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Greystar to buy $73M DC development site; 2 Ohio office buildings trade for $75M

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Greystar to buy $73M DC development site; 2 Ohio office buildings trade for $75M

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

* Greystar Real Estate Partners agreed to acquire from CSX a 7.34-acre development site at 861 New Jersey Ave. SE in Washington, D.C., that is assessed at roughly $72.7 million, the Washington Business Journal reported. The buyer expects to complete the purchase in two phases, and could potentially develop more than 1 million square feet of retail and residential space at the site.

* An affiliate of 90 North Real Estate Partners paid more than $75.2 million to acquire the Offices at Vernon Manor and Offices @ Vernon Place office buildings at 400 Oak St. and 2905 Vernon Place, respectively, in Avondale, Ohio, from a consortium of local developers and investors, the Cincinnati Business Courier reported.

* Starwood Capital Group sold the 376-unit Fairways at Cave Creek apartment complex in Phoenix to Tides Equities LLC for approximately $37.3 million, with certain renovations planned at the 97%-occupied property with an investment of roughly $7 million, the Phoenix Business Journal reported.

* Emma Capital Investments Inc. acquired the 184-unit Zazu Apartments multifamily community at 1502 E. Osborn Road in Phoenix for about US$22.3 million.

* Rexford Industrial Realty Inc. paid $10.2 million to acquire an under-construction industrial property at 1998 Surveyor Ave. in Simi Valley, Calif., with completion scheduled for the first quarter of 2019. The property will feature a 56,306-square-foot, single-tenant building on 2.98 acres of land.

The company also purchased a 37,592-square-foot, single-tenant industrial building at 15777 Gateway Circle in Tustin, Calif., in a sale-leaseback deal for approximately $8.1 million.

* Preferred Apartment Communities Inc. closed on a loan investment of up to roughly $11.9 million, giving the company an option to acquire a 301-unit, class A multifamily community in the Nashville, Tenn., Metropolitan Statistical Area.

* Kimco Realty Corp. sold a retail building encompassing 89,305 square feet at 14425 Andersohn Drive in Manchester, Mo., to an undisclosed buyer for $8.6 million, RE Business Online reported.

Additional coverage

Savanna closes $640M NYC office tower buy from Blackstone

Report: Manulife's US unit markets Chicago office tower for $370M

Ryman Hospitality to invest $150M in Kissimmee, Fla., resort expansion

Marriott International sells 2 Fiji resorts for $131M

Goldman Sachs buys Denver luxury apartments for $122M