Investment
Summit to Buy Four Hotels for $164M
The company expects to spend approximately $7 million to $9 million in capital improvements over the next two years. This off-market transaction will bring Summit’s year-to-date acquisition activity to nearly $600 million.
Compass Planning 750 KSF NoVA Data Center
The 106-acre site is currently undeveloped, except for two agricultural buildings, a gravel parking area and gravel roads. True North Data is currently awaiting approval from the Loudoun County Board of Supervisors.
Portland’s Tallest Office Tower Changes Hands
Starwood Capital Group has extensive renovation plans for Wells Fargo Center to bring it back to its former status as one of the most iconic Class A office towers in Portland. CBRE and Kidder Mathews will lease the tower.
BoatUS Headquarters Sells in Alexandria, VA
Public Storage has purchased the building for $13.7 million. The firm plans to turn the building into a self-storage facility.
East Bay Industrial Business Park Changes Hands
Alex. Brown Realty Inc. together with CIP Real Estate have acquired Eden Landing in Hayward, Calif. The joint venture plans to invest $2 million in capital improvements.
Sonnenblick-Eichner Arranges $35M Financing for SoCal Hotels
Comprising 378 guestrooms, the three-asset portfolio was subject to 10-year, fixed-rate loans. Vista Investments previously completed renovations at the properties.
At Long Last, a Measure of Mezzanine Loans
Investors in high-yield real estate now have a way to compare their returns and performance against an industry-standard benchmark, thanks to John B. Levy & Co.’s creation of the first mezzanine loan index.
Forest City in Merger Talks
The REIT, which has been exploring options to enhance stockholder value for the last two months, has reportedly received an invitation from Equity Commonwealth to talk about a merger.
Brookfield Bids $14.8B for GGP
The proposed deal would net shareholders $23 per share and BPY units. The official proposal was submitted to the board of directors on Nov. 11.
CIM Group to Expand With Purchase of Cole Capital
VEREIT may receive as much as $200 million, composed of $120 million in cash at closing and as much as $80 million in fees to be paid under a six-year service agreement based on Cole’s future revenues.