Condor completes sale of 15 hotels; Slate makes firm offer for Yew Grove

TOP NEWS IN REAL ESTATE

* Condor Hospitality Trust Inc. completed the sale of its 15 hotels to an affiliate of Blackstone Inc. for $305.0 million. B9 Cowboy Mezz A LLC, a Delaware limited liability company, agreed to purchase the assets Sept. 22.

* Slate Office REIT, together with its wholly owned subsidiary, made a firm offer to buy Dublin-based Yew Grove REIT PLC for a cash consideration of €1.017 per share. The target company previously agreed to a €127.8 million takeover by the office real estate investment trust.

➤ FJ Capital exits 24 positions, picks up 19 new stocks in Q3

The hedge fund manager's largest exit during the quarter was a $50.4 million stake in Great Western Bancorp.

➤ Data center REITs CyrusOne, CoreSite Realty acquired in all-cash deals

CyrusOne and CoreSite Realty agreed to be acquired in transactions valued at roughly $15 billion and $10.01 billion, respectively.

OFFICE

* Apple Inc. plans to build a 369,000-square-foot office building on a plot of land between Los Angeles and Culver City, Calif., The Real Deal reported. The four- to five-story structure is part of the tech giant's plan for a regional campus, and its construction will involve the demolition of several existing structures on the Westside Los Angeles site, according to the report.

RETAIL

* Kohan Retail Investment Group bought Montgomery Mall in North Wales, Pa., for $55 million in a foreclosure sale, the Philadelphia Business Journal reported. The 1.1 million-square-foot retail property owned by Simon Property Group Inc. was foreclosed in June.

RESIDENTIAL

* Lubert-Adler Partners LP seeks to invest $100 million to renovate a property it bought in Philadelphia, the Philadelphia Business Journal reported. Renovations planned for the 885,365-square-foot Bellevue building include the conversion of 272,792 square feet of office space into apartments.

INDUSTRIAL

* VanTrust Real Estate LLC sold an industrial property in Glendale, Calif., to Preylock Real Estate Holdings LLC for $71.5 million, L.A. Biz reported, citing real estate database Vizzda. The 600,000-square-foot property is included in the $2 billion acquisition of logistics assets leased to Amazon.com Inc., according to the report.

* Terreno Realty Corp. bought an industrial property in Los Angeles for a purchase price of around $7.7 million. The property at 768 and 772 Ceres Ave. comprises two distribution buildings containing approximately 17,000 square feet of space on 0.4 acres of land.

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