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Atlanta plaza trades for $75M; Stock Development sells Fla. community for $71M

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Atlanta plaza trades for $75M; Stock Development sells Fla. community for $71M

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

* The Dilweg Cos. purchased the 409,579-square-foot, 59%-leased Pershing Point Plaza in Atlanta for $75 million, the Atlanta Business Chronicle reported, citing unnamed sources. The building was owned by California State Teachers' Retirement System, the report added, citing Fulton County.

* Stock Development sold the 324-unit Spectra multifamily community at 5500 Spectra Circle in Fort Myers, Fla., to Coastal Ridge Real Estate and H. Katz Capital for $71 million, Columbus Business First reported.

* Halle Building Co. sold the Reserve at Ellis Crossing apartment complex, part of a 300-acre site at the edge of Research Triangle Park on Ellis Rd. in Durham, N.C., for about $61.3 million to a Duck Pond Realty Management unit, the Triangle Business Journal reported.

* An affiliate of Equus Capital Partners sold an 80,878-square-foot office and research-and-development building 100% leased to Cisco Systems at 3003 Bunker Hill Ln. in Santa Clara, Calif., for about $41.0 million to Bunker Hill Lane Property LLC, the Silicon Valley Business Journal reported.

* Hidrock Properties purchased a development site with a retail condominium and a 13-unit residential condo at 112 Liberty St. in New York for $38.5 million, The Real Deal reported, citing property records.

* AIG Global Real Estate purchased the five-story, 141-room DoubleTree by Hilton Hotel Minneapolis-University Area for $38.3 million, the Minneapolis/St. Paul Business Journal reported, citing a certificate of real estate value.

* Blackfin Real Estate Investors bought the 301-unit Montclaire Estates residential community at 8508 Lodge South Circle in Charlotte, N.C., for $24.2 million, the Charlotte Business Journal reported, noting that the property will be rebranded The Flats at Arrowood.

* A Kimco Realty Corp. arm sold Talavi Town Center in Glendale, Ariz., to Talavi Bell LLC for $21.9 million, the Phoenix Business Journal reported.

* The operating partnership of Sterling Real Estate Trust, which does business as Sterling Multifamily Trust, acquired the three-building Thunder Creek Apartments totaling 57 units in Fargo, N.D., for approximately $4.6 million.

* Welltower Inc. and Hines broke ground on Sunrise at East 56th, a 16-story tower at 139 E. 56th St. in Midtown Manhattan, N.Y., with development scheduled for completion in early 2020. The property, also known as The Welltower, will house the area's first purpose-built assisted living and memory care community, according to a release.

Additional coverage

Sotherly Hotels closes $80M Arlington, Va., hotel acquisition

PS Business Parks nets $42M from sale of Calif. business park