HARTFORD COMPLEX BOUGHT BY NORTHLAND INVESTMENT
Northland Investment Corp. has purchased Trumbull Place, a 311,336 sq. ft. office and retail complex in Hartford, Conn. The seller was Travelers Casualty and Surety Co. The mixed-use complex is anchored by Citigroup Investments Inc., American Express and UBS AG. Cushman & Wakefield brokered the transaction, which increases Northland's Hartford portfolio to 1.6 million sq. ft.
2.3M SQ. FT. INDUSTRIAL PORTFOLIO SOLD FOR $115M
Multi-Employer Property Trust has acquired a 2.3 million sq. ft. portfolio of properties for $115 million. The transaction involved 17 industrial properties purchased from subsidiaries of Westcore Industrial Properties. Fourteen of the properties are in the Los Angeles Basin, two near San Francisco and one near Phoenix.
According to Investment Development Services Inc., which represented the buyer, the deal was one of the largest transactions in the basin in five years. The overall occupancy of the distribution and manufacturing properties is 88%.
SANTA CLARA'S VALLCO FASHION PARK SOLD FOR $67 MILLION
One of Santa Clara County's largest shopping centers, Vallco Fashion Park, has been sold in a $67 million deal that paves the way for a major refurbishment of the 27-year-old regional mall. A coalition headed by Bay Area investor Alan Wong purchased the 1.1 million sq. ft. center from Teachers Insurance and Annuity Association of America. Wong's group plans to refurbish the center, anchored by Sears, Macy's and J.C. Penney, by adding new stores, restaurants and a food court.