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Griffin-American Healthcare REIT IV buys portfolio; NYC asset to sell for $53M

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

* Griffin-American Healthcare REIT IV Inc. completed the acquisition of a 2.7 million-square-foot portfolio, comprising 45 properties spread across 16 states for about $536.1 million, as of May 15. Subsequent to the close of the first quarter, the company closed on the acquisition of three medical office buildings for about $47.4 million and is also pursuing about $204.7 million in additional pending acquisitions.

* Lightstone Group LLC is poised to sign a deal to acquire a 223-unit multibuilding multifamily package totaling about 234,000 square feet near the Pelham Parkway in New York City from Bronx River Management Corp. for $53 million, The Real Deal reported, citing unnamed sources.

* A joint venture between Crown Properties, Inc. and Trevian Capital LLC acquired a 94%-occupied multifamily portfolio comprising three properties with 407 units in Elgin, Ill.; Madison, Wis.; and Chesterton, Ind., for nearly $34.7 million. The buyers plan to spend more than $3.5 million in upgrades to the portfolio.

* Duke Realty Corp. paid $22.8 million to acquire two industrial properties spanning 119,431 square feet at 500 and 700 Burning Tree Road in Fullerton, Calif., from a private owner, Commercial Property Executive reported.

* A joint venture between DDR Corp. and Madison International Realty sold the 90,566-square-foot Clearwater Crossing shopping center in Flowery Branch, Ga., to Forum Management Group for about $16.9 million.

* Capital Square 1031 acquired nine medical office buildings totaling approximately 67,298 square feet across Texas, Tennessee, New York, Michigan and Mississippi, for an undisclosed amount. The buildings are 100% leased to Fresenius Medical Care.

* St. Joe Co. will develop a new active adult community, to be called LATITUDE MARGARITAVILLE Watersound, in Bay County, Fla., in partnership with Minto Communities USA and Margaritaville Holdings, with opening slated for early 2020.

* Howard Hughes Corp. broke ground on Central Plaza at its 60-acre master-planned Ward Village in Honolulu, the Pacific Business News reported. The first phase of the development involves construction with grass and native landscaping on 1.5 acres.

* BitSight Technologies signed a 48,000-square-foot lease at Boston Properties Inc.'s 111 Huntington Ave., part of the Prudential Center complex in Boston, with plans to move its global headquarters to the building toward the end of the year.

* Playboy Enterprises Inc. will sublease approximately 40,000 square feet of space at Douglas Emmett Inc.'s 10960 Wilshire in Los Angeles, The Real Deal reported, citing CoStar.

Additional coverage

Tricon Capital Group to further tap into $3 trillion US rental housing market

Simon unveils $4B+ plan to upgrade properties

Report: Hilco Real Estate JV seeking $125M for Chicago office tower

Calif. property changes hands for $100M

Marriott unit sells Montreal hotel for C$92M