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JV buys NYC industrial site for $72M; Ala. apartment building sells for $51M


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JV buys NYC industrial site for $72M; Ala. apartment building sells for $51M

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

* A 50/50 joint venture between RXR Realty and LBA Realty purchased a 250,000-square-foot warehouse and a nearby parking lot in Queens, N.Y., from Canadian packaging company Cascades for $72 million. The sites together can accommodate roughly 700,000 square feet of space, Crain's New York Business reported.

* Irinda Capital Management and BRT Realty Trust sold the 618-unit The Apartments at the Venue building in Valley, Ala., to Hamilton Point Investments for $51 million, the Birmingham (Ala.) Business Journal reported.

* Two affiliates of Concorde Group Holdings LLC acquired the 109,000-square-foot Dellagio shopping center in Orlando, Fla., from ShopCore Properties LP affiliate Excel Dellagio LLC for $40.1 million, the Orlando Business Journal reported, citing Orange County records.

* Eaton Vance Investment Managers acquired the 246-unit Wakefield Glen Apartments community in Raleigh, N.C., from Passco Cos. for about $39.9 million, the Triangle Business Journal reported.

* Novel Property Ventures sold the six-story Plymouth House rental building spanning 32,000 square feet at 115 Henry St. in Brooklyn, N.Y., to investors George and Peter Eliou for $35.5 million, The Real Deal reported.

* TC Restaurant Group bought the roughly 51,000-square-foot building featuring four bars and restaurants at 305-311 Broadway in Nashville, Tenn., from The Ardent Cos. for $32 million, the Nashville Business Journal reported.

* Boston Properties Inc. leased 25,089 square feet of space covering the entire 38th floor in the company's Park Avenue 399 office building in New York City to alternative asset manager Owl Rock Capital Partners LP, the New York Post reported.

* Ackerman & Co. will break ground on a 470,000-square-foot, three-building industrial complex, called the Rockdale Technology Center, on 92 acres at 2430 Dogwood Dr. in Conyers, Ga., in April, Commercial Property Executive reported.

Additional coverage

$1B Calif. waterfront project to break ground after 2-decade delay

$1B redevelopment plan in pipeline for East Baltimore

Report: Dutch pension fund picks up 30% stake in $650M NYC apartment tower

Partners REIT putting 11 of its 34 properties up for sale

Los Angeles' Panorama City to host $150M development