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Firm Capital buys into Crombie REIT portfolio; Lennar advances Calif. project


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Firm Capital buys into Crombie REIT portfolio; Lennar advances Calif. project

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

* Firm Capital Property Trust agreed to acquire a 50% stake in seven Canadian retail properties aggregating 296,376 square feet, with closing expected in the first quarter. The total acquisition price of the portfolio is about C$83.2 million, excluding transaction costs, with Firm Capital's share coming to approximately C$41.6 million.

The properties are spread across Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec. The portfolio is fully occupied and currently owned by Crombie Real Estate Investment Trust.

* Lennar Corp. expects to complete the La Palma mixed-use development project on a 7.1-acre site in Anaheim, Calif., in phases by 2021, Urbanize LA reported. According to the report, 108 townhomes and 54 duplexes, totaling 162 residential units, will be developed under the project.

* CGI Strategies purchased a 78-unit, three-story apartment community at 4646 Los Feliz Blvd. in Los Angeles for $20.2 million, with plans to revamp its infrastructure, The Real Deal reported.

* Ram Hotels LLC obtained acquisition and renovation financing that will help it convert a 229-key hotel at 1911 E. Interstate 40 in Amarillo, Texas, into a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton, the Commercial Property Executive reported.

* Plymouth Industrial REIT Inc. purchased a 73,785-square-foot multi-tenant class B industrial building at 44 Tower Road in Burr Ridge, Ill., for $5.0 million in cash.

* Public media enterprise PBS agreed to occupy 120,328 square feet at JBG Smith Properties' property at 1225 S. Clark St. in Arlington, Va., under a 15-year lease starting in mid-2020.

* Washington, D.C.-based real estate investment firm Excel Group purchased the 151-room Hyatt Place Dulles Herndon-East in Herndon, Va.; the 161-room Hampton Inn Long Island Brookhaven in Farmingville, N.Y.; and the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield, R.I., for an undisclosed sum.

* A Cielo Property Group LLC limited partnership purchased an undeveloped lot in downtown Austin, Texas, from the Episcopal Church for an undisclosed sum, the Austin Business Journal reported.

Additional coverage

Report: Singapore's OUE targets US$700M in Los Angeles tower sale

Parkland Hospital plans $154M building in Dallas

Tilden Properties acquires San Jose, Calif., apartment complex for $110M

Prologis completes 35 build-to-suit projects in 2018

London + Regional buys Miami hotel for $49M