Keith Loria
Cornerstone Buys Boston Trophy Tower for $110M
Cornerstone Real Estate Advisers, a subsidiary of MassMutual Financial Group, has acquired 99 Summer St. in Boston from Normandy Real Estate Partners for $110 million on behalf of a Cornerstone-managed fund.
Inland Repositioning its Portfolio with Purchase of 2 Westin Hotels for $220M
Inland’s acquisition of the two Westin hotels is part of the company’s long-term strategy to invest in luxury, upper-upscale and urban-upscale properties in the top 25 markets, according to Marcel Verbaas, Inland American Lodging Advisor’s president & CEO.
Fitch: Hotels, M-F Leading CMBS NOI Growth
Fitch Ratings released a report revealing that NOI for multi-family properties continues to be stable, while hotels continue to recover, however, some regional hotel weakness my continue as the economy recovers.
USAA Buys 262 KSF Office Building in San Antonio
USAA Real Estate has acquired One Riverwalk Place, an 18-story, multi-tenant office building located in the central business district of San Antonio, from Winthrop Realty, an affiliate of Apollo Real Estate Advisors.
Starwood to Build New Hotel in Samsun, Turkey
Starwood Hotels & Resorts Worldwide has signed an agreement with Tanriverdi Mensucat Sanayii A.S. to open a new-build Sheraton hotel in Samsun, in late 2014.
Savanna Fund II REIT Sells Manhattan’s 5 Hanover Sq. for $104M
CIM Group has acquired 5 Hanover Square, a 25-story building in Manhattan’s Financial District, from Savanna Fund II REIT for $104 million.
ABC’s Q2 Construction Backlog Indicator Reports Commercial Construction Up
Associated Builders and Contractors reported that the Construction Backlog Indicator, which reflects the amount of commercial and industrial construction work under contract, but not yet completed, rose 3.9 percent during the second quarter of 2013 and now stands at 8.2 months, up from 7.9 months the previous quarter.
AIG/Lincoln Sells Retail Park in Rome for $174M
AIG/Lincoln has sold Da Vinci Market Central, a popular retail park in Rome, to funds managed by CWM Group for $174 million.
AARP Taps JLL for First-Generation Facilities Outsourcing
AARP has selected Jones Lang LaSalle to provide integrated facility management services on demand for a seven-building, 887,141-square-foot portfolio, which includes AARP’s four-building headquarters compound and an office building in Washington, D.C.; two facilities in Rockville, Md.; and one in Lakewood, Calif.
NAP Secures $126M For M-U Development in Alpharetta, Ga.
North American Properties, in a JV with Sarofim Realty Advisors, has secured 126 million in financing for Phase I of Avalon, a mixed-use development in Alpharetta, Ga.