Empire Capital Holdings and Namdar Realty Group bought the 220,000-square foot building for $50 million.

It has also signed a long-term triple-net lease with AYR Wellness.

In fact it has raised more than its original target.

"For apartment owners and investors, the future appears quite bright."

"In times of inflection we place greater emphasis on quality assets with durable cash flows."

The 365-unit downtown property traded for $161.4 million.

DLC bought Colony Place in a deal with Temerity Strategic Partners

This is the first retail acquisition since 2008 for Decron.