Tag Archives: sells

MCR Sells 18 Marriott and Hilton Hotels for $407.4 Million

Courtyard by Marriott Wall at Monmouth Shores Corporate Park, Wall Township, NJ
Yard by Marriott Wall at Monmouth Shores Corporate Park, Wall Town, NJ MCR finished the sale of 18 Marriott and Hilton possessions to American Hotel Income Residence REIT LP (TSX: HOT.UN) (TSX: HOT.DB.U) (OTCQX: AHOTF)for$407.4 million ($186,283/ room).

The sale incorporated 2,187 spaces. The assets offered are in Maryland, New Jersey, New york city, Connecticut and Pennsylvania.

The Eastern Coast portfolio includes 10 Marriott branded hotels amounting to 1,206 guestrooms (5 House Inns, 2 SpringHill Suites, one Courtyard, one Fairfield Inn and Suites and one TownePlace Suites) and 8 Hilton branded hotels totaling 981 guestrooms (4 Homewood Suites, 2 Hampton Inns and two Hilton Garden Inns).

The average age of the hotels is 10 years and each hotel has actually either been recently built or renovated.

The typical capitalization rate of the portfolio personality was 7.9% on a routing 12 months net operating income basis, or approximately $186,000 per space.

“The sale of this portfolio is a reflection of MCR’s investment thesis: to buy superior branded select service and extended stay hotels, enhance operations, and offer opportunistically,” said Tyler Morse, CEO and handling partner of New York-based MCR.

Rob O’Neill, CEO of Vancouver, BC-based American Hotel Income Properties, said, “During the first half of 2017, we have been disciplined in our financial investment strategy to acquire premium branded, select-service hotels with supported in-place income, which are younger and well-maintained and where acquisition costs are listed below replacement cost.

AHIP has actually now acquired 23 hotels in the first 6 months of 2017 for approximately $589 million. Other markets it has actually finished purchases in are: Ohio, Texas, and Arizona.

Hampshire Cos. Sells Six-Bldg Industrial Portfolio for $147 Million

AEW Capital Management Obtains 1.2 Million SF Across Northern New Jersey

June 20, 2017

Boston-based AEW Capital Management acquired a six-property Northern New Jersey industrial portfolio from The Hampshire Cos. for $146.85 million, or about $121 per square foot.This deal totals about 1.22 million square feet in structures situated across the Route 46 Corridor, Teterboro Airport, Fairfield, and Carteret/Avenel commercial submarkets. Of the six properties, 200 Middlesex Ave. in Carteret, NJ, is the biggest at 408,437 square feet and is currently inhabited by Continental Terminals.Other prominent occupants that are included within the portfolio are R.R. Donnelley, RLB Food Distributers and Sealed Air.” With demand high and product restricted, now was the right time to perform our financial investment strategy and sell the portfolio,”Todd Anderson of The Hampshire Cos. said in a release.The vacancy rate in the market is a tight 5% and asking rental rates averages$6.64 per square foot in the existing quarter, inning accordance with CoStar data.Jody Thornton, Jon Mikula, Jose Cruz, David Giancola, and Rob Borny of HFF, Inc. represented Hampshire Cos. in the transaction. Andrew Zak supplied in-house representation for AEW Capital Management.Please see CoStar COMPS # 3929541 for more information on the transaction. “Go To National News Page

Blackstone Sells Pair of Santa Monica Office Bldgs. to Douglas Emmett, Qatar Financial investment Authority JV for Top Dollar

PE Giant Sells 1299 Ocean Ave. and 429 Santa Monica Blvd. for $352.8 Million

Blackstone Group today offered a pair of Santa Monica office buildings amounting to about 292,667 square feet to a joint venture of Los Angeles-based Douglas Emmett, Inc. and the Qatar Investment Authority, commanding a premium list price of roughly $352.8 million. At about $1,205 per square foot, the workplace offer ranks as one of the most expensive in Southern California to close this year.

Blackstone has owned the buildings because its 2007 acquisition of Equity Office Characteristic Trust, which lots of analysts consider the top of the previous cycle in industrial residential or commercial property. Eastdil Protected brokered the transaction.

