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Va. multifamily asset trades for $47M; Starboard pays $41M for Colo. property


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Essential IR Insights Newsletter - February 2023

Va. multifamily asset trades for $47M; Starboard pays $41M for Colo. property

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

* Aden Park Richmond Associates LP bought 44 acres of multifamily property in South Richmond, Va., including 6004 and 6005 Glenway Court, 449 German School Road, 5511 and 5512 Melmark Road, 261 & 312 Erich Road and 5400 Nutmeg Court for about $46.6 million from Dominion Associates LC, the Virginia Business reported.

* Starboard Realty Partners LLC paid about $40.8 million to Brighton Lease Management LLC to acquire the 1.3 million-square-foot Sears distribution center at 18875 E. Bromley Lane in Brighton, Colo., the Denver Business Journal reported.

* Griffin Industrial Realty Inc. recently added the nearly 234,000-square-foot 220 Tradeport build-to-suit industrial building in its New England Tradeport project in Windsor and East Granby, Conn., and the almost 134,000-square-foot 6975 Ambassador industrial building in the Lehigh Valley of Pennsylvania to its portfolio.

* A joint venture between U.K. private equity real estate investor Henley and Tower 16 Capital Partners acquired the 540-unit Cornerstone Crossing multifamily property in Las Vegas for an undisclosed sum.

* Privately held real estate investment firm Praedium Group LLC purchased the 22-building, 500-unit Trees of Newnan Apartments multifamily community in Newnan, Ga., for an undisclosed amount.

* Private equity firm QuickLiquidity acquired a minority stake in a partnership that owns a tenants-in-common interest in a 424-unit luxury apartment community in Rochester Hills, Mich., for an undisclosed price.

* Seritage Growth Properties agreed to lease 33,000 square feet at The Collection at UTC redevelopment property in La Jolla, Calif. to Equinox.

* Mitsui Fudosan Co. Ltd. unit Mitsui Fudosan America said International Council Of Shopping Centers Inc. signed a lease for the 44,100-square-foot 45th floor of the 1251 Avenue of the Americas property in New York City for its global headquarters. The tenant plans to move in by mid- to late-2019 for a 16-year term.

Additional coverage

Report: China's HNA Group to sell at least US$11B of properties

Kimco Realty fetches $154M from property sales in Q3

American Finance Trust closes $119M of acquisitions in Q3

Toll Brothers to invest $132M in development of 499 Phoenix apartments

Starwood Real Estate Income Trust to buy Fla. multifamily portfolio for $100M