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Ramco-Gershenson details post-quarter sales; Franklin Street to sell Md. asset

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Ramco-Gershenson details post-quarter sales; Franklin Street to sell Md. asset

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

* After the second quarter, Ramco-Gershenson Properties Trust off-loaded or placed under contract four Michigan shopping centers for $69.3 million and sold a Walgreen’s Data Center in Mount Prospect, Ill., for $6.2 million.

The Michigan properties include the 205,000-square-foot Clinton Valley anchored by Hobby Lobby and Office Depot in Sterling Heights; the 60,000-square-foot Gaines Marketplace anchored by Staples in Gaines Township; the 193,000-square-foot New Towne Plaza anchored by Kohl's and JoAnn in Canton; and the 77,000-square-foot Roseville Plaza anchored by Marshalls and Dollar Tree in Roseville.

* Franklin Street Properties Corp. struck an agreement for the possible sale of its noncore asset at 120 E. Baltimore St., in Baltimore, Md., for roughly $32.8 million.

* Extra Space Storage Inc. purchased an operating store and a store at completion of construction for an aggregate of roughly $18.3 million in the second quarter.

* Preferred Apartment Communities Inc. closed on a loan investment of up to roughly $17.9 million in relation to Newport Development Partners' plans to develop a 258-unit class A multifamily community in Atlanta. After the investment, Preferred Apartments secured an option to acquire the Atlanta property following stabilization at a discounted price to market.

* Northview Apartment REIT completed the sale of a noncore hotel asset in Iqaluit, Nunavut, for C$14.9 million and completed the acquisition of a six-property portfolio in New Brunswick for C$31.4 million. The portfolio comprises 327 units and increases Northview's Moncton portfolio to 1,176 units.

* Camden Property Trust is to start work on a 20-story, 550-unit residential tower at 1521 Austin & 1404 Leeland in downtown Houston, after work on the property was delayed due to Houston's recent real estate market slump, Chron.com reported. The construction of the planned residential property is slated to begin in the fourth quarter, with leasing to start at the end of 2019.

Additional coverage

Foxconn plans $10B Wisconsin technology campus

Federal Realty to invest $345M in new JV with Primestor Development

STAG Industrial buys 21 buildings for $286M in Q2

Hotel portion of NYC asset sells for $200M

FelCor unloads NY hotel for $55M