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City Office REIT buys Dallas office tower; Gladstone sheds NJ industrial asset


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City Office REIT buys Dallas office tower; Gladstone sheds NJ industrial asset

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* City Office REIT Inc. acquired the eight-story office tower spanning 111,722 square feet at 2525 McKinnon St. in uptown Dallas from Talon Private Capital for an undisclosed sum, the Dallas Business Journal reported. The property, which sits on 0.86 acres of land, was last valued at $22 million, the publication noted, citing the Dallas Central Appraisal District.

* Gladstone Commercial Corp. off-loaded its single-tenant, class B industrial facility covering 183,000 square feet in Franklin Township, N.J., for $12.8 million. The company realized a roughly 24% levered internal rate of return on its investment in the property.

* Global Medical REIT Inc. recently closed on roughly $103.5 million of property acquisitions and signed deals to acquire five other assets. During the first quarter, the company acquired the Geisinger imaging center and clinic in central Pennsylvania and Southwest Florida Neurological & Rehabilitation Associates in Cape Coral.

The company is also under contract to buy the Oklahoma Center for Orthopedic & Multi-Specialty Surgery in Oklahoma City; Las Cruces Orthopedic Associates in New Mexico; the two-story Thumb Butte Medical Center in Prescott, Ariz.; the South Lake Heart & Vascular Institute in Clermont, Fla.; and the Great Bend Regional Hospital in Kansas.

* Consolidated-Tomoka Land Co. paid $4.1 million at a cap rate of 7.1% for a downtown Sarasota, Fla., retail building which is fully leased to a Staples Inc. affiliate. The roughly 18,120-square-foot property sits on about 1.20 acres along Fruitville Road.

Separately, the company bought the golf course land at LPGA International Golf Club, which it previously leased from the City of Daytona Beach, for about $1.5 million. The acquisition terminates Consolidated-Tomoka's lease with the city and eliminates the company's roughly $2.2 million accrued liability tied to the straight-line rent on the lease.

* FibraHotel launched the 144-room Fiesta Inn Puerto Vallarta select-service hotel in Jalisco, Mexico. The property is operated by Grupo Posadas and is the 31st operational hotel under the company's Fiesta Inn brand.

Additional coverage

Report: SL Green looking to sell $1B stake in NYC tower: The company has hired brokers to market the stake in the 1515 Broadway tower in Manhattan's Times Square, according to Crain's New York Business.

Trump starts move of NYC real estate holdings into personal trust: Meanwhile, Trump's son-in-law, Jared Kushner, sold his stake in a Manhattan, N.Y., office and retail property he co-owns with Vornado, Thompson Reuters' IFR reported, citing a Kushner Cos. spokesperson.

Paramount Group selling Rosslyn, Va., office building for $460M: The company did not disclose the buyer, but an earlier report from Real Estate Alert indicated that Morgan Stanley Real Estate won the bid for the 24-story property.

Columbia Property exits Cleveland with $267.5M Key Center Tower sale: The company sold the 1.3 million-square-foot, class-A office tower and the adjacent 400-room Marriott Hotel to Millennia Housing Development Ltd.

Pure Industrial Real Estate to acquire Atlanta asset for C$52.5M: The company also agreed to a partial stake sale of six assets in Alberta and Ontario for about C$56.7 million in net proceeds, before closing costs.

QTS Realty pays about $50M for Texas data center: The transaction creates a new strategic relationship between the company and the insurer Health Care Service Corp., which sold the facility.

GGP logs Q4'16 FFO per share flat with year-ago quarter: The company also offered guidance for the first quarter and the full year 2017.

Brandywine Realty narrows FY'17 guidance, details recent property transactions: The company disclosed a 50% stake sale in the Parc at Plymouth unconsolidated real estate venture for $100.5 million, among other transactions.

Cole Credit Property Trust IV buys Wis. shopping center for $37.5M: The property was potentially headed for foreclosure had the deal not closed, the Milwaukee Business Journal reported, citing the servicer of a loan on the asset.