Adrian Maties
CBRE Arranges $212M in Financing for Virginia Office Complex
CBRE Capital Markets announced it arranged $212 million in financing for Metro Park, a trophy-class office portfolio in Alexandria, Va. CBRE worked exclusively on behalf of Clarion Partners, a leading U.S. real estate investment manager based in New York. SunTrust Bank and HSBC Credit Corp. have provided the funding for the seven-year loan. It has a fixed rate of roughly 3 percent and a 50 percent loan-to-value ratio.Metro Park is a 37-acre office park, strategically located at the crossroads of Northern Virginia’s major roadways and extensive public transportation network. It comprises 1.2 million rentable square feet within seven office buildings. Clarion Partners acquired it in 2006 for $214 million.
ProMed Pays $22 Million for Part of Baltimore Building
ProMed Properties LLC, a wholly owned subsidiary of Gazit-Globe, recently purchased four floors of the Johnston Professional Building in North Baltimore. The New York-based company paid $21.75 million to buy a leasehold interest for the third, fourth, fifth and sixth floors of the eight-story building.
Sheraton Norfolk Waterside Heads to Auction Block Dec. 20
The Sheraton Norfolk Waterside Hotel, one of Norfolk’s most prestigious lodgings, will be auctioned off on December 20.
FirstEnergy Unveils Plans to Build New $45M Facility in Akron
FirstEnergy Corp. (NYSE: FE), a diversified energy company headquartered in Akron, Ohio, has recently unveiled its plans to construct a new transmission control center at the company’s West Akron Complex.
Modus Hotels Buys Baltimore’s Brookshire Suites
Modus Hotels, a full service hotel development and management company from Washington, D.C., has purchased Baltimore’s Brookshire Suites last week. It is Modus’ first hotel in downtown Baltimore and its third hotel acquisition of 2012.The Brookshire Suites is located immediately adjacent to Baltimore’s famous Inner Harbor
Full House Resorts Starts Hotel Construction at Rising Star Casino Resort
Full House Resorts (NYSE MKT: FLL), an owner, developer and manager of gaming facilities, has announced last week that Rising Sun/Ohio County First, Inc. (RSOCF) and the Rising Sun Regional Foundation, Inc. (RSRF) have started work on a new 104-room hotel at its Rising Star Casino Resort in Rising Sun, Indiana.
Loews Acquires The Madison Hotel in Washington, D.C.
Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), is entering the Washington market. The New York-based hotel owner and operator has agreed to purchase the Madison Hotel from Jamestown Properties
Simon/Tanger JV Plans 350 KSF Mall in Delaware County
Indianapolis-based Simon Property Group (NYSE:SPG), the nation’s largest shopping mall operator and the largest real estate company in the world, has recently formed a joint venture with Tanger Factory Outlet Centers Inc. (NYSE:SKT) of Greensboro, North Carolina to build two upscale outlet centers of equal size in Columbus, Ohio and Charlotte, North Carolina. Both parties would hold a 50% stake in the two centers.
$42M L’Oreal Expansion to Add More Than 200 Jobs in Northern Kentucky
L’Oreal USA, a wholly owned subsidiary of L’Oreal SA, the world’s leading beauty company, will expand its 560,000-square-foot facility in Florence, Ky.
PMC Acquires 301 North Charles Street for Apartment Conversion
PMC Property Group Inc. has closed on the acquisition of 301 North Charles Street. Kirby Fowler, President of the Downtown Partnership of Baltimore, announced the acquisition via Twitter. The building will be converted to apartments.301 North Charles Street is a 92,500-square-foot office building at the northeast corner of Saratoga Avenue. It was constructed in 1930 and served for a long time as the