American Copper Buildings to sell for $850M; USAA pays $305M for office asset

TOP NEWS IN REAL ESTATE

* JDS Development Group LLC and Baupost Group LLC signed a contract to sell luxury apartment property American Copper Buildings in Manhattan, N.Y., to Black Spruce Management LLC for $850 million, the New York Business Journal reported, citing unnamed sources.

* An affiliate of USAA Real Estate Co. paid $305 million to buy the Sentinel Square III office building in the NoMa neighborhood of Washington, D.C., the Washington Business Journal reported, citing a special warranty deed filed with the D.C. Recorder of Deeds. The 540,000-square-foot property at 45 L. Street NE was sold by MetLife Investment Management, according to the report.

➤ 2021 GRESB scores show improvement in sustainability efforts by US REITs

Among the real estate investment trusts that participated with GRESB in 2021, office REITs were scored the highest overall, while industrial REITs held the lowest GRESB participant scores.

➤ REIT capital market activity rebounds in November

Chart Watch: U.S. equity REITs raised $9.94 billion through capital offerings in November, up from $2.06 billion raised the month prior.

OFFICE

* Office landlord City Office REIT Inc. paid $133.5 million, excluding closing costs, for a 173,000-square-foot office building in the Preston Center submarket of Dallas. The Terraces property is 99% occupied with a weighted average remaining lease term of about eight years.

RESIDENTIAL

* Waterford Property Co., in partnership with the California Statewide Communities Development Authority, purchased the 480-unit Westgate Apartments at 231 South De Lacey Ave. in Pasadena, Calif., from Equity Residential for $280 million, the Commercial Observer reported.

* Multifamily developer Intracorp Real Estate LLC divested the 290-unit AmpliFi luxury apartment complex in Fullerton, Calif., for $168 million. Intracorp did not disclose the buyer, but the Commercial Observer reported that Nuveen Real Estate bought the property at 600 W. Commonwealth Ave.

* CGI+ Real Estate Investment Strategies paid $69 million to acquire the 275-unit Park Place Apartments in the Orlando submarket of Oviedo, Fla., Multi-Housing News reported. Inland Group Inc. sold the three-story garden-style community at 940 City Plaza Way.

* Real estate investment company Jair Lynch Real Estate Partners purchased a 288-unit apartment community in Hyattsville, Md., from Angelo Gordon & Co. for $65.8 million, according to the Commercial Observer. The 11-story Plaza Towers at 6700 Belcrest Road offers one-, two- and three-bedroom units, the report added.

* Real estate developer Cortland Partners LLC acquired the Falcon Square at Independence multi-housing property at 14600 Ave. of the Groves in Winter Garden, Fla., from Venterra Realty. The garden-style community offers 11 buildings and 379 units averaging 1,122 square feet.

INDUSTRIAL

* Rexford Industrial Realty Inc. bought the six-unit Topaz Business Park at 2280 Ward Ave. in Simi Valley, Calif., for $46.4 million, L.A. Biz reported. The 242,101-square-foot industrial building is leased to Topaz Distribution LLC and was sold by an entity known as 2280 LLC.

HOTELS

* Wyndham Hotels & Resorts added The Bristol Panama, a Registry Collection Hotel to its portfolio. The luxury hotel, which is managed by VerdeAzul Hotels, is located in Panama City's financial district and offers 125 bedrooms and 48 executive residences.

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