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Life Storage picks up 18 facilities; Alexander & Baldwin pays $10M for 5 assets


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Life Storage picks up 18 facilities; Alexander & Baldwin pays $10M for 5 assets

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

* Life Storage Inc. snapped up 18 self-storage facilities spread across Arizona; Las Vegas; and Nashville, Tenn.; through a joint venture for an undisclosed sum. The company will manage the properties, which span roughly 1.5 million square feet of net rentable storage space.

* Alexander & Baldwin Inc. enhanced its commercial real estate portfolio with the purchase of five multi-tenant industrial buildings for $10 million, representing an in-going cap rate of 8.3%. The properties span 73,200 square feet of industrial space within the 37-acre Honokohau Industrial Park in Kailua-Kona, Hawaii.

* Preferred Apartment Communities Inc. paid an undisclosed sum to pick up a roughly 102,432-square-foot shopping center in the Atlanta metropolitan statistical area through a wholly owned indirect subsidiary. Rockbridge Village is anchored by a 68,632-square-foot Kroger grocery store. The company used a roughly $14.3 million nonrecourse first mortgage loan from The Prudential Insurance Co. of America to fund the acquisition.

* NTT Urban Development Corp. and Synergy Investments purchased the mixed-use building at 185 Dartmouth St. in Boston for an undisclosed amount. The 13-floor property spans 164,671 square feet of rentable area.

Additional coverage

Report: Blackstone to finalize A$3.5B retail portfolio sale mid-JulyColony Starwood to acquire single-family rental home portfolio for $815M: To fund the acquisition, the company announced the launch of an underwritten public offering of around 19.9 million of its common shares.

Easterly Government wraps up $213M purchase of Calif. Facility: The company completed the acquisition June 1.

Nexus REIT to acquire C$147M property portfolio: The company launched a C$55 million bought-deal equity offering and a C$15 million private placement to partially fund the transaction.

Report: Norwegian pension fund, Oxford to pay $160M for Washington, DC, asset: The 135,000-square-foot property is a joint venture between JBG Cos. and ICG Properties, reported, citing an unnamed source.

Lexington Realty sells $59.1M of assets, buys $34.4M industrial facility in Q2: The industrial facility in Cleveland, Tenn., is leased to General Electric Co.