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San Francisco asset fetches $64M; Cousins Properties JV buys Ariz. land for $20M


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San Francisco asset fetches $64M; Cousins Properties JV buys Ariz. land for $20M

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

* Swift Real Estate Partners acquired the 103,861-square-foot, nine-story Sharon Building, a historic office property, at 55 New Montgomery St. in San Francisco from Bernheim Cos. for $64.3 million, Commercial Property Executive reported, citing Yardi Matrix.

* Cousins Properties Inc. and Hines Interests LP bought 2.5 acres of land on Mill Avenue and Rio Salado Parkway in Tempe, Ariz., from Hensel-Phelps for $19.5 million, with a view to building a 280,000-square-foot, 15-story office tower and a hotel or multifamily tower, the Phoenix Business Journal reported. Construction on the project is expected to begin in the second quarter of 2019.

* Target Corp. sold its former office campus on the western border of Minneapolis for $22.1 million to The Opus Group, which has commenced a multimillion-dollar renovation of the eight-story building, the Minneapolis/St. Paul Business Journal reported.

* Cominar Real Estate Investment Trust leased 40,000 square feet at 800 Palladium Drive at its Palladium Campus in Kanata, Ontario, to Ford Motor Co. The five-story, 100,000-square-foot building will be open for tenants in fall 2020.

* Shopify Inc. signed a 15-year lease, beginning in 2022, for up to 433,752 square feet at Allied Properties Real Estate Investment Trust and RioCan Real Estate Investment Trust's The Well mixed-use development in Toronto.

Additional coverage

Report: E&M Associates sells NYC apartment portfolio for over $250M

Capital Square 1031 buys CompuCom's South Carolina HQ

Sunstone Hotel sells Va. asset for net sale price of $86M