Slate to pay $425M for retail portfolio; SWBC sells Texas assets for $350M

TOP NEWS IN REAL ESTATE

* Slate Grocery REIT will acquire a grocery-anchored property portfolio, which comprises 14 properties across seven U.S. states spanning 2.5 million square feet, for $425 million. Slate North American Essential Real Estate Income Fund LP, managed by Slate Asset Management LP, agreed to form a joint venture with Slate Grocery REIT, through which it will initially invest $180 million in the company's assets. The proceeds will fund Slate Grocery REIT's acquisitions.

* SWBC Real Estate LLC divested five multifamily properties in its Texas-based Royalton Portfolio for $350 million. The 1,437-unit portfolio includes Central Park at Craig Ranch, The Royalton at Grand Prairie, The Royalton at Craig Ranch, The Royalton at Rockwall Downes and The Royalton at Sunfield.

➤ REIT Replay: REIT share prices continue to drop during week ended June 17

All Dow Jones US real estate sector indexes recorded a weekly drop in share prices this past week, with the hotel and office sectors falling the furthest.

➤ Boston Properties sells Springfield, Va., portfolio in week ended June 17

A weekly rundown of large property transactions in North America through June 17.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

INDUSTRIAL

* A joint venture between Pro Real Estate Investment Trust, or PROREIT, and Crestpoint Real Estate Investments Ltd. will acquire a roughly 3.1 million-square-foot portfolio comprising 42 industrial properties, including 41 assets in Halifax, Nova Scotia, and one property in Moncton, New Brunswick. As part of the deal, the firms will each acquire a 50% interest in 21 assets owned by a third party for $228 million. PROREIT will also sell a 50% stake in 21 of its assets to Crestpoint for about $113.5 million.

* Rexford Industrial Realty Inc. acquired five industrial properties in the Los Angeles area and one in Orange County, Calif., for $218 million, the L.A. Business First reported. The assets include a 176,000-square-foot building at 29125 Avenue Paine in Valencia, Calif., and a building at 14527 and 14434 San Pedro St. in Los Angeles spanning roughly 121,000 square feet.

* A joint venture between Real Estate Development Associates LLC and an industrial fund managed by Clarion Partners secured a $210 million construction loan for Ontario Ranch Business Park, a 1.7 million-square-foot industrial project in Ontario, Calif., the Commercial Observer reported. Jones Lang LaSalle Inc. arranged the loan, which was provided by JPMorgan Chase.

* CenterPoint Properties bought a 210,600-square-foot logistics facility at 10855 Philadelphia Ave. in Jurupa Valley, Calif., for $101 million, The Real Deal reported, citing property records filed with Riverside County. York Arizona Office Associates was the seller.

RESIDENTIAL

* A joint venture between MRP Realty and Barings secured a $69.4 million loan for the construction of a 16-story mixed-used building at 202 Florida Ave. in Washington, D.C., the Commercial Observer reported. The 252-unit building, which will include 3,800 square feet of retail space, is the last phase of Washington Gateway development.

* Pacific Oak Capital Advisors LLC and Pacific Oak Capital Markets LLC closed the Pacific Oak Opportunity Zone Fund I LLC with about $118 million in total assets. The vehicle will primarily invest in, develop, redevelop and manage multifamily assets across the U.S.

RETAIL

* Felson Cos. and Blatteis & Schnur Inc. acquired a 28,421-square-foot retail center in Pasadena, Calif., from a partnership managed by Rockwood Capital for $52.3 million, the Commercial Observer reported. The property, known as Tiffany and Shops, is fully leased.

* Coastal Equities Inc. divested Franklin Center, a 174,063-square-foot shopping center in Chambersburg, Pa., to Milbrook Properties Ltd. JLL represented the seller.

OFFICE

* Madison Capital and Meadow Partners acquired a 517,000-square-foot office complex at 1414 Harbour Way S. in Richmond, Calif., for $103.7 million, The Real Deal reported. Orton Development Inc. was the seller.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.