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First Industrial, partner near $62M Fla. lease; Fla. asset fetches $25M


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First Industrial, partner near $62M Fla. lease; Fla. asset fetches $25M

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

* The City of Fort Lauderdale, Fla., is in talks to lease a 25.3-acre site at 6320 and 6499 NW 12th Ave. and 1501 NW 64th St. to First Industrial Realty Trust Inc. and Butters Construction & Development Inc. for a $38 million industrial project, the South Florida Business Journal reported. The companies plan to build five industrial buildings totaling 352,020 square feet, with the total value of the 50-year lease estimated at $62.4 million.

* National Realty Investment Advisors acquired the 29-room, 18,000-square-foot Wright by the Sea hotel property at 1901 South Ocean Blvd. in Delray Beach, Fla., from Wright Southern Inc. for $25 million, The Real Deal reported, citing property records. The deal also includes an over half-an acre lot across the building at 1060 Del Harbor Drive. The buyer plans to convert the property into a boutique condominium project and beach club, and construct townhomes on the lot, the report added.

* Corum Real Estate sold the 124,000-square-foot Central 62 industrial property, sitting on 7.5 acres at 62nd Ave. and I-25 in Adams County, Colo., for $21 million to Central 62 Acquisition LLC, an entity with the same address as JP Morgan, the Denver Business Journal reported, citing Adams County public records.

* Regency Centers Corp. sold the 91.4%-leased, 90,109-square-foot Marketplace Shopping Center in St. Petersburg, Fla., to East Gate Alliance for $19.2 million.

Additional coverage

Hudson Pacific JV to buy San Francisco asset from Blackstone affiliate for $291M

Priderock Capital buys 2 Fla. apartment complexes for $98M

Consolidated-Tomoka pays $44M for Albuquerque, NM, office asset

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