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Tuesday, May 24, 2022
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Briefs: Metric Holdings, American Homes

A joint venture of a Tarzana real estate investment company and a private equity firm has purchased a 221,000-square-foot industrial park in Hawaii. Metric Holdings Inc. paid about $35 million for the Kapolei Trade Center in the Kapolei Business Park on the island of Oahu, in partnership with Angelo Gordon & Co. of New York. The center was completed in 2008 by Newport Beach developer Lowe and Archibald just prior to the economic downturn and fell into trouble. It was sold by lender, iStar Financial, which took control of it in 2010. The nearly 12-acre park consists of 17 separate buildings with 93 individual units, ranging from 1,620 square feet to 22,136 square feet. It features tilt-up, concrete-and-glass construction and campus-style landscaping. American Homes 4 Rent has completed its previously announced securitization offering tied to single-family homes, with gross proceeds of nearly $488 million. The Agoura Hills real estate investment trust said the securitization will be backed by rental payments from 4,487 single-family homes. The company raised about $481 million in May through a similar transaction. American Homes is the second-largest institutional landlord in the country, with 27,173 single-family properties in 22 states as of June 30. Shares closed up 12 cents, or a fraction of a percent, to $17.06 on the New York Stock Exchange.

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