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Pendulum pays $100M for office campus; Seavest buys office asset for $49M


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Pendulum pays $100M for office campus; Seavest buys office asset for $49M

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

* Pendulum Property Partners LLC paid more than $100 million to acquire the four-building, roughly 327,000-square-foot StoneCrest office campus in San Diego County's Kearny Mesa submarket from TH Real Estate, Bisnow reported.

* Seavest Investment Group LLC purchased the seven-story, 87,190-rentable-square-foot office property at 939 Ellis St. in San Francisco from a joint venture between Columbia Pacific Advisors LLC and Long Market Property Partners LLC for $49 million.

SNL Image
Office building at 939 Ellis St. in San Francisco
Source: NKF Capital Markets

* A CAPREIT Inc. affiliate purchased the 95-unit apartment property at 15464 Galaxie Ave. in Apple Valley, Calif., from a Trident Development affiliate for about $17.4 million. The 168,324-square-foot building is the second phase of the Remington Cove Apartments, the Minneapolis/St. Paul Business Journal reported.

* JVM Realty Corp. acquired the 340-unit The Landing at Briarcliff apartment complex in Kansas City, Mo., from the property's majority owner, Woodbury Strategic Partners, for an undisclosed amount, the Kansas City Business Journal reported.

* Silverstein Properties Inc. bought the ground lease of a seven-parcel, 390,906-square-foot development site between Steinway Street and 42nd Street that offers more than 1.5 million square feet in commercial development rights in the New York City borough of Queens, The Real Deal reported, citing property records.

* Two entities managed by Brookfield Property Partners LP and Thayer Lodging Group Inc. plan to transform the 1,000-room Diplomat Resort & Spa hotel that sits on a 19.1-acre site at 3555 S. Ocean Dr. in Hollywood, Fla., into a mixed-use activity center that will include 1,500 hotel rooms, 350 residential units, 75,000 square feet of commercial and office space, and an existing convention center, the South Florida Business Journal reported.

Additional coverage

Los Angeles pension fund sells 50% of $500M multifamily real estate portfolio

Oaktree Capital buys 2 Dallas office buildings in 1st north Texas move

Ocean West Capital Partners affiliate buys eBay-leased complex for $133M

Strategic Student & Senior Housing unit buying Ore. asset for $92M

Griffin-American Healthcare REIT IV unit to buy Mo. skilled nursing portfolio