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2 apartments sell for $92M; Wis. industrial portfolio stake trades for $25M

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


2 apartments sell for $92M; Wis. industrial portfolio stake trades for $25M

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

* Starlight U.S. Multi-Family (No. 5) Core Fund sold the 216-unit class-A Greenhaven Apartments community in north Dallas for about US$32.6 million, and agreed to acquire the 320-unit Alexander Village class-A apartment community at 9224 Graham Ridge Dr. in Charlotte, N.C., for roughly US$59.1 million.

* James Luterbach Construction Co., Inc. sold its 50% interest in six industrial buildings in New Berlin, Wis., to Zilber Property Group, which owns the remaining 50% stake, for $25.4 million, the Milwaukee Business Journal reported, citing state real estate records. The buildings span 430,000 square feet and are 100% occupied.

* Real estate developer Largo Investments acquired a one-story, 9,000-square-foot industrial building at 215 N. 10th St. in Brooklyn, N.Y., encompassing 50,000 buildable square feet, for $25 million from Northstar Equities LLC, with plans to build condominiums, The Real Deal reported, citing property records.

* Healthcare real estate investment trust Healthcare Trust of America Inc. purchased the 24,400-square-foot Duke Primary Care Midtown building on Sandy Forks Road in north Raleigh, N.C., for $8.4 million from Kimberly Development Group LLC, the Triangle Business Journal reported.

* Diversified REIT Hartman vREIT XXI, Inc. acquired the four-building, 96,660-square-foot Richardson Tech Center on North Plano Road in the Dallas-Fort Worth area in Texas for about $5.0 million.

* Office-focused REIT Corporate Office Properties Trust plans to redesign the public entrance of the 24-story West Pratt Street 250 building in Baltimore, the Baltimore Business Journal reported. The company is in talks with Starbucks Corp. to open a store on the first floor, the report added, citing Marco Greenberg, a Corporate Office executive.

* Nationwide Realty Investors Ltd. completed two new 60,000-square-foot class-A office buildings at the 250-acre Rivulon development in Gilbert, Ariz., and plans to build dual two-story, 100,000-square-foot buildings as well. The real estate development company signed Morgan Stanley Smith Barney Financing and Audi AG as tenants for the development, among others, the Phoenix Business Journal reported.

Additional coverage

Google buys Chelsea Market building in NY for $2.4B

EdgeCore to develop $1B data center campus in Texas

Griffin Capital pays $60M to acquire Lakeland, Fla., distribution warehouse