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Phoenix apartment complex sells for $33M; NC community changes hands for $26M


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Phoenix apartment complex sells for $33M; NC community changes hands for $26M

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

* An Abacus Capital Group LLC affiliate sold the 382-unit Prescott on Thomas apartment complex at 1645 E. Thomas Road in Phoenix to Capital Real Estate LLC for about $33.4 million, the Phoenix Business Journal reported.

* Interurban Cos. bought the 433-unit, 32.5-acre The View at 5010 apartment community in Winston-Salem, N.C., for $26.3 million from Elite Street Capital, the Triad Business Journal reported.

* A Foxrock Properties LLC affiliate purchased the 85,668-square-foot The Courthouse Commons office building at 444 W. Railroad Road in West Palm Beach, Fla., from a joint venture between IP Capital Partners and Fir Tree Partners for about $22.8 million, the South Florida Business Journal reported.

* Plaza Retail REIT sold land and buildings in Ottawa and Perth in Ontario for net proceeds of C$1.6 million during the first quarter and purchased the 50% interest it did not previously own in Northumberland Square for C$5.1 million. The company also agreed to sell eight properties in Alberta for C$12.2 million; a 50% co-ownership interest in a property in Brockville, Ontario, for C$7.0 million; a property in London, Ontario, for about C$972,000; and land in Campbellton, New Brunswick, for C$25,000.

* Alexander & Baldwin Inc. intends to build three two-family condominium homes as part of the $18 million Kahala by the Sea development, on a 1.3-acre lot at 4607 Kahala Ave. in Honolulu, the Pacific Business News reported.

* Saul Centers Inc. agreed to acquire nearly 13.7 acres of land at the intersection of Ashburn Village Blvd. and Russell Branch Parkway in Loudoun County, Va., from B.F. Saul Real Estate Investment Trust for $8.8 million. The land is zoned for up to 115,000 square feet of retail development, and the deal is expected to close in the second quarter.

* Syska Hennessy Group Inc. leased 55,000 square feet of SL Green Realty Corp.'s 1185 Sixth tower in New York City, covering the entire fourth and fifth floors, at an asking rent of $75 per square foot, the New York Post reported.

* KBS Real Estate Investment Trust III Inc. signed leases with new and existing tenants, including Mound Cotton Wollan & Greengrass, Arias Sanguinetti Wang & Torrijos and Innovative Interfaces, for a total of 61,181 square feet at the Towers at Emeryville office building at 1900, 2000 and 2200 Powell St. in Emeryville, Calif.

Additional coverage

CatchMark JV to purchase Texas timberlands for $1.39B

H&R REIT agrees to sell 63 retail properties for US$633M

CIM Group buys Denver towers for $189M

PCCP buys SunTrust International Center in Miami for $127M

True North Commercial REIT to buy Toronto office building for C$85M