6 JCPenney distribution centers sell for $557M; 3rd Ave buys Ariz. apartments

TOP NEWS IN REAL ESTATE

* Copper Property CTL Pass Through Trust divested six distribution centers for $557.2 million to National Industrial Portfolio Property Owner LLC. Department store chain JCPenney leases the 10.1 million-square-foot portfolio under a long-term triple net master lease.

* 3rd Ave Investments LLC acquired a 1,368-unit apartment portfolio containing four properties in Mesa, Chandler and Gilbert, Ariz., from Samuel Geltman & Co., according to Multi-Housing News. NorthMarq arranged a $315.6 million acquisition financing through Bridge Investment Group Holdings Inc., the report said.

➤ Investment grade-rated US companies reduce liquidity cushions

Investment grade-rated U.S. companies reduced their liquidity cushions in the third quarter of 2021 as the threat of default diminished and cash was spent on share buybacks.

➤ Big US banks wait and see on rule changes as higher capital requirements loom

Executives say they are proceeding with growth strategies and have ample capacity for shareholder returns even as some global systemically important banks face possible higher capital surcharges if regulators do not adjust the framework.

OFFICE

* Hudson Pacific Properties Inc. paid $119 million to acquire the six-story, 197,000-square-foot 5th and Bell class A office building in Seattle's Belltown neighborhood. The property's office component, which spans roughly 192,000 square feet, is 100% leased to Amazon.com Inc.

RESIDENTIAL

* 1000 East Apache Owner LLC, a subsidiary of Invesco Real Estate Income Trust Inc., purchased a student housing asset in Tempe, Ariz., for $163 million, exclusive of closing costs. DRI/CA Tempe LLC, a Delaware limited liability company, sold the property offering 833 beds in a single 13-story building.

* Evergreen Point Development LLC sold the 154-unit Cerasa multifamily asset at 10961 NE Second Place in Bellevue, Wash., for $109 million, the Puget Sound Business Journal reported. The buyer of the property is listed as a limited liability company whose address is the same address as North Coast Living's in Carlsbad, Calif., according to the report.

* SB Real Estate Partners acquired the 256-unit St. Croix, a garden-style multifamily community in Las Vegas, for $73.1 million from Strata Equity Group Inc. in an off-market deal, Multi-Housing News reported, citing Yardi Matrix data.

INDUSTRIAL

* Nuveen Real Estate and Taconic Partners paid $55 million to purchase 1 Cory Road, a warehouse and distribution facility in Morristown, N.J., the Commercial Observer reported. The 296,000-square-foot property includes a 6.5-acre parking area and is fully leased to third-party logistics companies, the report added.

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