Deutsche unit buys Bellevue, Wash., apartment; MilliporeSigma buys HQ for $252M

TOP NEWS IN REAL ESTATE

* Deutsche Asset & Wealth Management acquired an apartment property in Bellevue, Wash., from Carmel Partners Inc. for $279.1 million, the Puget Sound Business Journal reported, citing a King County record. Hyde Square comprises 618 units with amenities such as coworking café, wellness center, game room and entertainment center, among others.

* Biomanufacturing equipment company EMD Millipore Corp., or MilliporeSigma, acquired its headquarters in Burlington, Mass., from Gutierrez Co. for a combined $252 million, according to the Boston Business Journal. The acquisition of the 280,000-square-foot office and lab at 400 and 600 Summit Drive closed before the end of 2020.

➤ US PE deal-making dips to 5-year low in 2020 amid COVID-19 pandemic

The number of deals decreased 10.1% to 5,117 compared to the year-ago period, according to S&P Global Market Intelligence data.

➤ US earnings prospects brighten as Biden tax hike recedes to back burner

With economic recovery a top priority and a razor-thin majority in the Senate, President Joe Biden's plan to boost corporate taxes is expected to be put off to 2022.

RETAIL

* Jones Lang LaSalle Income Property Trust Inc. completed multiple long-term lease extensions in its portfolio of 12 grocery-anchored shopping centers across nine states. The lease extensions include the 10-year extension with Kroger at Oak Grove Plaza in Sachse, Texas, and the 10-year extension with Smith's at Montecito Marketplace in Las Vegas.

RESIDENTIAL

* An affiliate of real estate company MLP Ventures wholly acquired The Discovery Labs Inc., a platform company offering life sciences and technology hub, from its partners in an approximately $100 million deal, the Philadelphia Business Journal reported, citing Montgomery County property records.

* David Werner of David Werner Real Estate Investments filed a lawsuit against Yoel Goldman of All Year Management to terminate a $344 million deal to buy a multifamily portfolio in Brooklyn, N.Y., Commercial Observer reported. Werner claims the price had been justified by a supposed rent roll of $1.9 million per month, which was no longer accurate due to the coronavirus pandemic, according to the complaint.

* The average apartment rent in Dallas in December 2020 grew 0.2% year over year, the Dallas Business Journal reported, citing a report from RENTCafé. The rent growth in the city was outpaced by other big cities in the metro area such as Arlington and Fort Worth, Texas, which logged increases of 3.8% and 3.9%, respectively.

* Starwood Capital Group sold the 312-unit Gatehouse on the Green community in Plantation, Fla., to Praedium Group LLC for $63.7 million, Multi-Housing News reported Jan. 20, citing Yardi Matrix data.

INDUSTRIAL

* Canadian industrial real estate investment trust Dream Industrial REIT said it is under contract or in exclusive negotiations on roughly C$175 million of acquisitions in Ontario, Quebec, as well as in Germany and the Netherlands, with closings expected in early 2021.

* GLP Capital Partners LP affiliate GLP US Management II LLC acquired an Amazon.com Inc.-leased warehouse in Philadelphia for $71.5 million, the Philadelphia Business Journal reported. The property at 2400 Weccacoe Ave. spans 283,000 square feet and was sold by a joint venture of Walton Street Capital LLC and a Wharton Equity Partners LLC affiliate.

MARKETS

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