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Terreno picks up NJ land parcel; Slate Retail to reinvest Ala. property sale proceeds

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Terreno picks up NJ land parcel; Slate Retail to reinvest Ala. property sale proceeds

This feature rounds uprecent property news from covered companies and highlights larger deal coveragealready published.

* Terreno RealtyCorp. said March 28 that it paid roughly $9.3 million to buy about 4.5acres of paved land in Elizabeth, N.J., with an estimated 5.9% stabilized cap rate.The land parcel at 901 North Ave. is fully leased to a single tenant.

* Slate RetailREIT said March 28 that it sold Madison Centre in Madison, Ala., generating about US$9.1million in gross proceeds, with an estimated cap rate of 6.4%. The company plansto reinvest the net proceeds from the sale on a tax-deferred basis.

* CommunicationsSales & Leasing Inc. inked a roughly $3 million deal with WindstreamHoldings Inc. for the ownership and operating rights to 81 of the latter's wirelesstowers. The deal, pending regulatory approvals and other normal conditions, is anticipatedto close in April, according to a March 29 release.

The transaction involves the purchase of 32 towers and operatingrights for 49 towers that were conveyed to the company during its April 2015 from Windstream. It alsoprovides Communications Sales & Leasing with rights to build and operate wirelesstowers on about 1,000 assets it exclusively leases to Windstream.

Additional coverage:

Prologis deliverslogistics facility at French park: A distribution center was completedfor a Dutch retailer, according to a report from Property Week.

Report: Regulatorycommission could derail Anbang's plans: The China Insurance RegulatoryCommission could reject Anbang's recent efforts abroad, including its designs onStarwood Hotels and Strategic Hotels, Caixin reported.

Brookfield CanadaOffice Properties completes Royal Centre sale: The sale generated netproceeds of C$285 million.

ARC New York CityREIT inks $180M deal for NYC asset: The Midtown Manhattan, N.Y., propertyis being acquired from an affiliate of Blackstone Real Estate Partners VI LP.

Phillips EdisonGrocery Center REIT II forms JV with TPG Real Estate: A Phillips EdisonGrocery Center REIT II subsidiary contributed to the joint venture its interestsin six shopping centers valued at $94.3 million.

First Potomac off-loadsnoncore NoVa portfolio: The company netted $90.5 million from the sale,and it plans to use the proceeds to redeem a portion of its remaining 7.75% seriesA preferred shares.

Investors RealEstate buys Minn. multifamily portfolio for $72.5M: In addition, thecompany sold a student housing portfolio in St. Cloud, Minn., for $5.6 million.

Forest City completes$56.5M sale of Cleveland specialty retail center: The sale is expectedto generate net proceeds after commissions and customary closing costs of approximately$52.9 million.

Griffin CapitalEssential Asset REIT II buys NC property for $35.8M: The property wasbought Jan. 21 and is leased to Toshiba TEC Corp. in its entirety on an absolute-netbasis.

Liberty Propertyacquires industrial property near Chicago's O'Hare airport: FranklinPark Distribution Center is 53% leased.

Hyatt to acquire,rebrand Miami Beach hotel: The company agreed to acquire the ThompsonMiami Beach hotel from an affiliate of Geolo Capital.

Sienna Senior Livinginks deal to divest home care business: The company signed a definitiveagreement to sell its home care business, Preferred Health Care Services, to SpectrumHealth Care LP.

National Healthdiscloses $14M mezzanine loan for SC development project: The companyentered into the loan with existing tenant Senior Living Communities.

Alexandria RealEstate, TMG Partners submit revised plans for new Calif. mixed-use project:The companies are developing a mixed-use project in San Francisco's South of Marketneighborhood.

Maplewood unitholders OK Dutch asset sale, REIT termination: The company said itsunit holders unanimously approved the resolution.