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NY assemblage site bought for $62M; Pa. apartment complex sells for $60M

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NY assemblage site bought for $62M; Pa. apartment complex sells for $60M

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

* Two Trees Management Co. LLC closed on its purchase of the property at 1-37 12th St. in the Gowanus neighborhood of Brooklyn, N.Y., for $62 million, The Real Deal reported. The transaction completes the company's $115 million deal to buy the almost 15-acre Gowanus assemblage, which offers a buildable area of about 1.25 million square feet.

* Homebuilder NRP Group sold the almost fully leased 319-unit Ascent 430 apartment complex in Pittsburgh's Warrendale suburb to GrayBull Partners for about $60 million, the Pittsburgh Business Times reported, citing unnamed sources.

* A Simon Property Group Inc. affiliate wrapped up the purchase of the former Sears department store at the regional mall giant's Ross Park Mall in Pittsburgh for about $25.8 million, the Pittsburgh Business Times reported, adding that Simon has plans to redevelop the site starting in January 2019.

* Four Corners Property Trust sold a Bahama Breeze restaurant property in Orlando, Fla., for $16.2 million. The property is leased to Darden Restaurants Inc. under a triple-net lease with a roughly 11-year remaining term.

* Stockbridge Capital Group sold a two-building, 192,000-square-foot class A industrial asset in Houston to Black Equities Ltd. for an undisclosed price. The 93%-leased Interwood Business Center sits on 10.9 acres at 14430-14440 John F. Kennedy Blvd. and 14445-14449 Heathrow Forest Parkway.

* Biotechnology company 23andMe Inc. is moving out of its Mountain View, Calif., headquarters to a larger three-story, 145,500-square-foot building at 221 N. Mathilda Ave. in Sunnyvale in 2019. The move comes as Kilroy Realty Corp. gains control of a South San Francisco site that houses the biotech company's laboratories, the Silicon Valley Business Journal reported.

Additional coverage

Brookfield, Park Tower to spend $1B on development of 2 rental towers in NY

LaSalle Investment affiliate buys Amazon office in Seattle for $129.5M

TH Real Estate looking to sell 49% stake in NYC rental tower