Norland buys Fla. asset for $138.5M; Livingston pays $112.5M for Pa. property

TOP NEWS IN REAL ESTATE

* Mann Realty Associates Inc.-managed entities, 207 Florida Realtor Associates and 217 Florida Realty Associates sold the 352-unit Barcelona Jupiter Apartments at 105 Sierra Drive in Jupiter, Fla., to Norland Barcelona LLC for $138.5 million, the South Florida Business Journal reported.

* Livingston Street Capital LLC paid $112.5 million to purchase the 231-unit Canvas apartment complex in King of Prussia, Pa., from The Carlyle Group Inc. and Bozzuto Group, the Philadelphia Business Journal reported, citing Montgomery County property records.

➤ REIT Replay: US REIT share prices grow during week ended March 18

Share prices for U.S. equity REITs rose during the recent week, with the Dow Jones Equity All REIT index up 2.34%. The broader markets, however, posted even higher increases, with the S&P 500 up 6.16%.

➤ S&P 500 earnings, March 21 - April 8: 13 companies to report

The last members of the S&P 500 are expected to report calendar fourth-quarter 2021 earnings over the next three weeks.

OFFICE

* The Dilweg Cos. LLC acquired the Royal Tech Business Park in Irving, Texas, which consists of 11 single-story buildings totaling nearly 622,000 square feet. Dilweg intends to rename the property, which features office, lab and warehouse space, as Royal Tech Commons. PS Business Parks Inc. announced in October 2021 that it was marketing Royal Tech Business Park for sale.

* A joint venture between PCCP LLC and Portman Holdings will build a 143,500-square-foot office building called O4W Office at 667 Auburn Ave. in the Old Fourth Ward neighborhood in Atlanta, according to Commercial Property Executive. The project is slated to be completed in 2023.

RESIDENTIAL

* Anthem Works Ltd. and KingSett Capital Inc., on behalf of its Growth LP 7 and residential development funds, purchased an 8.34-acre site in Burnaby, British Columbia. The companies intend to redevelop the site into a mixed-use, master-planned community.

* LDG Development LLC secured a $40 million direct bond purchase to finance the 312-unit Lone Oak Meadows affordable housing project in South Louisville, Ky., Multi-Housing News reported. Bellwether Enterprise Real Estate Capital LLC issued the financing on behalf of LDG, the report said.

INDUSTRIAL

* An investment group led by Brickman Associates bought two industrial properties in Philadelphia in an off-market deal. The properties include 11500 Roosevelt Blvd., a 298,627-square-foot multi-tenant building and the 207,500-square-foot building at 1771 Tomlinson Road.

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