Friday, February 8, 2013

JPMorgan Pays $94.4M for Metropolitan Midtown

National Commercial Real Estate News From CoStar Group

JPMorgan Pays $94.4M for Metropolitan Midtown

An institutional investor advised by JPMorgan Asset Management purchased Metropolitan Midtown, a mixed-use development in Charlotte, NC, for $94.4 million or $276 per square foot. Colonial Properties Trust (NYSE: CLP), a Birmingham, AL-based multifamily and commercial property REIT, was the seller.

Metropolitan Midtown consists of 170,000 square feet of office space and 172,000 square feet of retail space, and was 93.5 percent leased as of last...

MG Properties Closes on $95M Acquisition of Terracina Apts

San Diego-based MG Properties Group (MGPG), a private real estate investor and operator, in partnership with equity provider Rockwood Capital, has acquired the Terracina Apartments at 3303 S. Archibald Ave. in Ontario, CA for $95 million, or about $129,000 per unit, from Archstone.

The 736-unit, 673,280-square-foot multifamily community was built in 1989 on 21 acres in the Airport Area submarket of San Bernardino County. It is located at the intersection...

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