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Calif. retail center sells for $86M; NYC office building trades for $46M

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Calif. retail center sells for $86M; NYC office building trades for $46M

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

* Clarion Partners purchased the 281,000-square-foot Gateway Towne Center shopping center on 33 acres at 101 Towne Center Dr. in Compton, Calif., for $86 million from Prism Realty, The Real Deal reported, citing property records.

* Beekman Real Estate Investment Management acquired a vacant, six-story, 56,000-square-foot office property at 133-135 W. 52nd St. in New York City from MRP Realty and Long Wharf Real Estate Ventures for more than $46 million, The Real Deal reported, citing sources.

* Waterton Associates LLC sold the five-building, 182-unit Sunset Plaza apartment complex at 1234 W. Cameron Ave. in West Covina, Calif., to Goldrich & Kest Industries for roughly $44.9 million, according to Berkadia, which represented the buyer.

* A Fogelman Properties LLC and DRA Advisors LLC joint venture purchased the 328-unit, 95%-occupied Lake Cameron Apartments in Raleigh, N.C., for $43 million, the Memphis Business Journal reported.

* Laird Norton Co. LLC unit Laird Norton Properties paid $28.8 million to Embarcadero Capital Properties and Oaktree Capital Management LP-managed funds for the 23-acre, 96%-leased Blackriver Corporate Center in Renton, Wash., the Puget Sound Business Journal reported. The property is made up of three discontinuous parcels around Powell Ave. Southwest and Southwest Seventh St., with 236,500 square feet of office space.

* TA Associates Realty acquired the 605,048-square-foot Arden Watt Marketplace at 3308-3350 Arden in Sacramento, Calif., from Arden Way LLC for $25 million, the Sacramento Business Journal reported, citing property records.

* Consolidated-Tomoka Land Co. completed the divestment of the roughly 20,000-square-foot Concierge Office Building; the Mason Commerce Center-Building 1 and Mason Commerce Center-Building 2, with nearly 30,720 square feet of combined space; and the 15,360-square-foot Williamson Business Park-Building 1 office building, for about $11.4 million in total, in Daytona Beach, Fla.

* Blue Shield of California leased 28,000 square feet of Vornado Realty Trust's Montgomery Street 315 across two floors in San Francisco for the Blue Shield of California Foundation's headquarters, the San Francisco Business Times reported.

Additional coverage

Foreign investor group plans about $375M token offering to fund NYC hotel buy

Report: Equity Residential sells NYC property for $85M

Nexus REIT to acquire C$64M of acquisitions