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Independence Realty sells Denver asset for $23M; Hartman Short Term Income Properties XX acquires office property

This feature rounds uprecent property news from covered companies and highlights larger deal coveragealready published.

* IndependenceRealty Trust Inc. divested an apartment asset containing 162 units inDenver in a $23.0 million transaction. The sale pulled in net cash proceeds of about$11.6 million, which the company will use to cut its outstanding debt and to supportgeneral corporate functions, according to an April 8 release.

* Hartman ShortTerm Income Properties XX Inc. on April 4 agreed to acquire the three-storyWestway One suburbanoffice property in Irving, Texas, for an estimated $21.8 million, excluding closingcosts. The building contains about 165,982 square feet and is fully leased by sixtenants, according to an April 6 filing.

* Global MedicalREIT Inc. on March 31 acquired a pair of medical office buildings inMelbourne, Fla., and Westland, Mich., through certain of its subsidiaries, accordingto an April 6 filing.

The company's GMR Melbourne LLC paid roughly $15.5 million forthe 75,899-square-foot Melbourne MOB, which sits on 1.9 acres of riverfront landat 709 S. Harbor City Blvd., and leased back the asset to Marina Towers LLC undera 10-year absolute triple-net master lease expiring in 2026 with two five-year extensionoptions. Meanwhile, its GMR Westland LLC unit acquired the 15,018-square-foot WestlandMOB for about $4.8 million and signed an absolute triple-net lease with the existingtenant, Surgical Institute of Michigan LLC, for a term expiring March 31, 2026,with two 10-year extension options.

The IPO hopefulsaid it used the proceeds from a portfolio commercial mortgage-backed securitiesloan with Cantor Commercial Real Estate Lending LP to help fund the transactions.It added that the proceeds from the Cantor loan were also used to refinance itsStar Medical Center asset in Plano, Texas, and to grant Cantor a security interestin five Gastro One properties in Memphis, Tenn.

* Holloway LodgingCorp. said April 11 that it purchased the 180-room Westmark hotel inWhitehorse, Yukon, for C$9.8 million, with an implied cap rate of about 15% basedon estimated NOI for the first full year after acquisition. The seller, as partof the transaction, agreed to use the hotel exclusively for its lodging requirementsfor a three-year renewable term with annual room-rate increases.

* Consolidated-TomokaLand Co. said April 8 that it unloaded a pair of noncore income propertiesin Florida. The Daytona Beach property, which is leased to American Signature Furniture,sold for roughly $5.2 million, while the Sebring asset, which is leased to a CVSaffiliate, sold for about $2.4 million.

The company added that a national fitness center agreed to leaseabout 40,000 square feet of anchor space at its 112,000-square-foot multitenantretail center, dubbed The Grove at Winter Park, in Winter Park for a 15-year term.

* Condor HospitalityTrust Inc. on March 30 offloaded its 61-room Super 8 property in Portage,Wis., for $2.4 million. The company plans to use the net proceeds from the saleof the noncore asset for general corporate functions and future acquisitions, accordingto an April 7 release.

* Red Lion HotelsCorp. said April 6 that it will build a 150-room hotel in downtown Houston,which is set to debut during the second half of 2018. The planned Hotel RL HoustonDowntown will rise at 1005 St. Emanuel St. and will be the 10th site for the company'sHotel RL brand.

* Pennsylvania RealEstate Investment Trust said April 11 that DICK's Sporting Goods andField & Stream will take up 90,000 square feet of space at the company's in Scranton, Pa.The dual-store format, which is set for holiday 2017 launch, will take up the spaceto be vacated by Sears in July.

Additional coverage:

Simon plans mixed-useproject at The Galleria at Houston: The development is part of the company'songoing renovation effort at The Galleria.

InvenTrust disclosesprojected closing date for student-housing portfolio sale: The companysaid the proceeds from the sale may be used in part for certain multitenant retailproperty investments.

Kimco buys outJV partner in 2 Fla. assets for $299.2M: The company also closed onan estimated $460.8 million in property sales and acquisitions during the firstquarter.

National HealthInvestors buys 8 skilled nursing facilities, signs 15-year lease with Ensign Groupaffiliates: The purchased properties have a total of 931 beds.

Ashford HospitalityPrime concludes strategic alternatives review: The results include fiveimmediate structural changes and longer-term initiatives for the group.

Allied-RioCan JVmove King-Portland Centre development forward in Toronto: Shopify Inc.will lease an estimated 112,000 square feet of office GLA as the anchor tenant ofKing-Portland Centre.

Wynn Resorts plansmassive water-themed Las Vegas entertainment complex: The complex, whichwill feature a 38-acre lagoon and a 1,000-room hotel, will be built on the currentsite of the company's golf club in Las Vegas.

BRT Realty sellsmultifamily property for $38.5M: The 300-unit property is in Pooler,Ga.

Corrections Corp.closes Correctional Management acquisition: The company said it usedits revolving credit facility to finance the deal, which closed April 7.

Monmouth adds to industrial portfolio: The property is net leased to FedExGround Packaging System.