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Fla. office asset trades for $57M; GSK to sell Pa. campus for more than $50M


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Fla. office asset trades for $57M; GSK to sell Pa. campus for more than $50M

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

* CCRE SEF Sawgrass LLC sold the 568,182-square-foot Sawgrass Lake Center office building at 13450 W. Sunrise Blvd. in Sunrise, Fla., to Foundry ASVRF Sawgrass for $57.4 million, the South Florida Business Journal reported.

* GlaxoSmithKline PLC agreed to sell its 43-building campus at 709 Swedeland Rd. in Pennsylvania to O'Neill Properties Group for more than $50 million in a deal expected to close early in the second quarter, the Philadelphia Business Journal reported.

* Americold Realty Trust spent $93.8 million on acquisitions and its growth projects in 2017, including the purchase of a 9.6 million refrigerated-cubic-foot, fully leased facility in San Antonio. The company also broke ground on a new 5.2 million refrigerated-cubic-foot facility in Middleboro, Mass., and completed a 6.8 million refrigerated-cubic-foot facility in Clearfield, Utah. It also started construction of a 15.7 million refrigerated-cubic-foot facility in Rochelle, Ill.

In the same period, Americold sold two idle facilities in Norfolk, Va., and West Point, Miss., and a facility in Gloucester East Main, Mass.

* Swift Real Estate Partners sold the three-story, 97%-leased, 68,300-square-foot Swift Gateway office building at 915 118th Ave. SE in Bellevue, Wash., to Nicola Wealth Management Ltd. division Nicola Crosby for $25.5 million, the Puget Sound Business Journal reported, noting that the building will be renamed to Gateway II.

* JSRE Acquisitions bought a five-story building with 20 apartments and three commercial units at 13 Prince St. in New York City from 224 Enterprises Inc. for $23.5 million, The Real Deal reported, citing property records.

* Summit Industrial Income REIT agreed to acquire a 141,034-square-foot distribution warehouse in Stratford, Ontario, for C$14.9 million in a deal expected to close by June 1.

* One Liberty Properties Inc. paid $12.7 million to purchase a 291,203-square-foot industrial building in Pennsburg, Pa.

* Fronsac REIT acquired a retail store in Gatineau, Quebec, in a sale-and-leaseback transaction with Staples Canada for C$7.5 million in cash, excluding transaction costs.

* Strategic Storage Trust IV Inc. purchased a 460-unit self-storage facility with about 55,000 square feet of rentable space on about 2.3 acres of land at 3167 Van Buren Blvd. in Riverside, Calif. for an undisclosed amount.

* Plaza Retail REIT and joint-venture partner DewCor finalized a land deal with Costco Wholesale Canada Ltd., following which Costco will move to The Shoppes at Galway outdoor retail center in St. John's, Newfoundland and Labrador.

Additional coverage

Prudential Plaza office complex in Chicago to sell for over $850M

Sienna Senior Living closes C$382M seniors housing portfolio purchase

Broccolini to invest C$300M to build Montreal's tallest residential tower

FivePoint, City of Hope to build $200M cancer center in Orange County, Calif.

Forest City sells NYC apartment community for $156M