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Chicago asset trades for $38M; Bascom Group sells Calif. ground lease for $28M

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Chicago asset trades for $38M; Bascom Group sells Calif. ground lease for $28M

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

* ESG Kullen paid $38 million to acquire the eight-story, 250-unit Flats on LaSalle condominium building at 1140 North LaSalle Drive in Chicago, with plans to convert the complex back into rental units, The Real Deal reported.

* An unnamed buyer bought a ground lease for the 138-unit Citrus Court community at 8121 Broadway Ave. in Whittier, Calif., from Bascom Group LLC for about $28 million, The Real Deal reported. The ground lease expires in 2064.

* Stiles Corp. purchased 22.5 acres of land at Miramar Parkway and Flamingo Road in Miramar, Fla., for $15.3 million to develop the Monarch Town Center retail development, which will comprise 357,000 square feet of class A office space, a 341-unit apartment tower, restaurants and retail space, The Real Deal reported.

* Bridge Development Partners LLC acquired a warehouse on 12 acres at 6855 W. 65th St. in Bedford Park, Ill., with plans to redevelop it into a 220,000-square-foot modern distribution facility, Commercial Property Executive reported.

* Jernigan Capital acquired the membership interest of its development partner in a 105,347-square-foot, approximately 56.5%-occupied self-storage facility managed by CubeSmart at 1775 Fifth Ave. in Bay Shore, N.Y., for an undisclosed amount.

* Transcontinental Realty Investors Inc. and Marin Development Inc. will jointly develop the 305-unit The Enclave at Deer Moss Creek class A luxury apartment community, to be built on 18.75 acres in Niceville, Fla. Construction on the project is expected to start in August 2019.

Additional coverage

Report: CIM Group nears $1B sale of 5 Oakland, Calif., office properties

Hines pays $194M for Denver office building

Caesars Entertainment completes sale of Harrah's Philadelphia casino

Report: Related Cos. pays $72.1M for Los Angeles office property