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Essential Properties invests US$214M in 86 assets; Morguard pays C$64M for asset


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Essential Properties invests US$214M in 86 assets; Morguard pays C$64M for asset

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

* During the second quarter, Essential Properties Realty Trust Inc. invested US$214.4 million in 86 fully leased properties in 23 separate deals and sold 10 properties for US$13.8 million.

* Killam Apartment REIT acquired a 10% stake in a 13.6-acre development site zoned for 829 units in Northwest Calgary, Alberta, for C$2.0 million and agreed to buy its first phase with 233 units for C$55.0 million once completed in 2020.

The company also purchased a 137-site, 22-acre seasonal manufactured home community property in Carleton Place, Ontario, for C$2.0 million, and agreed to buy the 178-unit, 78%-occupied Vibe Lofts property in Edmonton, Alberta, for C$47.0 million, with closing expected in mid-August.

* Morguard Corp. acquired Papilllon Apartments in New Orleans for about C$14.9 million, and Santorini Apartments and Vizcaya Lakes residential properties in Boynton Beach, Fla., for about C$64.2 million and C$25.7 million, respectively, in the second quarter.

* WPT Industrial Real Estate Investment Trust bought an investment property comprising a 124,800-square-foot building and excess land to accommodate a 75,000-square-foot building expansion in St. Paul, Minn., for US$8.3 million. The company also acquired a 335,400-square-foot building and excess land to accommodate a 141,000-square-foot building expansion in Rogers, Minn., for US$20.4 million. WPT also said it expects to complete its US$17.9 million acquisition of a 224,000-square-foot investment property in Louisville, Ky., later in August.

* Summit Industrial Income REIT paid C$29.6 million to buy two properties totaling 227,645 square feet in Calgary, Alberta.

* LTC Properties Inc. entered into a partnership to own a property and develop a 78-unit assisted living and memory care community in Medford, Ore., for US$18.1 million, and agreed to buy an 89-unit independent living community on an adjacent land parcel, with closing expected in the third quarter.

* Phillips Edison & Co. Inc. sold two properties in the second quarter for US$13.4 million.

* Phillips Edison Grocery Center REIT II Inc. acquired an undeveloped outparcel adjacent to a shopping center it owns for US$800,000 during the second quarter.

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