Regions

Walton Street Capital L.L.C. has refinanced its Four Seasons Resort Scottsdale, in the Phoenix metro area, for $75 million. The funding was provided by HSBC and secured by Jones Lang LaSalle’s capital markets group.“The initial two-year, floating-rate loan includes attractive multi-year extension provisions providing Walton Street Capital the flexibility it needs to recapitalize the resort,” according to a statement from JLL. Jones Lang LaSalle Hotels assisted with the transaction. An ultra-luxury destination resort, The Four Seasons Resort Scottsdale at Troon North (pictured) features 210 guestrooms and suites, 36,000 square feet of meeting space, a spa, extensive recreational facilities, and fine-dining…

Dana Holding Corp. has agreed to sell its corporate headquarters to Toledo-based Health Care REIT Inc. The transaction is expected to close by October, and under the terms of the deal Dana will move from the 200,000-square-foot Dorr Street building in Toledo within about a year. The move is one of consolidation for Dana, a maker of axles, driveshafts and structural, sealing and thermal-management products. Its headquarters staff will go to its existing Automotive Systems Technology Center, located about eight miles away in the Toledo suburb of Maumee, Ohio. That facility opened in the spring of 2004 and currently houses…

Driving a hard bargain with Equastone, law firm McGlinchey Stafford signed a 10-year lease for 68,000 square feet at the Pan-American Life Center in New Orleans–the largest office lease since Hurricane Katrina–only after Equastone agreed to buy the firm’s existing 86,000-square-foot building. Financials on either the sale or lease deals were not disclosed. Equastone, immediately flipped the former McGlinchey Stafford building to local developer Brian Gibbs via a double escrow. The building is a former warehouse that was converted into an 86,000-square-foot office building to serve the law firm. “This closing was one step in a series of transactions related…

At the Democratic National Convention in Denver this year, “green” key cards (pictured) will be used in Denver hotel rooms–their debut in this country, according to Sustainable Cards and their manufacturer CPI Card Group. More than 70,000 biodegradable cards will be issued and used in area hotels. “Sustainable Cards in hotels are really the tip of the iceberg,” Greg Hartmann, president & CEO of Sustainable Cards told CPN. “Our goal is to be the leading provider of eco-friendly cards for all purposes–commercial property entry cards, gift cards, membership cards and the like. The bottom line is doing whatever we can…

A joint venture between Equity One Inc. and DRA Advisors has taken three new properties in Florida for $53 million. The properties will be 80 percent owned by Equity One and 20 percent owned by DRA Advisors. The three properties, all retail centers, are Plantation Marketplace in Plantation, Penn Dutch Plaza in Margate and 1900/2000 Offices in Boca Raton.Plantation Marketplace, at 230,300 square feet, is the biggest of the three. Current leasees include CVS/pharmarcy, Winn-Dixie supermarket, Bealls Outlet and Big Lots. The Penn Dutch Plaza is a neighborhood retail center, and includes a local grocery store, Penn Dutch, that has…

The Urban Renewal Authority of Oklahoma City has approved the plans for a 1.9 million-square-foot building in Downtown Oklahoma City that, when complete in 2012, will be the state’s tallest, at 54 stories. Houston-based Hines is developing the structure, which will be the new headquarters of Devon Energy Corp. Locally based Devon, which has oil and gas drilling operations worldwide, is currently riding high on the energy boom, and will relocate about 2,200 employees from five other nearby locations to be in the new headquarters. According to the company, as many as 3,000 employees may ultimately occupy the building. For…

Dallas-based Prime Income Asset Management and Port Olpenitz GmbH are ready to break ground on the approximately $733 million, 425-acre Port Olpenitz, a holiday resort located in the northeastern section of Schleswig-Holstein, Germany. The company plans to start work on the site in the fall, and it will be located on the site of the former Olpenitz naval base between the mouth of the River Schlei and the Baltic Sea. Upon completion, it will be the largest holiday resort in Northern Europe. The naval base closed in 2006, but left behind a deep-water port with an open expanse of land…

Prime Retail has just wrapped up the acquisition of 64 acres of land in suburban Dallas that will become home to Prime Outlets-Grand Prairie. The new 485,000-square-foot shopping center carries a development price tag of approximately $100 million. The new retail property, located in Grand Prairie 12 miles west of Downtown Dallas and 15 miles east of Fort Worth, sits at the intersection of I-20 and State Highway 360 within five minutes of Dallas/Fort Worth International Airport. Designed by Dalpos Architects, the open-air center will feature approximately 120 upscale outlet stores, a food court and restaurants, as well as parking…

It’s only Wednesday and already it’s been a big week for upscale multi-family developer Post Properties of Atlanta. The REIT has sold its 250-unit Post Oglethorpe apartment community in Atlanta’s Brookhaven area for $38.5 million and has refinanced two apartment complexes held in joint ventures. In addition, two of the big three credit rating agencies recently had some news for the company. In June, citing difficult market conditions, Post had announced that it was ending its five-month effort to be acquired, having received some inquiries but no definitive proposals. One of the options for enhancing the shareholder value that the…

Pacific Office Properties Trust Inc. and an institutional co-investor have acquired a portfolio of seven Southern California office complexes for $195 million. The combined properties contain more than 1 million leasable square feet across 15 office and flex buildings. The acquisition increases Pacific’s total portfolio under management by 30 percent to 4.3 million leasable square feet. The Santa Monica-based firm, which was formed in March of this year, typically acquires with co-investors. In this case, the company will hold a managing ownership interest in the SoCal portfolio and own in partnership with a real estate fund organized and managed by…