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Westmount nabs 21-building Chicago portfolio; Eastone to buy NY site for $23M

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Westmount nabs 21-building Chicago portfolio; Eastone to buy NY site for $23M

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

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The StateView Hotel
Source: Noble Investment Group LLC

* Westmount Realty Capital LLC acquired a 21-building, 82%-occupied, 2.35 million-square-foot industrial portfolio in greater Chicago for an undisclosed price.

* Long Island-based real estate investment company Eastone Capital Partners will purchase a development site at 141-57 Northern Blvd., in the Flushing neighborhood of Queens, N.Y., for $23 million, The Real Deal reported, citing a source familiar with the deal. The approximately 23,000-square-foot site will be demolished and converted into a retail and condominium project upon completion of Bank of America's existing lease, which expires in two years.

* Another development site at 45-57 Davis St., in Long Island City in Queens, N.Y., will be acquired by Vorea Holdings for $21 million, The Real Deal reported, citing a source familiar with the deal. The 108,000-square-foot site, currently occupied by a one-story warehouse, is expected to be demolished and built into an estimated 150-unit residential building by the end of next year.

* Albany Road Real Estate Partners acquired the 10-story, 168,000-square-foot Hillcrest Tower office building at 12720 Hillcrest Rd. in Dallas for an undisclosed price, Commercial Property Executive reported.

* Allied Properties REIT and Westbank secured a 12-year lease with Thomson Reuters for roughly 146,000 square feet of office space at the to-be-developed Duncan House project at 19 Duncan St. in Toronto. The 24,803-square-foot site and 62,000-square-foot heritage structure will have 21,000 square feet of gross leasable area for retail and 462 residential rental units. The tenant is likely to move in sometime in early 2021.

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250 W. 57th St., New York
Source: Empire State Realty Trust Inc.

* Empire State Realty Trust Inc. signed a long-term lease with the American Society of Composers, Authors and Publishers for 85,400 square feet over four floors at 250 West 57th Street-Office in New York.

Additional coverage

Columbia Property JV buys DC building for $421M, NYC offices for $514M

Report: SL Green's 600 Lexington Ave. office tower is up for sale

Weyerhaeuser redeems ownership interest in Twin Creeks JV, inks $202.5M sale

Vornado sells Culver City, Calif., office building for $148M

True North Commercial to pay C$106M for 5 Canadian office assets