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Advenir buys Fla. apartments; Speedwagon sells Illinois asset


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Advenir buys Fla. apartments; Speedwagon sells Illinois asset

This feature rounds up recent commercial property news and highlights larger deal coverage already published.

* KBS Strategic Opportunity REIT II Inc. purchased a four-building office complex in a joint venture with Verus Holdings LLC in the central business district of Phoenix for an undisclosed price.

The Grace Court complex comprises the Grace Court II , Grace Court III and Grace Court IV office buildings and the historical Grace Court School, altogether providing more than 310,000 square feet of rentable space and a 1,000-space parking lot.

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Grace Court
Source: KBS Strategic Opportunity REIT II

* Aventura, Fla.-based Advenir acquired two multifamily properties in South Florida, according to Berkadia, which provided the company $98.9 million in loan financing for the purchases.

In Coconut Creek, Fla., Advenir purchased the 360-apartment Crown Pointe complex for $52.3 million, and in Sarasota, the company purchased the 358-unit Gateway Lakes community for $46.6 million.

* Chicago-based Speedwagon Properties sold Brookview Village, a 425-unit apartment complex in Glenview, Ill., to Atlas Residential for $73 million, Crain's Chicago Business reported, citing Cook County property records. The buyer financed the acquisition through a $64.9 million mortgage from TPG Real Estate Finance Trust.

* Kimco Realty Corp. sold the 97,000-square-foot Canyon Square Plaza in Santa Clarita, Calif., for $22.5 million to an unnamed private investor, The Real Deal reported. Tenants for the property, purchased in April 2013 for $18.5 million, include a 40,700-square-foot Vallarta Supermarkets store.

* Giant Food Stores purchased the seven-building Bermuda Square shopping center in Chester, Va., from an affiliate of DDR Corp. for $13.7 million, RichmondBizSense reported. The store sits on a 15-acre site and includes a former Martin's grocery store.

Additional coverage

3 Canadian investors partner to acquire US$1.3B of US multifamily properties

Denver apartment complex changes hands for $142M

Report: Cousins Properties' Orlando, Fla., office portfolio up for sale

JV to construct $800M mixed-use project in North Carolina

Report: SL Green helps provide $385M loan for NYC rental tower