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Calif. campus sells for $97M; Westwood pays $66M for 2 shopping centers

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Calif. campus sells for $97M; Westwood pays $66M for 2 shopping centers

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

* La Jolla Village Professional Center Associates sold the five-building, 198,453-square-foot, 83%-occupied The Campus on Villa La Jolla mixed-use property at 8910 to 8980 Villa La Jolla Drive in La Jolla, Calif., for $97.1 million to GPI Cos.

* Westwood Financial purchased the 81,900-square-foot Decatur Crossing shopping center at 2551 Blackmon Drive in Decatur, Ga., and the Boardwalk at Andersen Springs shopping center at 1969 W. Ray Road in Chandler, Ariz., in two separate deals for $66.2 million, Commercial Property Executive reported.

* Security Properties and certain Oaktree Capital Management LP-managed funds bought the 254-unit Pavilions on Central multifamily property in Phoenix for $59.0 million.

* Herron Drive Associates LLC acquired the 28-acre, 192-unit Twenty91 North student housing complex in Amherst, N.Y., for about $48.8 million from USL Buffalo LLC, Buffalo Business First reported.

* An affiliate of AvalonBay Communities Inc. purchased a 4.57-acre property at 3900 NW 79th Ave. and 7905 NW 36th St. in Doral, Fla., from Atrium Office Park LLC for $20 million, the South Florida Business Journal reported, adding that the buyer plans to construct 350 apartments in eight stories. Terra Group LLC also purchased 5.23 acres at the same project, to be called Atrium at Doral, from Atrium Office Park and Doral Entrance LLC for $13.5 million, with a view to building 90,000 square feet of retail at the site.

* A VEREIT Inc. affiliate purchased a 175,000-square-foot property at 9227 Centre Pointe Drive in West Chester, Ohio, which houses the corporate headquarters of AK Steel, for $25 million from Franklin Street Properties Corp., the Dayton Business Journal reported.

* TerraCap Management LLC sold the 186,300-square-foot Lakeview Center office building on 19.3 acres at 6700 Lakeview Center Drive in Tampa, Fla., to TriOut Advisory Group LLC for $21.8 million, the Tampa Bay Business Journal reported.

* A unit of Strategic Storage Trust IV Inc. agreed to acquire a nearly 66,400-square-foot, 600-unit self-storage facility in Las Vegas for about $12.8 million, with the transaction expected to occur in the third quarter.

* Convene agreed to lease a 93,000-square-foot flexible office and meeting space at Brookfield Property Partners LP's One Liberty Plaza in Manhattan, N.Y., The Wall Street Journal reported.

Additional coverage

Seritage Growth, Invesco Real Estate forming JV for $165M Calif. project

GIC joins Rockwood-led JV in Los Angeles office portfolio purchase

Extell affiliate to pay $36M for development rights of NYC church