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BTB REIT sells Quebec asset; Brandywine Realty unloads Pa. properties

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Real Estate News & Analysis: May Edition


BTB REIT sells Quebec asset; Brandywine Realty unloads Pa. properties

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

* BTB Real Estate Investment Trust sold a property at 3627-3645 Des Sources Blvd. in Dollard-des-Ormeaux in the province of Québec for C$7.0 million. The net proceeds will be used to fund future acquisitions in the company's strategic markets.

* The Durst Organization acquired a number of properties in Philadelphia from Brandywine Realty Trust, according to the Philadelphia Business Journal. The properties line the Delaware Riverfront and include piers 12, 13, 14, 15, 19 and 24 which are collectively recognized as the Philadelphia Piers at Penn's Landing.

* Condor Hospitality Trust Inc. off-loaded a Comfort Inn at 1740 New Butler Road in New Castle, Pa., for $2.5 million. The net proceeds from the sale of the 79-room legacy hotel will be used to repay outstanding debt on the company's new $90 million secured credit facility.

* Cousins Properties announced the signing of a 10-year lease with Amgen for a space at Corporate Center, in Tampa, Fla., encompassing 125,000 square feet. Amgen aims to open a new capability center at the Tampa facility in late 2017.

Additional Coverage

Senior Housing Properties lands $261M in JV deal for 2 Boston assets: Senior Housing Properties will continue to own a 55% stake in the properties, which it acquired for approximately $1.13 billion in May 2014.

American Assets Trust to buy San Diego apartment community for $232M: The company will use cash on hand and funds drawn against its existing credit facility to fund the acquisition.

Landgray scores $160M loan on SL Green-controlled NYC property: The loan was provided by AXA Equitable Life Insurance, Bisnow reported.