Investment
Sunstone to Sell Marriott Del Mar in California for $66M
Sunstone Hotel Investors continues a portfolio repositioning strategy with an agreement to sell the Marriott Del Mar in San Diego, Calif. The lodging REIT will trade the 284-room hotel in a $66 million transaction that will include the buyer’s assumption an existing $47.2 million mortgage.
Adler Fund, Kawa Buy 467 KSF Portfolio in Houston
A joint venture between the Adler Real Estate Fund and Kawa Capital Management has purchased five parks in Houston totaling 16 buildings and 467,000 square feet of office, industrial and flex space.
The Return of Spec: Myers Crow & Saviers Begins 135 KSF Office Project in Houston’s Energy Corridor
With nary a tenant commitment on the table, Myers Crow & Saviers Ltd. prepares to kick off construction of Mason Creek Office Center, a 135,000-square-foot building in Houston’s Energy Corridor in Katy, Tex. Ground is scheduled to break on the speculative project in the third quarter.
JLL: U.S. Hotel Transaction Volume Reaches $5.1B So Far in 2012
Jones Lang LaSalle’s hotels group has found that 2012 is shaping up to be a good year for the U.S. hospitality sector, with $5.1 billion of transaction volume moving so far this year — the second-highest volume in the past four years.
Kilroy Makes $145M Move on Two Seattle Office Properties, Preps for $186M More
Kilroy Realty Corp. continues expanding up the West Coast, adding two Seattle-area office properties for $145 million and getting ready to close on the 24-story Skyline Tower in downtown Bellevue, Wash., for $186 million.
CommonWealth Buys Trophy D.C. Building from Shorenstein for $198M
Hamilton Square, a former department store repurposed into an office building situated only a block from the White House, has been purchased by CommonWealth Partners from Shorenstein Properties for $198 million.
Invesco Spends $141M on NYC’s 130 Prince St.
Waterman Interests has turned a nearly $30 million profit on its asset at 130 Prince St. in New York City, selling the building for $140.5 million to Invesco after purchasing the property in 2007 for $112 million.
O&S Holdings Sells 603 KSF Mixed-Use Bridge Street Town Centre in Alabama
Five years after developing Bridge Street Town Centre as part of the mixed-use Bridge Street development in Huntsville, Ala., O&S Holdings has sold the 600,000-square-foot lifestyle center to Miller Capital Advisory.
Marriott’s $210M Gaylord Purchase Brings Structural Changes
Gaylord Entertainment of Nashville has agreed to sell its Gaylord Hotels brand and the management rights to its four hotels to Marriott International for $210 million in cash. The deal hinges on Gaylord’s transition to a REIT structure, which will be decided at a shareholder meeting in August.
Hull Storey Gibson Picks Up 434 KSF Retail Mall in Virginia
With an eye toward expanding its presence in the South, Hull Storey Gibson Cos. has just purchased Liberty Fair Mall in Martinsville, Va. The transaction adds 434,300 square feet to the retail property owner’s portfolio.