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American Real Estate Partners buys DC asset; Pro REIT nabs Montreal complex

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American Real Estate Partners buys DC asset; Pro REIT nabs Montreal complex

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

* American Real Estate Partners purchased Union Center Plaza I at 810 First St. NE in Washington, D.C., for $64.3 million from an affiliate of American Realty Advisors, Washington Business Journal reported, citing the D.C. Recorder of Deeds. The property spans roughly 191,000 square feet and is leased by the district for its Department of Insurance, Securities and Banking and its office of the State Superintendent of Education. The tenants are scheduled to move out in October 2018.

* Pro Real Estate Investment Trust agreed to acquire Trans-Canada Highway 8150-8120, a two-building commercial mixed-use complex with a gross leasable area of 125,554 square feet on 332,206 square feet of land, in Montreal for C$8.7 million, representing a going-in capitalization rate of 6.3%.

Trans-Canada Highway 8150, with about 84,731 square feet of gross leasable area, has approximately 78,000 square feet of office space and 7,000 square feet of warehouse space. It is fully leased to two tenants. Trans-Canada Highway 8120 is vacant and has 40,823 square feet of office and warehouse space. The company will finance the acquisition with cash on hand and a 3.6% C$5.6 million five-year first mortgage loan.

* An affiliate of Principal Real Estate Investors LLC sold the 151,456-square-foot industrial center on an 8.8-acre site at 2800 SW 42nd St. in Hollywood, Fla., to an affiliate of TA Realty LLC for $21 million, the South Florida Business Journal reported.

* Allen Harrison Co. has begun building a five-story, 293-unit apartment complex on about three acres of land at 2220 Pinegate Dr. in Houston, Houston Business Journal reported. The project is valued at more than $40 million.

* Weingarten Realty Investors sold a 36,900-square-foot building in the Carrollwood community of Tampa, Fla., for an undisclosed amount. The building sits on 6.33 acres of land and is 100% occupied by Whole Foods Market.

* Urstadt Biddle Properties Inc. plans to build a self-storage facility with 120,000 square feet of space on a land parcel it agreed to purchase on Sidney St. in Stratford, Conn., ctpost reported.

* Duke Realty Corp. signed a lease with a joint venture between Siemens Corp and Chromalloy Gas Turbine Corp. for 210,723 square feet of the 337,447-square-foot Tampa Regional Industrial Park 13111 in Tampa. The company signed another lease for 63,362 square feet at the same property with Ralph's Transfer, a cargo and freight transportation company.

* Liberty Property Trust signed a long-term lease with COKeM International Ltd. for 162,000 square feet of space at Valley Park Business Center, in Shakopee, Minn. The COKeM lease will bring the occupancy rate of the 197,000-square-foot industrial building to 100%.

Additional coverage

Equus Capital divests $467M portfolio of 22 Pa. assets

Report: NYC boutique hotel to be sold for nearly $200M

CAPREIT purchases Tenn. apartment complex for $48M