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Ariz. apartments sell for $28M; Lion Real Estate sells Calif. asset for $23M

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Ariz. apartments sell for $28M; Lion Real Estate sells Calif. asset for $23M

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

* Tides Equities LLC bought the $27.5 million, 197-unit Arbors apartment complex at 804 W. Arbor St. in Tempe, Ariz., from Western Wealth Capital, the Phoenix Business Journal reported. Tides Equities plans to invest approximately $4 million to renovate the 94%-occupied property and will rename it to The Tides at 5th Street.

* Woodspear Properties acquired the 84-unit Avenue at San Marcos community at 506 E. Barham Drive in San Diego for $23.3 million from Lion Real Estate Group, which exited the San Diego multifamily market following the sale, Multi-Housing News reported.

* LSC Development is selling an industrial property at 62-25 30th Ave. in New York City to Mayer Malbin for approximately $22.8 million, The Real Deal reported.

* Rexford Industrial Realty Inc. purchased a fully-leased property, comprising a 74,527-square-foot freezer/cooler building on 4.33 acres of land at 6100 Sheila St. in Commerce, Calif., for $18.2 million.

* One Liberty Properties Inc. paid $10.0 million to buy a 120,000-square-foot industrial property on 8.64 acres, net leased to a Dufresne Spencer Group Holdings LLC unit, in Green Park, Mo.

* Westmount Realty Capital LLC paid an undisclosed sum to acquire a 12-building industrial property portfolio, encompassing 1.43 million square feet, across Chicago, Cincinnati and Columbus, Ohio.

* Vornado Realty Trust filed plans with the New York City Department of Buildings to add 140,000 square feet to its Two Penn Plaza property in the city, The Real Deal reported. The move is part of the company's plans to eventually combine it with One Penn Plaza to make a 4.4 million-square-foot campus, according to the report.

* Commercial real estate services and investment firm CBRE Group Inc. signed a 55,054-square-foot lease at JBG Smith Properties' trophy office building at 1900 N. St. in Washington, D.C., while law firm Beveridge & Diamond P.C. agreed to take 41,482 square feet at the property.

Additional coverage

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