May – Briefs/Sales & Development

Inland Buys Five Hotels

Inland American Lodging Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has completed the acquisition of five hotels totaling 2,302 rooms for $393.1 million. The acquisition included a three-state, three-property portfolio acquired from DiamondRock Hospitality and two other, unrelated assets. The DiamondRock portfolio was purchased for $262.5 million, which equates to $184,600 per key. The portfolio encompasses the Renaissance Arboretum in Austin, the Renaissance Waverly in Atlanta and the Marriott Griffin Gate Resort & Space in Lexington, Ky.

The other properties are the Marriott San Francisco Airport Waterfront in Burlingame, Calif., which was picked up for $108 million, and the Hilton St. Louis Downtown in St. Louis, Mo., which was purchased for $22.6 million.

O’Connor, Wafra Buy Two Retail Centers

O’Connor Capital Partners and Wafra Investment Advisory Group have acquired two retail centers: They obtained a joint venture interest in The Promenade at Chenal, a 237,066-square-foot open-air center in Little Rock, Ark., and an ownership interest in Phase II of Settlers Ridge, a 94,603-square-foot open-air center in Pittsburgh.

Healthcare Trust Closes Sale

Healthcare Trust of America Inc. has completed the acquisition of the Steward Portfolio, a 13-building, 371,551-square-foot medical-office portfolio located in the Boston MSA, for approximately $100 million. The portfolio is 100 percent master-leased by Steward Health Care System L.L.C.

Wells Acquires Va. Office

Cassidy Turley has arranged the sale of South Lake at Dulles Corner, a 268,240-square-foot office building in Herndon, Va., adjacent to Washington Dulles International Airport. The 100 percent leased asset was picked up by Wells Core Office Income REIT for $91.1 million.

JLL Fulfills $536M Construction

Jones Lang LaSalle Inc.’s job as program manager for the development of Parkview Health’s Parkview Regional Medical Center in Fort Wayne, Ind., is done. JLL was able to complete the $536 million, 975,000-square-foot, three-stage development process is three months ahead of schedule and at a cost that was $11 million less than the budgeted total.

Hines Buys 1.8 MSF in Poland

Hines Global REIT has entered Poland in a big way with the $131 million purchase of 1.8 million square feet of industrial space. The Hines-sponsored REIT acquired a 92.3 percent leased group of four properties from Prologis European Holdings.