JPI, a Texas-based development firm, has acquired Maritime Yards, a mixed-use development in South Norwalk, Conn., from Maritime Yards LLC for $50.5 million. The sale includes two five-story apartment buildings at 55-77 North Water Street along with 23,000 sq. ft. of commercial space within the building. Approximately half of the 136 rental apartments in 55-77 North Water Street are leased and two-thirds of the commercial space is occupied.
First Industrial has acquired a West Covina, Calif. office complex for $58 million from Ten West Associates. The twin Class-A office buildings at 1000 and 1050 Lakes Drive were 98% occupied at closing and had recently renewed a lease with Wells Fargo Bank. The complex is in the San Gabriel Valley region of Southern California. The property's sale price equals roughly $333 per sq. ft., or a capitalization rate of 5.5%.
Somerset Partners LLC has agreed to buy 450 Park Avenue, a 33-story, 325,000 sq. ft. office building, from co-owners Taconic Investment Partners and New York State Common Retirement Fund. The price is reported to be $510 million. Developed by Peter Sharp in 1972, the Class-A building is located at the southwest corner of East 57th Street and Park Avenue in New York. The sale is expected to close sometime this month.