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Hollywood complex sells for $90M; Emerald Equity pays $62M for NYC assets


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Hollywood complex sells for $90M; Emerald Equity pays $62M for NYC assets

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

* A trust fund managed by JPMorgan paid $90.3 million to acquire the 336-unit apartment complex at 2300 N. 29th Ave. in Hollywood, Calif., from Ram Realty Services and Pinnacle Housing Group, The Real Deal reported, citing property records.

* Emerald Equity Group purchased three rental buildings at 320 and 346-354 Manhattan Ave. and 312-314 W. 114th St. in New York, comprising a total of 130 apartments, for $61.5 million from Orbach Group, The Real Deal reported.

* Fairfield Residential bought a 9.3-acre land parcel at the former Totem Lake Mall in Kirkland, Wash., for $42.7 million and plans to construct 650 apartments in two mid-rise buildings on the site, the Puget Sound Business Journal reported, citing a deed that King County recorded.

* The Domain Cos. acquired a $26.5 million, 42,000-square-foot vacant warehouse property at 545 Sackett St. in Brooklyn, N.Y., Crain's New York Business reported.

* Innovative Industrial Properties Inc. paid $15.0 million to acquire a property comprising roughly 358,000 square feet of greenhouse and industrial space at 5900 W. Greenhouse Dr. in Willcox, Ariz. The company also entered into a long-term, triple-net lease deal with a unit of The Pharm, which plans to continue to operate the property as a medical-use cannabis cultivation and processing facility.

* RioCan Real Estate Investment Trust sold a 50% stake in its 740 Dupont Ave. mixed-use development project in Toronto to Woodbourne Canada Partners for C$8.8 million.

* National Health Investors Inc. purchased the 32-unit Spring Arbor of Durham assisted living and memory care community in Durham, N.C. The company will add the community to an existing master lease with some 14 years remaining at a blended yield of 7.15%.

* Telaria Inc entered into a lease agreement with Advance Magazine Publishers Inc. for about 26,664 square feet of its principal executive offices at 222 Broadway in New York. The lease term is set to start Jan. 3, 2018, and ends July 29, 2029.

Additional coverage

Penn National agrees to acquire Pinnacle Entertainment for $2.8B

Cominar REIT eyes C$1.14B from sale of noncore portfolio

Fairmont Hotel in San Jose, Calif., to sell for $250M

Terreno Realty buys Calif. industrial property for $38M