Portman sells office asset for $206M; Miramar, Fla., apartments trade for $200M

TOP NEWS IN REAL ESTATE

* Portman Holdings LLC sold The Line, a 16-story, 293,000-square-foot office building at 2151 Hawkins St. in Charlotte, N.C., to CBRE Investment Management for $206 million, the Atlanta Business Journal reported, citing the Mecklenburg County register of deeds.

* AMFP V Mosaic Apartments LLC and AMFP V Mosaic Townhomes LLC, both in care of New York-based Abacus Capital Group LLC, sold The Mosaic at Miramar Town Center apartment complex in Miramar, Fla., for $200 million to Mosaic at Miramar LP, an entity in care of American Landmark Apartments, according to the South Florida Business Journal.

➤ Women comprise more than a quarter of all US REIT boards

The number of women on U.S. real estate investment trust boards has more than doubled since 2014, S&P Global Market Intelligence data showed.

➤ As cheap-money era ends, smaller companies face capital crunch

Big companies are better positioned to navigate rising interest rates, given the health of their balance sheets.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

OFFICE

* Vornado Realty Trust and Rudin Management are talking to Ken Griffith about making investment firm Citadel an anchor tenant and an investor in the 1.68 million-square-foot office tower the developers are planning for Park Avenue in New York City, The Real Deal reported, citing sources.

* Private equity and real estate investment firm GI Manager LP acquired 451 D St., a 479,000-square-foot life science, data center and creative office asset in Boston. Related Fund Management LLC sold the property.

RETAIL

* Retail REIT Acadia Realty Trust sold the 272,060-square-foot Lincoln Place retail center at 6165 N Illinois St. in Fairview Heights, Ill., to Jenel Real Estate for nearly $40.8 million, the St. Louis Business Journal reported.

RESIDENTIAL

* SB Real Estate Partners paid $91 million to purchase Azura Apartments, a 387-unit community at 2700 W Sahuaro Drive in Phoenix. The company will renovate the property and rename it to Portola North Phoenix, according to Multi-Housing News.

* Capital Foresight secured a $166.5 million refinancing loan for seven communities, totaling 1,154 units, in Fontana, Indio, Long Beach, Ontario and San Bernadino, Calif., Multi-Housing News reported.

INDUSTRIAL

* Prudential Real Estate Investors and asset manager AXA IM Alts provided a $350 million acquisition loan to an undisclosed institutional investor for a portfolio of 29 industrial properties totaling about 4.9 million square feet in Southern New Jersey, according to REBusiness Online.

* Taurus Investment Holdings LLC paid $174 million to purchase a 13-property industrial portfolio across the Sun Belt region, The Real Deal reported. The 1.4 million-square-foot portfolio is spread across Houston; Atlanta; and Tampa and Orlando, Fla.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.