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Philadelphia apartments sell for $71M; Fla. shopping center fetches $46M


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Philadelphia apartments sell for $71M; Fla. shopping center fetches $46M

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

* Morgan Properties purchased the 318-unit Curren Terrace apartment complex at 1011 New Hope St. in Norristown, and the 247-unit Chesterfield apartments at 1338 Veterans Highway in Levittown, both in the Philadelphia area, for $71 million from BET Investments Inc., the Philadelphia Business Journal reported.

* IMC Equity Group affiliate Peppertree Plaza LLC bought the 267,254-square-foot Peppertree Plaza shopping center, on 26.7 acres at 5400-5688 W. Sample Road in Margate, Fla., for $45.5 million from Lone Star Funds affiliate LSREF3 Peppertree, the South Florida Business Journal reported.

* Florida Power & Light Co. sold a 71-acre development site at 6525 SW 152nd St. in Palmetto Bay, Fla., to Yacht Club by Luxcom LLC for $33 million, with plans to build a mainly residential complex, The Real Deal reported.

* Preferred Apartment Communities Inc. acquired the Hollymead Town Center retail property in Charlottesville, Va., through its subsidiary New Market Properties LLC, funded by a nonrecourse first mortgage loan of about $27.3 million.

* Four Corners Property Trust acquired a Buffalo Wild Wings restaurant in Virginia for $2.5 million.

Additional coverage

JBG Smith sells Washington, DC, property for $376.5M

Property Reserve buys Northlake, Ill., industrial complex for $71M