$13.5 million S.F. multifamily sale

Investors Stephen and George Block have sold a 56-unit apartment building plus commercial space to a limited liability company for $13.5 million.

Trophy Properties LLC purchased the space, which is located at 701 Taylor St., at a price of $228,814 per unit.

The multifamily building consists of 34,589 rentable square feet on an approximately 0.2-acre lot. The building features 43 studio units, 13 one-bedroom/one-bath units and three ground-floor commercial units.

Phillips Edison lands Oklahoma retail

Phillips Edison & Co. continued its expansion in Oklahoma with the recent acquisition of Southern Hills Plaza in Oklahoma City.

The developer paid an undisclosed amount for the property, which is the company's second acquisition in the state.

Southern Hills comprises 203,524 square feet, and was 63 percent occupied at the time of sale by anchor tenant Dollar Tree and other tenants including Starbucks, Hancock Fabrics, Golf USA, Wendy's and Joe's Crab Shack.  more...

Madrona portfolio purchased

G REIT Inc. today announced the sale of its four-building office complex -- the Madrona Buildings portfolio -- in Torrance, Calif., for $52.5 million.

The two- and three-story, class A buildings total approximately 211,000 square feet, and were nearly 87 percent leased at the time of sale to NavCom Technology, Kaiser Foundation Health Plan and American Honda Motor Co.

G REIT had paid $45.9 million for the portfolio in March 2004, according to a press statement.

The buyer's identity was not disclosed.