The buyers moneyed a portion of the purchase price through a $142 million protected, non-recourse, interest-only loan that develops in July 2019 and bears interest at Libor plus 1.55%. Douglas Emmett devoted 20% of the equity capital and handles the joint venture with QIA.

The traded office complex are 1299 Ocean Ave., an 11-story, 205,713-square-foot office complex, and 429 Santa Monica Blvd., a seven-story office complex located one block from Santa Monica’s 3rd Street Boardwalk and 3 blocks from the city line.

In spite of the sky-high cost, Douglas Emmett highlighted exactly what it called the “considerable lease-up chance” associated with the buildings, with 1299 Ocean at 79% rented and 429 Santa Monica at 70% leased, representing tenants that have actually validated they plan to vacate.

The offer likewise increases Douglas Emmett’s financial investment concentration in the downtown Santa Monica workplace market. Last year, the Douglas Emmett/QIA joint endeavor acquired 233 Wilshire Boulevard, a 129,000-square-foot office home for $139.5 million, and 12100 Wilshire Boulevard. With its most current purchase, Douglas Emmett said it increased its ownership of the Santa Monica Class An office market from 55% to 71%.

Douglas Emmett’s overall office portfolio now consists of 69 office residential or commercial properties amounting to approximately 18 million square feet. The firm likewise owns 10 apartment communities in Los Angeles and Honolulu making up 3,320 units, with another 850 systems under development.

The Quatar Financial investment Authority partnered with Douglas Emmett as part of its strategies to substantially broaden its financial investment in United States property. Other major current financial investments consist of the Manhattan West project it obtained in New York City in 2015, and a 9.9% interest in Empire State Real estate Rely on 2016. QIA has set an objective of getting $35 billion of North American realty over the next five years.

To find out more, please refer to CoStar COMPS # 3889796.

Updated: TA Realty Continues Squandering Property Fund; Sells Multifamily Portfolio to Blackstone REIT for $430 Million

Portfolio Comprised of Six Apt. Communities Totaling 2,514 Systems


In its 2nd big property personality this spring, TA Realty LLC offered a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Earnings Trust for $430 million.

TA Real estate offered the portfolio on behalf of The Real estate Associates Fund IX LP. Previously this month, TA Realty offered a 45-property industrial and workplace portfolio from the fund to Brookfield-managed realty funds for $854.5 million.

Realty Associates Fund IX was formed in 2007 and has hit a 10-year financial investment cycle.

“Our company believe the result of this transaction represents engaging value for Fund IX investors,” said Tom Landry, handling partner at TA Realty. “The rate we had the ability to command for this well-located portfolio of apartment communities reflects the considerable value created through strategic functional and capital enhancements over the ownership period.”

The apartment or condo communities that comprise the portfolio are located across four states in such major markets as Dallas, Chicago and Orlando. Though TA did not recognize the private homes, the offer includes a 461-unit complex in Orlando that sold for $105 million ($227,765/ unit) last week, according to CoStar (See Sales COMPENSATION # 3882359).

Blackstone REIT is likewise accquring the following properties.The Maintain at Osprey,

Gurnee, IL, 483 systems;
San Merano at Mirasol, Palm Beach Gardens, FL, 479 units;
Estates at Park Opportunity, Orlando, FL, 432 systems;
Keller Springs Apartments, Dallas, TX, 353 units; and
West End at City Center, Lenexa, KS, 309 systems.

[Editor’s Note: This story was upgraded April 20 with the full list of homes acquired.]

The TA Real estate staff member involved in the deals consist of partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and dispositions officer Luke Marchand. JLL represented TA Realty in the sale.

TA Realty Continues Squandering Real Estate Fund; Sells Multifamily Portfolio to Blackstone REIT for $430 Million

Portfolio Comprised of Six Apt. Neighborhoods Amounting to 2,514 Units

In its 2nd large residential or commercial property personality this spring, TA Realty LLC offered a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Earnings Trust for $430 million.

TA Realty offered the portfolio on behalf of The Real estate Associates Fund IX LP. Earlier this month, TA Real estate offered a 45-property industrial and office portfolio from the fund to Brookfield-managed realty funds for $854.5 million.

