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Spirit Realty offloads 48 assets for $110M in Q2; DCT sells 7 buildings for $62M


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Spirit Realty offloads 48 assets for $110M in Q2; DCT sells 7 buildings for $62M

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

* Spirit Realty Capital Inc.offloaded 48 properties for gross proceeds of $109.6 million during the second quarter, including 33 income-producing properties for $97.9 million, with a weighted average capitalization rate of 7.14%, and 15 unoccupied and non-income-generating properties for $11.7 million.

The company also invested $92.8 million in nine properties, with a remaining average lease term of 12.9 years, through seven deals that earned an initial weighted average cash yield of around 6.98%.

* DCT Industrial Trust Inc. off-loaded seven buildings totaling 1.3 million square feet subsequent to the first quarter. The deals generated gross proceeds of $61.9 million and have an expected year-one weighted-average cash yield of 6.4%.

DCT also purchased a 73,000-square-foot building in the 880 Industrial Corridor submarket of Northern California for $11.1 million. The property is fully occupied and DCT anticipates a year-one cash yield of 5.1%.

* BTB REIT picked up a retail building in St. Hubert on the south shore of Montreal for C$23.2 million. 1949-1979 F.X. Sabourin Street is 100% occupied with an estimated leasable area of 123,000 square feet and houses retailers such as Sportium (SAIL), Ashley Furniture and Dormez-vous.

* Preferred Apartment Communities Inc. closed on a loan investment of up to roughly $15.6 million in connection with the company's planned development of a 224-unit class A multifamily community in Fort Myers, Fla.

After closing on the investment, the company secured an option to acquire the multifamily community, following stabilization, at a discounted price to market.

* Slate Office REIT sold an unoccupied industrial building at 7001 96th Street in Grande Prairie, Alberta, for C$4.4 million, subsequent to quarter-end.

Additional coverage

Paramount Group gets board OK to buy back up to $200M of common shares

Monogram Residential pays $80.5M for Fla. multifamily asset

Federal Realty closes SoCal JV with Primestor Development

Morguard purchases Ontario office building for C$67M

Monmouth pays $41M for NC industrial property