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Simon's Minn. mall adds athletic resort; Sienna Senior buys 2 Ontario properties


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Real Estate News & Analysis: May Edition

Simon's Minn. mall adds athletic resort; Sienna Senior buys 2 Ontario properties

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

* Simon Property Group Inc. plans to turn a J.C. Penney store at Southdale Center in Edina, Minn., into a three-level, 120,000-square-foot athletic resort. The resort is expected to open its doors in early 2019.

* Sienna Senior Living Inc. completed its acquisition of Rosewood Retirement Residence, a 68-suite retirement home in Kingston, Ontario, for C$9.8 million.

The company also agreed to acquire another retirement residence in Bobcaygeon, Ontario, for C$21 million. The deal for Retirement Suites of Kawartha Lakes is set to close in the third quarter and is projected to generate an unlevered yield of 7.1%.

* Sotherly Hotels Inc. agreed to buy the commercial unit of Hyde Beach House Resort & Residences, which is under construction in Hollywood, Fla., for $5.10 million from 4000 South Ocean Property Owner LLLP. The deal is expected to close in the second quarter of 2019 when construction on the planned 342-unit condominium hotel is completed.

* Sterling Real Estate Trust, doing business as Sterling Multifamily Trust, picked up Essex Apartments in Fargo, N.D., for $882,000 through its operating partnership.

* Mack-Cali Realty Corp. is looking to off-load Horizon Center, a mixed-use property in Hamilton, N.J., Commercial Property Executive reported. Horizon Center Business Park includes six office/flex buildings and two development sites.

* Domino's inked a long-term lease agreement at Liberty Property Trust's new 182,000-square-foot class A industrial building at 1075 King George Post Road at Raritan Center in Edison, N.J.

Additional coverage

Boston Properties JV closes $2.3B refinancing of NYC building: The loan is due June 9, 2027.

Slate Retail REIT to buy grocery-anchored portfolio in C$105M deal: The properties are spread across the company's existing markets in Florida and Pennsylvania.

Fla. apartment tower changes hands for $134M: The seller is a joint venture between Stiles and Rockefeller Group, the South Florida Business Journal reported.

Dream Global to acquire German office complex for €92M: The deal is likely to close in early July.

Pure Multi-Family to pay US$49M for Texas multifamily community: The deal is likely to close in early July.