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Morguard buys Chicago mixed-use asset for C$287M

Morguard Corp. detailed its latest property transactions, including the acquisition of a pair of properties and sale of four assets across the U.S.

In July, the company acquired a Chicago mixed-use asset with 515 suites and 18,000 square feet of commercial area for C$286.8 million and a Falls Church, Va., property with 104 suites and 32,000 square feet of commercial area for C$55.7 million. The purchase prices for the Chicago and Falls Church acquisitions exclude closing costs and were partially funded with new mortgages amounting to C$157.9 million and C$30.6 million, respectively.

Also in July, Morguard sold four properties totaling 1,329 suites in Mobile, Ala., for C$89.7 million in gross proceeds.

Subsequent to the second quarter, the company also signed deals to buy a 492-suite residential property in Rockville, Md., for US$129.0 million, excluding closing costs, and a 74,500-square-foot office property in Oakville, Ontario, for C$18.5 million, excluding closing costs. Both transactions are slated to close in the third quarter.