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Blackstone unit sells office portfolio for $39M; R&R REIT adds hotels for $35M

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

* A Blackstone Group LP unit sold 6222, 6244 and 6464 Redmont East 185th Ave. NE in Redmond, Wash., for $39.2 million, the Daily Journal of Commerce reported, citing King County records.

* R&R Real Estate Investment Trust completed the acquisition of a portfolio of nine economy extended-stay hotels for about US$35.1 million from vendors controlled by its executive chairman. The hotels offer 1,020 rooms across the U.S.

R&R funded the acquisition with US$2.6 million in cash, assumption of roughly US$15.1 million of existing mortgage debt, issuance of about US$9.4 million of class B limited partnership units to the vendors and through a US$8.0 million vendor-take back loan.

* RW HOLDINGS NNN REIT Inc. completed the acquisition of a 72.7% tenant-in-common interest in three industrial and office buildings, with roughly 91,740 of rentable square feet, on two parcels of land in Santa Clara, Calif., for about $29 million. The properties are expected to generate about $18.2 million in total rental revenue over the remaining terms of their leases.

* The RADCO Cos. purchased the 336-unit Reflections Apartments in Casselberry, Fla., from GoldOller Real Estate Investments for $36.4 million.

* SL Green Realty Corp. signed new lease agreements with three financial firms at 600 Lexington Ave., East 52nd St., New York Real Estate Journal reported. GLC Advisors & Co. Holdings LLC signed a seven-year lease for 12,487 square feet on the ninth floor of the building, KCL Capital signed a five-year lease for 6,780 square feet on the 28th floor, and NexPhase Capital LP signed a five-year deal for the 12th floor, raising the occupancy rate of the building to almost 99%.

* Waterton and Walton Street Capital LLC acquired Loews Madison, a 356-room hotel in downtown Washington, D.C., for an undisclosed price, and rebranded it to The Madison, a Hilton Hotel. The hotel, at 1177 15th St. NW, received more than $75 million in capital improvements over the last 15 years and features 12,000 square feet of meeting space, a business center, two lobby bars, a coffee shop and a fitness center.

* Berkshire Group purchased K2LA, a 177-unit, six-story mid-rise property in the Koreatown neighborhood of Los Angeles, and renamed it Berkshire K2LA. The property, at 685 New Hampshire, was purchased for an undisclosed amount.

Additional coverage

Duke Realty to acquire $700M of logistics centers from Bridge Development

Apple store building in Paris on market for €700M

New York REIT to sell 2 NYC office assets to Columbia Property for $500M

HSBC, partner target $445M from NYC trophy asset stake sale

Xenia Hotels acquires hotels in Arizona, Virginia for $410M