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Real Estate News & Analysis: May Edition

Summit Industrial to buy Ontario asset; Gladstone Land acquires Fla. farm

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

* Summit Industrial Income REIT is set to purchase a fully occupied 116,818-square-foot light industrial asset in Oakville, Ontario, for C$15.3 million. The company will use proceeds from its June equity offering to fund the acquisition and expects to close on the class A logistics facility by Aug. 15.

The company is also under contract to acquire a 511,848-square-foot asset in greater Montréal, and two more properties spanning an aggregate 388,188 square feet of gross leasable area in greater Toronto, for roughly C$78.7 million. The company is expected to finance the acquisitions through its recent equity offering and credit lines, and the transactions are expected to close in the third quarter.

* Gladstone Land Corp. picked up a 1,910-acre farm in Okeechobee, Fla., for $9.7 million and immediately entered into a six-year, triple-net lease agreement, including two extension options, with Cabbage Inc. for the property.

* Education Realty Trust Inc. opened a new pedestrian-to-campus community serving Michigan State University and downtown Lansing, Mich. The 824-bed mixed-use community was constructed through a joint venture with RISE: A Real Estate Company and offers more than 4,000 square feet of retail space.

* Empire State Realty Trust Inc. inked a lease agreement to expand Priceline's Agoda presence at the Empire State Building in New York City to a 27,000-square-foot full-floor office lease.

Additional coverage

Report: Harvard sells real estate assets in 2 deals worth nearly $2B

Morguard buys Chicago mixed-use asset for C$287M

Pennsylvania REIT to net $75M from triple transaction

Lexington Realty buys industrial asset for $67M

JLL Income Property acquires Las Vegas shopping center for $63M