Investment
Premier Miami Beach Retail Center Trades for $132M
A 167,000-square-foot retail property in Miami Beach, Fla., has sold for a cool $132 million just nine years after being acquired for $43 million by joint venture partners RFR Holding L.L.C. and Greenstreet Real Estate Partners L.P.
Griffin-American Completes $106.7M Acquisition of Medical Office Portfolio
American Healthcare Investors and Griffin Capital Corp., co-sponsors of the Griffin-American Healthcare REIT II Inc., paid $106.7 million for 14 medical office buildings in nine states.
Hines Strikes Deal to Sell Houston’s 1.8 MSF Shell Plaza
Enterprise Products Co. is expected to close on the two-building trophy complex in Houston’s central business district later this summer.
Update: CBRE Global Investors Plans Upgrade of Newly Purchased 400 S. Hope
Trophy office assets in downtown Los Angeles are not easy to come by, but CBRE Global Investors has just gotten its hands on a big one, the 701,500-square-foot tower at 400 S. Hope St. And it has big plans to improve the asset’s double-digit vacancy rate.
CBRE Global Investors Grabs 700 KSF Downtown L.A. Office Tower
Trophy office assets in downtown Los Angeles are not easy to come by, but CBRE Global Investors has just gotten its hands on a big one, the 701,500-square-foot tower at 400 S. Hope St.
Blackstone Sells DiamondRock Hotels, Wins Stake in Hotel Company
DiamondRock Hospitality Co. has agreed to buy four hotels from The Blackstone Group for $495 million in an off-market deal that also calls for Blackstone to take a $75 million stake in DiamondRock.
Parkway Properties Takes Further Steps to Reposition Portfolio
Parkway Properties Inc., an Orlando-based REIT, has been repositioning its office properties portfolio. Most recently, it sold two Atlanta assets and a smaller building in New Orleans.
U.S. Leads Global Investment Sales as NYC Flexes Muscles: Cushman & Wakefield Midyear Update
U.S. investment sales are expected to reach $253 billion in 2011, a 25 percent jump compared to 2011. In the nation’s biggest office market, fundamentals remain sound.
Simon Obtains Restructuring on $291M Retail Malls Loan
With Talmage L.L.C. acting as special servicer, the $291 million loan on the Cadillac Mills Portfolio has been modified and restructured. The portfolio encompasses three regional malls totaling 2.8 million square feet.
Vornado Buys, Sells–and Pulls Back Its Veil
Vornado had a busy 4th of July week, with nearly $1.3 billion in deals. But in announcing its array of purchases and dispositions, it has also been pursuing a new “transparency” strategy. What remains to be seen is how the market will react to everything it’s doing.