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Brookfield sells office complex for $265M; National Health forms $128M JV

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Brookfield sells office complex for $265M; National Health forms $128M JV

Commercial real estate

* Brookfield Property Partners LP sold the Marina Village office complex in Alameda, Calif., for $265 million to a joint venture of DRA Advisors LLC and Local Capital Group, the San Francisco Business Times reported, citing a source familiar with the deal. The property offers 1.1 million square feet with about 300,000 square feet for life science and research use. The buyers intend to convert a number of single-story buildings in the complex into class A life science facilities, according to the report.

Brookfield acquired the property from Legacy Partners in 2014 and renovated the asset to raise occupancy to roughly 80% at present, the publication added.

* National Health Investors Inc. said it formed a property joint venture with affiliates of its tenant Discovery Senior Living. The partnership will buy six properties comprising 145 independent units, 356 assisted living units and 95 memory care units for roughly $128.4 million. These assets will be leased to affiliates of Discovery Senior for 10 years, with two five-year extension options, according to a release.

The healthcare real estate investment trust will own 97.5% of the venture, with Discovery holding the remaining 2.5% interest.

* DivcoWest made its first acquisition in the Puget Sound region of Washington after paying $118.3 million for the West Lake Union Center tech office building, the Puget Sound Business Journal reported, citing public records. RREEF Property Trust Inc. was the seller of the roughly 199,100 square-foot asset at 1505 Westlake Ave. N. that houses multiple tenants, including Seattle Reproductive Medicine and Spaceflight Industries, the publication said.

* Real estate investment firm Platform Ventures bought the 10-story Plaza Vista building in Kansas City, Mo., from EverWest Real Estate Partners for roughly $118.3 million, the Denver Business Journal reported. Law firm Polsinelli PC is headquartered at the 900 W. 48th St. property that offers 253,720 square feet of class A office space.

EverWest purchased the asset in 2014 from an affiliate of VanTrust Real Estate LLC for a reported $104 million, according to the report.

* A four-way joint venture became the new owner of Homestead Pavilion in Homestead, Fla., after buying the shopping center from RVT Homestead Pavilion LLC, a subsidiary of Retail Value Inc., the South Florida Business Journal reported. CREC Capital, Lubert-Adler, MMG Equity Partners and Highline Real Estate Capital agreed to pay $62.2 million for the 302,346-square-foot asset at 2457 N.E. 10th Court. The deal excludes the Kohl's department store, which is owned by the retail chain, according to the publication.

Tenants at the fully leased retail center include Ross Dress for Less, TJ Maxx, Old Navy, Michaels, Petco and Bed Bath & Beyond.

* Blackstone Group LP's $18.7 billion acquisition of logistics assets from Singapore's GLP includes 5,179,000 square feet of space across 13 properties in metro Atlanta and a total of 1,982,000 square feet of space spanning 11 properties in metro Denver, according to the Atlanta Business Chronicle, which cited the private equity giant.

* Clipper Equity LLC estimates a roughly $204 million sellout of its planned conversion into condominiums of the majority of a 153-unit rental building at 21 W. 86th St. in Manhattan, N.Y.'s Upper West Side neighborhood, The Real Deal reported. The real estate company acquired the 15-story Brewster building from Barings Real Estate Advisors for $172.5 million in 2016, the report added.

* The Ashkenazy Acquisition Corp.-owned Harborplace shopping complex has been placed under receivership ordered by a court, paving the way for a possible trade of the property, the Baltimore Business Journal reported. Deutsche Bank Trust Co. filed an emergency petition against Ashkenazy affiliate AAC HP Realty LLC, and the receivership has been approved by Baltimore City Circuit Court Judge Gregory Sampson, according to the publication. The court appointed IVL Group LLC to manage, maintain, lease and seek a new buyer for the property.

Deutsche Bank is a trustee of UBS-Barclays Commercial Mortgage Trust that held the $76 million mortgage since Ashkenazy's $98.5 million acquisition of Harborplace in 2013 from GGP.

* Interpublic Group signed a 15-year extension of its lease for 450,000 square feet at Charles Cohen's 622 Third Ave. tower in Manhattan's Midtown neighborhood, New York Post reported. McCann Worldgroup, Interpublic's marketing services firm, will continue to occupy space at the 39-story tower.

After the bell

* Ventas Inc. agreed to acquire a C$2.4 billion portfolio of 31 class A seniors housing properties and four in-progress developments in Quebec in an 85/15 equity partnership with Le Groupe Maurice.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng fell 0.49% at 26,761.52, while the Nikkei 225 dropped 0.01% to 20,408.54.

In Europe, around midday, the FTSE 100 lifted 0.12% to 7,193.65, and the Euronext 100 gained 0.09% to 1,027.18.

On the macro front

The motor vehicle sales report, the Redbook Index for retail sales and the factory orders report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Now featured on S&P Global Market Intelligence

REIT Replay: REITs, broader market close down in week ended May 31: The MSCI U.S. REIT (RMZ) index and the SNL U.S. REIT Equity index finished down 1.84% and 1.23%, respectively.

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