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Real Estate News & Analysis: May Edition


MGM's $1.4B Md. casino set for December opening; Red Rock unit completes Las Vegas casino acquisition

Commercial real estate

* Plans for a 35-story office tower on a former sitein downtown Brooklyn, N.Y., have been put off, The Real Deal reported,citing unnamed sources. Developer Rabsky Group the 625 Fulton St. site for$158 million in January.

* John Kilroy Sr., real estate pioneer and founder andformer chairman ofKilroy Realty Corp.,died Sept. 29, Los Angeles Times reported,citing an announcement from his foundation.

* Office take up by financial firms comprised 23.1% of totalleasing in Manhattan, N.Y.'s Midtown South during the third quarter, BloombergNews reported,citing Cushman & Wakefield. The second-quarter share was 10.3%.

The news outlet said the increase reflects efforts by thefinancial services industry to move closer to the area that is dominated bytech and media companies.

* The sale of the 17Seventeen McKinney tower in Dallas'Uptown district has set a per-square-foot price record for Dallas officeproperties, as expected, TheDallas Morning News reported.The 19-story office tower sold for more than $510 per square foot, or more than$185 million in aggregate, to Gaedeke Group. The property is 98% leased,according to the report.

The previous record was held by the office property thatwas bought by a German investor for "just more than" $500 per squarefoot in August, The Dallas Morning Newsadded.

* Louisville BusinessFirst reportedon Browning Investments' $175 million industrial project in Bullitt County, Ky.The company plans more than 4 million square feet at the industrial businesspark, subject to market conditions, and recently broke ground on the firstindustrial building that will comprise around 721,000 square feet of warehousespace, the report said.  

* General Electric Co. leased an additional 100,000 squarefeet at the Bishop Ranch office complex in San Ramon, Calif., the San Francisco Business Times reported.The company's total footprint at the location is now around 340,000 squarefeet, the report said.

* The third-quarter U.S. apartment vacancy rate remainedflat compared to the second quarter at 4.4%, Reuters reported,citing Reis Inc.

* Speaking of apartments, the Dallas-Fort Worth area saw anaverage year-over-year increase of 7.1% for apartment rents during the thirdquarter, The Dallas Morning News reported,citing MPF Research. This marks the highest average annual increase in rentsfor the area.

The Dallas-Fort Worth region now has its highest-everapartment rent, as well as an all-time lowest apartment vacancy rate at lessthan 4%, according to the report. Further, the region had 50,532 apartmentsunder construction as of September-end, the highest volume in the U.S., thereport noted.

After the bell

* PureIndustrial Real Estate Trust struck to buy income-producing propertyportfolios in Alberta's core markets for roughly C$171.1 million and in theSoutheastern U.S. for about US$81.0 million, and kicked off the fourth phase ofits industrial park development project in Vancouver.

* HCPInc.'s Quality Care Properties Inc. a $750 million debt offering andentered into a $1.0 billion first-lien, six-year term loan as part of itsplanned spinoff.

* Funds managed by CarVal Investors are their roughly 13.4% stake inAgellan CommercialREIT in a private transaction as part of a portfolio managementstrategy.

* PhysiciansRealty Trust President and CEO John Thomas gained a on 's board asan independent director.

* LibertyProperty Trust completed its $969 million of 108 properties and approximately26.7 acres of land to Workspace Property Trust and Safanad Ltd.

* SBACommunications Corp. received board to convert into a real estateinvestment trust, or REIT, for tax purposes.

Gaming

* MGM ResortsInternational's $1.4 billion MGM National Harbor casino and resort in Prince George'sCounty, Md., near Washington, D.C., is scheduled for a Dec. 8 opening,according to a release.

Meanwhile, MGM Chairman and CEO James Murren continues topush for a more than $1 billion gambling resort in Atlanta, The Atlanta Journal-Constitution reported.

* Red RockResorts Inc. said its Station Casinos LLC unit completed theacquisition of the Palms Casino Resort in Las Vegas. The $312.5 milliondeal was signed inMay, and the Nevada Gaming Commission gave the final for the acquisition inSeptember.

* Macau's gross gambling revenue was up 7.4% in September, Focus Gaming News reported,citing Macau's Gaming Inspection and Coordination Bureau. This marks the secondconsecutive month of annualgrowth.

The day ahead

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

In Asia, the Hang Seng rose 0.45% to 23,689.44, and theNikkei 225 was up 0.83% to 16,735.65.

In Europe as of midday, the FTSE 100 was up 1.64% to7,098.27, and the Euronext 100 had increased 0.78% to 888.46.

On the macro front

The Redbook and the Gallup U.S. ECI are due out today.

Now featured onS&P Global Market Intelligence

Data Dispatch:Household income projected to rise the fastest in Oklahoma in agingUS: The U.S.' population is expected to hit 337.4 million in 2022,with the oldest demographic making up a higher percentage of the total,according to Nielsen's latest demographic projections.

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