighted average lease term of 4.1 years.
* Business Insider is pegging Washington, D.C., as the front-runner for winning Amazon.com Inc.'s search for the location of its second headquarters. Among a number of reasons, the news outlet noted that the region is near the Data Center Alley hub, and Amazon is planning a 600,000-square-foot data center campus and a new office in the area.
Citing Bloomberg, the report noted that the retail giant has also stepped up its lobbying efforts and spending in recent years, and having a headquarters in the nation's capital is bound to increase its influence.
Washington, D.C., Northern Virginia and Montgomery County are three locations among the 20 finalists, with the latter two being the only ones that are not major cities, the report pointed out, adding that Washington is the lone metro area with three separate locations shortlisted.
* Bascom Group LLC acquired the 275-unit Modera at Observatory Park Apartments in Denver for $92.5 million from developer Mill Creek Residential, the Denver Business Journal reported. The property at 1910 S. Josephine St. was completed in 2017, the report noted.
* An unnamed applicant is seeking to build a hotel, upscale apartments and an office building on a 27-acre property in Sanford, Fla., the Orlando Business Journal reported, citing RM Strategies President Randy Morris.
The project is estimated to cost between $75 million and $82 million and would comprise roughly 300 apartments, 200,000 square feet of professional or medical office space, and a 200-room hotel.
* Blue Roc Premier Properties LLC received $66 million in loans from Freddie Mac and Capital One Multifamily Finance to acquire six rental apartment properties in Florida, The Real Deal reported. The portfolio totals 1,010 units and has an average occupancy rate of 97%.
Blue Roc plans more than $10 million in renovations at the six properties, which are in Atlantic Beach, Brandon, DeLand, Jacksonville, Ormond Beach and Orange Park.
Housing
* Lennar Corp. is seeking a rezoning of 18.2 acres of farmland to build up to 149 homes in south Miami-Dade County, the South Florida Business Journal reported, citing a zoning application. The property at 12700 S.W. 228th St. is owned by D & B Inc. but is under contract to Lennar for an undisclosed price, the report noted, citing the application.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng lost 1.00% to 30,484.58, while the Nikkei 225 fell 0.55% to 22,358.43.
In Europe, around midday, the FTSE 100 dropped 1.36% to 7,625.13, and the Euronext 100 shed 1.16% to 1,054.14.
On the macro front
The S&P Corelogic Case-Shiller home price index, the consumer confidence report, the State Street Investor Confidence Index and the Dallas Fed manufacturing survey are due out today.
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