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Ariz. apartments sell for $75M; Seattle student housing project changes hands

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Ariz. apartments sell for $75M; Seattle student housing project changes hands

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

* TruAmerica Multifamily and funds managed by Oaktree Capital Management LP paid $75.1 million to an undisclosed institutional investor for the 424-unit Galleria Palms garden-style apartment complex at 1600 W. La Jolla Drive in Tempe, Ariz., the Phoenix Business Journal reported.

* Campus Advantage Inc. acquired the two-building, 198-unit Identity student housing project at 4106 and 4119 12th Ave. NE and the 56-unit Liv Seattle apartments at 4717 Brooklyn Ave. NE in Seattle from CA Student Living and Principal Financial Group Inc. for a combined $94.8 million, the Puget Sound Business Journal reported. The deals are part of Campus Advantage's multistate student housing portfolio acquisition through a $200 million joint venture with an unnamed state pension fund.

* A TerraCap Management LLC affiliate acquired the 244,549-square-foot, 84.9%-leased Resource Square I and Resource Square III class A office portfolio at 13501 Ingenuity Drive and 12001 Research Parkway in Orlando, Fla., for $39.2 million from a Banyan Street Capital affiliate and funds managed by Oaktree Capital Management, the Commercial Property Executive reported.

* The Carlyle Group LLC acquired 72 Caton Place in the Windsor Terrace neighborhood of Brooklyn, N.Y., from JEMB Realty Corp. for $23 million, The Real Deal reported, citing property records.

* Radnor Property Group LLC and Harrison Street Real Estate Capital LLC acquired the 20-story Brottier Hall apartment building at 700 Forbes Ave. in Pittsburgh from Duquesne University for $23 million, the Pittsburgh Business Times reported, with plans to renovate the property for continued use as student housing.

* Innovative Industrial Properties Inc., which provides real estate capital solutions to the medical-use cannabis industry, purchased the property at Lot 1 Hopping Brook Road in Holliston, Mass., for $3.0 million. The company entered into a development and long-term lease agreement with a PharmaCann LLC unit to develop a roughly 26,000-square-foot industrial facility and an approximately 32,000-square-foot greenhouse facility on the site.

* Liberty Property Trust signed a new, long-term lease with Koops Inc. for 45,600 square feet at the trust's Brookfield South Business Park at 25 Brookfield Oaks Drive in Greenville, S.C., which would bring the business park up to full occupancy when the engineering company moves into the space in June.

* Simon Property Group Inc. said it plans to continue reclaiming and redeveloping former Sears stores throughout its portfolio. According to Simon Malls COO Michael McCarty, mixed-use elements, retail, restaurant and entertainment concepts are being considered for each center.

Additional coverage

Hollywood, LA, retail complex sells for $61M

Agellan Commercial closes C$256M Toronto property sale

Preferred Apartment picks up Orlando, Fla., student housing community