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Agree Realty details $337M of FY'17 purchases; Chicago site trades for $34M


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Agree Realty details $337M of FY'17 purchases; Chicago site trades for $34M

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

* Agree Realty Corp.'s 2017 fourth-quarter acquisitions totaled about $98.1 million, including 18 assets spread across 14 states. For the full year 2017, the single tenant-focused real estate investment trust's acquisitions totaled $336.9 million, including 79 assets spread across 27 states.

During the 2017 fourth quarter, Agree Realty sold eight properties for $15.4 million in gross proceeds, while its full-year 2017 sales totaled 15 assets for total gross proceeds of $45.8 million.

* A venture of developer 601W acquired a 4.5-acre site west of the Old Main Post Office at 717-727 S. Desplaines St. in Chicago from data center developer Ascent for $34 million, Crain's Chicago Business reported, citing Cook County property records.

* Starboard Commercial Real Estate closed the sale of 1601 Mission St. in San Francisco for $28.5 million to an undisclosed buyer, which intends to develop the site into 220 residential units with about 7,000 square feet of retail space.

* Homebuilder M/I Homes Inc. acquired an 80.9-acre land parcel off McIlwaine Rd. in Huntersville, N.C., for $4.1 million, the Charlotte Business Journal reported, citing Mecklenburg County records. The report quoted M/I Homes Division Vice President Alan Beulah as saying that the company intends to develop 120 lots on the site.

* Self-storage-focused REIT Strategic Storage Growth Trust Inc. acquired a recently completed 695-unit self-storage facility at 9811 Progress Blvd. in Riverview, Fla., for an undisclosed sum. The roughly 3.4-acre, multistory property includes about 54,000 square feet of space, including more than 28,000 square feet of climate-controlled space.

Additional coverage

New Senior Investment closes $186M sale of 6 properties in Q4'17

Aimco acquires Va. apartment complex for $160M

BRT Apartments unit buys multifamily asset in Georgia for $77M

Mack-Cali pays $53M for NJ development site

GGP increases stakes in 3 NYC properties