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Calif. properties sell for $102M; Phoenix office complex changes hands


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Calif. properties sell for $102M; Phoenix office complex changes hands

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

* Pac West Office Equities LP purchased three buildings in Sacramento, Calif., including 555 Capitol Mall for $78.2 million, 1107 Ninth St. for $19 million and 906 G St. for about $5.0 million, the Sacramento Business Journal reported, citing property records. The properties were acquired from Buzz Oates and Rubicon Partners.

* Admiral Capital Group acquired the 177,312-square-foot, 93%-occupied The Madison class A office complex at 16th St. and Missouri Ave. in Phoenix for $33.1 million, the Phoenix Business Journal reported. A joint venture of EverWest Real Estate investors and CenterSquare Investment Management sold the complex, which consists of two, four-story buildings.

* Resource Apartment REIT III Inc. agreed to buy a 204-unit apartment community in Riverview, Fla., from Kensington Property Holdings LLC for roughly $28.9 million.

* LNR Partners LLC sold the 18-story, 285,497-square-foot, 63%-occupied BB&T Tower office building at 200 W. Forsyth St. in Jacksonville, Fla., to Talara Investment Group LLC for about $24.5 million, The Real Deal reported.

* Phillips Edison Grocery Center REIT III Inc. paid around $19.0 million to Sudbury Crossing Associates Realty Trust II for the 89,952-square-foot, 97.6%-leased Sudbury Crossing shopping center on 9.7 acres in Sudbury, Mass.

* Four Corners Property Trust closed on the acquisition of an Olive Garden and a Taco Bell restaurant properties from Washington Prime Group Inc. for about $4.6 million. The restaurants are part of a 41-property deal the two companies struck in 2017.

Additional coverage

Beverly Hills, Calif., property returns to market with $1B tag

Report: JV paying $900M for full-block property in Manhattan, NY

Hudson Pacific Properties sells 6 buildings in California for $210M

Granite REIT to sell 2 properties to Magna International for US$207M

Armada Hoffler Properties to deliver $117M mixed-use building in Baltimore