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Fla. residential asset sells for $35M; NJ office tower trades hands

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Fla. residential asset sells for $35M; NJ office tower trades hands

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

* Epoch Residential sold the four-story, 200-unit Station House multihousing property at 188 E. Crystal Lake Ave. in Lake Mary, Fla., for about $35.4 million to Robbins Property Associates.

* A joint venture between Mack-Cali Realty Corp. and an affiliate of The Praedium Group LLC sold the sixth through 22nd floors of the class A, 22-story, 423,028-square-foot One Newark Center office tower in Newark, N.J., to Beijing Ideal Group for an undisclosed amount, CityBizList reported. Cushman & Wakefield also secured $66.6 million of financing for the Chinese investor through Morgan Stanley Bank NA on the building, according to a release.

* Preferred Apartment Communities Inc., through a subsidiary, acquired the 26,895-square-foot, 98%-leased Crossroads Market shopping center in Naples, Fla., through a 3.95%, 12-year, $19.0 million loan from Nationwide Life Insurance Co.

* Genesis Land Development Corp. agreed to sell an 8.18-acre site and a 1.4-acre site in the Sage Meadows community of Calgary, Alberta, for a total of about C$10.5 million to an unnamed third party, as part of the Genesis Sage Meadows development project. The deal is expected to close in the second quarter of 2018.

* Jernigan Capital invested $8.7 million in a property slated for a three-story, about 75,000-net-rentable-square-foot, 719-unit storage building at 10 Hampshire Road in Salem, N.H., the Memphis Business Journal reported. Construction is expected to start in the 2018 first quarter and be completed by the fourth quarter of 2018.

* Sterling Real Estate Trust, which does business as Sterling Multifamily Trust, purchased the four-building, 66-unit Birchwood Apartments complex in Fargo, N.D., for about $2.9 million from an unnamed seller.

* Americold Realty Trust opened a new building, offering more than 9.5 million cubic feet of additional cold storage space, at its existing 755 E. 1700 S campus in Clearfield, Utah.

* Dutch co-working company Spaces signed a 10-year, 103,000-square-foot lease for floors seven through 13 at Brookfield Property Partners LP's 13-story 424-434 West 33rd St. in New York, for $70 to $79 per square foot, the Commercial Observer reported.

Additional coverage

Choice Properties purchases 5-asset portfolio for C$62M

SL Green, Bank of China boost loan for NYC complex to $647M