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Penwood buys Calif. asset for $44M; Phoenix property sells for $36M

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Penwood buys Calif. asset for $44M; Phoenix property sells for $36M

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

* Penwood Real Estate Investment Management LLC purchased a 347,119-square-foot, 100%-leased class A research-and-development and industrial property at 1461-1475 Lawrence Dr. in Thousand Oaks, Calif., for $44 million from Majestic Asset Management, Commercial Property Executive reported.

* Living Spaces LLC sold a 437,234-square-foot showroom and distribution center at 6600 W. Latham St. in Phoenix to Cohen Asset Management Inc. for $36 million, the Phoenix Business Journal reported, citing Business Real Estate Weekly of Arizona.

* Washington Prime Group Inc. agreed to acquire four Sears department stores and four adjacent Sears Auto Centers for about $28.5 million in a sale-leaseback deal, with acquisition expected to close in the second quarter. The properties are at Longview Mall in Texas; Polaris Fashion Place in Columbus, Ohio; Southern Hills Mall in Sioux City, Iowa; and Town Center at Aurora in Colorado.

* STAG Industrial Inc. bought a 278,582-square-foot industrial property at 57 Grumbacher Rd. in Manchester Township, Pa., for $18 million, the Central Penn Business Journal reported.

* Jones Lang LaSalle Income Property Trust Inc. sold the Joliet Distribution Center in Illinois for roughly $28,200, excluding closing costs, in December 2017, recording a gain on the sale of $9,481.

* Investors Real Estate Trust agreed to acquire the 390-home Westend apartment community in Denver for an undisclosed amount.

Additional coverage

Blackstone Real Estate picks up industrial portfolio for $1.8B

Wharton Properties acquiring SL Green's $100M investment in NYC asset

Orbach Group sells Manhattan, NY, property for $32.5M