Two Tribeca properties sold for $57 million

In a package deal, the Usdan Family has sold two Tribeca properties in Manhattan, N.Y., for $57 million.

A Burgos, Spain-based buyer, 71 Laight Street LLC, purchased the contiguous properties, 401 Washington St. and 422 Greenwich St.

A six-story, 57,500-square-foot building occupies 401 Washington St. and a 10,000-square-foot parking garage sits on 422 Greenwich St. The properties had been in the Usdan family for decades and were most recently owned by Nathanial Usdan and his brother Martin in a tenant-in-common arrangement.

NorCal Mervyns store trades hands

A Mervyns department store in Hayward, Calif., has sold to an out-of-area real estate group for $66.5 million.

Mervyns, which has more than 200 locations in the western United States, in a separate transaction "inked a triple-net lease (at the building) with annual escalations written into it," according to a press statement.

An unidentified Southern California-based entity purchased the 336,000-square-foot building from CapMark. The asset is located at 22301 Foothill Blvd., near Interstate 580 in the East Bay region.

TIC investors shed Denver office tower

Triple Net Properties LLC recently sold a 32-story office building in Denver, Colo., on behalf of tenant-in-common investors, for an undisclosed price.

Toma West LLC purchased the asset, 633 17th St., which comprises approximately 553,000 square feet of downtown space. Built in 1974 and renovated in 1989, the property includes the Plaza Garage, a five-story parking structure with 924 spaces, as well as an adjacent 220-space parking lot.  more...