Sales Deals of the Week: $1B Warehouse Portfolio Deal
The top five investment sales from March 25 to March 29
By The Editors March 29, 2024 10:00 am
reprints
The largest sales in the country this week happened in Los Angeles.
First up, Rexford Industrial Realty dropped $1 billion to pick up 48 warehouses spread out in Los Angeles and Orange counties from Blackstone. In less positive news, Brookfield Asset Management’s 777 Tower sold for $145 million, which is half the value of the remaining debt on the building. Meanwhile, in Manhattan, the Metropolitan Tower at 146 West 57th Street sold for $82.6 million to GDS Development Management and Sabal Investment Holdings. The office portion of the building was sold by L&L Holding and Mitsubishi.
| Amount | Address | Buyer | Seller | Brokers | Asset |
|---|---|---|---|---|---|
| $1 billion | 48-building warehouse portfolio; Los Angeles and Orange counties | Rexford Industrial Realty | Blackstone | N/A | Industrial |
| $145 million | 777 Tower; Los Angeles | Consus Asset Management | Brookfield Asset Management | N/A | Office |
| $82.6 million | 146 West 57th Street; Manhattan | GDS Development Management and Sabal Investment Holdings | L&L Holding and Mitsubishi | Newmark’s Adam Spies, Adam Doneger, Christopher Kramer and Evan Layne | Office condominium |
| $68 million | 1700 Sepulveda Boulevard; Los Angeles | Land and Houses USA | Washington Holdings | N/A | Hotel |
| $40 million | 38-04 11th Street; Queens | McSam Hotel Group | Jasmin Patel | N/A | Hotel |
Sales Deals of the Week reflect deals closed or announced from March 25 to March 29. Information on sales can be sent to editorial@commercialobserver.com.
Deals of the Week, GDS Development Management, L&L Holding, Portfolio Sale, Sabal Investment Holdings, Warehouse, GDS Development Management, L&L Holding, Mitsubishi, Sabal Investment Holdings
