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Minn. tower trades for $36M; Weingarten Realty sells Ky. retail asset for $24M

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Real Estate News & Analysis: May Edition


Minn. tower trades for $36M; Weingarten Realty sells Ky. retail asset for $24M

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

* DRA Advisors LLC paid $36.1 million to buy the 287,600-square-foot office tower at 505 Highway 169 in Plymouth, Minn., from CA Ventures, the Minneapolis/St. Paul Business Journal reported.

* Weingarten Realty Investors sold the 140,000-square-foot Regency Centre retail development at 2325 Nicholasville Road in Lexington, Ky., to RJ Thieneman and Seay Properties, along with a group of private investors, for $23.5 million, Louisville Business First reported.

* Transwestern Development Co. sold the five-story, 313,420-square-foot Westway Plaza office building, on 9.85 acres at 11330 Clay Road in Houston, to The Aztec Fund Inc. for an undisclosed sum.

* Stratus Properties Inc. purchased a 54-acre tract to build Kingwood Place, an HEB grocery store-anchored mixed-use project in Kingwood, Texas. Construction on the development is expected to begin in November.

* Cominar Real Estate Investment Trust paid C$3.5 million to purchase the former Sears building connected to the company's Centre Les Rivières shopping center in Trois-Rivières, Quebec, during the second quarter.

* The Fairfax County Board of Supervisors gave its final approval to CoreSite Realty Corp. to expand its data center campus in Reston, Va., by 289,000 net rentable square feet, or an additional 50 megawatts of data center capacity.

* E-scooter startup Bird is leasing about 58,000 square feet at the Colorado Center, co-owned by Boston Properties Inc. and TIAA, in Santa Monica, Calif., The Real Deal reported.

* Coworking giant WeWork signed for 60,000 square feet at Armada Hoffler Properties Inc.'s Wills Wharf office tower co-development at Harbor Point in Baltimore, the Baltimore Business Journal reported.

* Pennsylvania Real Estate Investment Trust signed Burlington, Dick's Sporting Goods and Edge Fitness to occupy space left vacant by Macy's at the Plymouth Meeting Mall in Plymouth Meeting, Penn.

Additional coverage

H&R REIT unit buys 305 Durnham, NC, multifamily units for US$76M