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JLL secures $96M for Philly tower; DRA, Local Capital pay $81M for Calif. assets


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JLL secures $96M for Philly tower; DRA, Local Capital pay $81M for Calif. assets

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

* Jones Lang LaSalle Inc.'s JLL Capital Markets secured $96 million on behalf of a partnership between Taconic Capital Advisors LP and Cohen Equities from Deutsche Bank AG and Square Mile for the purchase and rehabilitation of the 695,130-square-foot office tower at 801 Market St. in Philadelphia's Market East submarket.

* DRA Advisors LLC and Local Capital Group purchased six office buildings totaling 510,000 square feet between 5901 and 5981 Optical Court in South San Jose, Calif., from a joint venture of TPG Real Estate and DivcoWest for more than $81 million, the Silicon Valley Business Journal reported.

* A partnership between Naya USA Investment & Management and Coast Capital Partners acquired the four-building complex encompassing 315,831 square feet at 760 NW 107th Ave. in Miami from LCC Holdings 2 LLC for $40 million, the South Florida Business Journal reported, noting that the property serves as Lennar Corp.'s local headquarters.

* Griffin-American Healthcare REIT IV Inc. acquired two Fairfield County medical office buildings in the Bridgeport, Conn., suburbs of Stratford and Trumbull, from Trumbull Medical Arts LLC and Stratford Medical Arts LLC for an undisclosed amount. The portfolio spans about 80,000 square feet and is 94.6% leased to 15 tenants with an average remaining lease term of more than seven years.

* Industrial Property Trust Inc. purchased the 133,480-square-foot industrial distribution center at 7350 Langfield Rd. in Houston in a sale and leaseback deal with the tenant T&L Distributing, the Houston Chronicle reported.

Additional coverage

Equus Capital Partners sells 1,000-unit Pa. apartment portfolio

MedProperties acquires 17-property medical office portfolio for $230M

DivcoWest buys Washington, DC, office building for $101M

MGM Growth completes $1.2B MGM National Harbor casino resort acquisition

KBS REIT sheds Missouri office building for $86M