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NYC office condos sell for $54M; Strategic Storage Trust IV buys $27M Fla. asset

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NYC office condos sell for $54M; Strategic Storage Trust IV buys $27M Fla. asset

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

* Quality Capital USA and AM Property Holding sold two full-floor, approximately 18,000-square-foot office condominiums to Italian eyewear company Luxottica for $36 million, and a third full-floor condominium to Marist College for $18 million, in a 28-story building at 420 Fifth Ave. in New York, The Real Deal reported, citing sources.

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Villas at Legacy in Plano, Texas
Source: Jones Lang LaSalle Income Property Trust Inc.

* Strategic Storage Trust IV Inc. agreed to purchase the nearly 77,900-square-foot Olde Naples Self Storage property, with 660 rental units, at 275 Goodlette-Frank Rd. North in Naples, Fla., for about $27.3 million.

* Rayonier Inc. acquired about 12,416 acres of timberland in southern St. Johns County, Fla., and nearly 5,392 acres in Flagler County, Fla., for $16 million and about $8 million, respectively, from Greenfield Partners LLC affiliate Wilson Green LLC, the Jacksonville Daily Record reported.

* Jones Lang LaSalle Income Property Trust Inc. purchased the 328-unit Villas at Legacy apartment community in the Legacy Business Park in Plano, Texas, for an undisclosed amount.

* Pennsylvania Real Estate Investment Trust is looking to develop about 1,400 multifamily units, over 800,000 square feet of office space, several hundred hotel units and 9,000 structured parking spaces on its 78-acre, almost 92.1%-occupied Springfield Town Center in Springfield, Va., as part of its at least $2.50 billion densification plan, the Washington Business Journal reported, citing a company spokesperson.

Additional coverage

H&R REIT wraps up US$620M sale of 62 retail properties

Chicago-area industrial portfolio sells for $201M

Brack Capital to sell InterContinental-managed NYC hotel for $162.5M

PS Business Parks purchases Va. industrial portfolio for $143M

Crescent Real Estate pays $125M for Denver hotel complex