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First Industrial sells 22 buildings for $56M; Equity LifeStyle buys 3 assets


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First Industrial sells 22 buildings for $56M; Equity LifeStyle buys 3 assets

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

* First Industrial Realty Trust Inc. said in its second-quarter earnings release that it bought 158 acres of land with potential development size of 2.2 million square feet for $16.3 million, and sold 22 buildings spanning 785,000 square feet for $55.6 million. A joint venture between the company and Mitsubishi Corp.'s real estate investment arm acquired 532 acres at the PV-303 business park in Phoenix for a total of $49.0 million, and sold a 21-acre site for $1.9 million, at the company's share. First Industrial also sold a 54,000-square-foot building and a parcel of land for a total of $3.4 million.

* Equity LifeStyle Properties Inc. acquired the 613-site Holiday Travel Park recreational vehicle resort in Holiday, Fla., for $22.5 million in April, and the 425-site Serendipity manufactured home community in Clearwater, Fla., for $30.7 million in March. The company also bought the 229-site Kingswood manufactured home community in Riverview, Fla., for $17.5 million in March.

* The Engel Burman Group LLC acquired a six-building apartment portfolio at 1622-1632 York Ave. in the Upper East Side of Manhattan, N.Y., for $46.5 million, The Real Deal reported, citing property records.

* Baptist Health is under contract to acquire a 2.8-acre development site at 250 Bird Road, 4101 Salzedo St. and 4112 Aurora St. in Coral Gables, Fla., for $41.5 million, The Real Deal reported.

* Harrison Street Real Estate Capital LLC paid about $27 million for the 170-unit, 318-bed Century Hall student residence hall at Arizona State University - Polytechnic Campus in Mesa, Ariz.

* Torchlight Investors LLC provided $23 million in financing for the acquisition of a 576-unit, 32-acre multifamily apartment complex comprising 27, three-story buildings in Germantown, Md. The company joined hands with Hampshire Properties for the acquisition.

* Alexandria Real Estate Equities Inc. acquired the 45,000-square-foot Pacific Commercial Building at 220 2nd Ave. S. in Seattle from an affiliate of HAL Real Estate for $20.5 million, the Puget Sound Business Journal reported, citing a King County deed.

* Getty Realty Corp. paid $2.7 million to purchase fee simple interests in two properties.

* FIBRA Prologis purchased a 100%-leased, 269,200-square-foot, class A building with excess land of 47,900 square feet for US$13.9 million in Prologis Park Arrayanes in Mexico.

* Kilroy Realty Corp. leased 100,850 square feet of office space at 250 Brannan St. in San Francisco for 12 years to an undisclosed publicly traded multinational software company.

Additional coverage

Apartment Investment and Management wraps up $590M deal with Related Cos.

Report: Brooklyn, NY, industrial park could sell for about $250M

Kilroy Realty to buy Dropbox building in San Francisco for $146M

JLL Income Property Trust forms suburban Boston apartment JV with Nordblom

Lennar to develop 1,000-unit community in southwestern Florida