Realty Associates Fund IX was formed in 2007 and has actually struck a 10-year investment cycle.

“We believe the result of this transaction represents compelling value for Fund IX investors,” stated Tom Landry, handling partner at TA Realty. “The cost we were able to command for this well-located portfolio of house communities shows the considerable value created through strategic operational and capital enhancements over the ownership duration.”

The apartment or condo neighborhoods that consist of the portfolio lie throughout four states in such major markets as Dallas, Chicago and Orlando. Though TA did not determine the individual properties, the offer consists of a 461-unit complex in Orlando that cost $105 million ($227,765/ system) recently, inning accordance with CoStar (See Sales COMP # 3882359).

CoStar likewise reveals The Realty Associates Fund IX as present owners on the following properties.The Preserve at Osprey,

Gurnee, IL, 483 units;
San Merano at Mirasol, Palm Beach Gardens, FL, 479 units;
Mason Park, Katy, TX, 312 systems; and
West End at City Center, Lenexa, KS, 309 systems.

The TA Real estate staff member associated with the deals include partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and dispositions officer Luke Marchand. JLL represented TA Real estate in the sale.

Macerich Sells Stake In Eight U.S. Buying Centers to GIC, Heitman

The Macerich Co. agreed to offer minority stakes in eight U.S. shopping mall to Singapore-based sovereign wealth fund GIC Real Estate and financial investment firm Heitman for an overall of $2.3 billion.

Experts and investors remain to require enhanced value and Macerich continues to raise cash 6 months after it rejected a $17 billion takeover offer by Simon Home Group. In the joint venture transactions anticipated to close in stages beginning in October and concluding in the first quarter of 2016, GIC will obtain a 40 % interest in 5 retail homes while Heitman will have a 49 % interest in three possessions.

The properties where GIC will certainly receive in interest in consist of Arrowhead Towne Center, Glendale, AZ; Lakewood Center, Lakewood, CA; Los Cerritos Center, Cerritos, CA; South Plains Shopping mall, Lubbock, TX and Washington Square, Portland, OR. Heitman will certainly receive an interest in Deptford Shopping mall, Deptford, NJ; FlatIron Crossing, Broomfield, CO; Twenty Ninth Street, Stone, CO.

. Macerich will get an approximated $1.14 billion in proceeds on brand-new financing and refinanced financial obligation on numerous of the commercial properties. The Santa Monica, CA-based shopping center operator will make use of the total profits to money share repurchases under the business’s simply announced $1.2 billion share bought program, pay down its line of credit balance and pay an unique dividend in the variety of $3.50 to $4.50 per share.

“These deals highlight the significant differential between the private and public markets valuation of our possessions,” said Arthur Coppola, chairman and president of Macerich, which has 55 million square feet of interests in 51 local shopping mall, in a release. “Liquidity from these deals will be used to bridge that space.”

Lee Kok Sun, regional head for Americas of GIC Real Estate, stated, the top quality assets are expected to continue producing constant earnings streams and are positive of their development moving on.

Eastdil Secured/Wells Fargo acted as special consultant to Macerich.

Savanna Sells 100 Wall Street in Manhattan

International property financial investment management business Foundation Group Real Estate Solutions LLC, a member of the MassMutual Financial Group, has closed on its acquisition of 100 Wall St. in New York City.

Though the list prices was not disclosed, local media is reporting the downtown workplace structure traded for $275 million, which would equate to about $573 per square foot.

Savanna got the asset in Might 2011 for $130 million, according to CoStar information. The firm since invested more than $25 million in capital enhancements, including an effective pre-built program and resiliency improvements following Typhoon Sandy in 2012.

The 29-story, 480,000-square-foot, 4-Star office tower was built in 1969 on half an acre in Manhattan’s Financial District submarket, between Water and Front Streets. It showcases 12 elevator banks, on-site banking and concierge, access to public transit, and 12-foot slab heights.

The structure is currently 97 percent leased, following more than 355,000 square feet of completed leases over the past 2 years. Law practice Lester Schwab Katz & & Dwyer took two floors there in 2014, and this year InterExchange leased 15,000 square feet in the structure. JLL’s leasing group of Mitchell Konsker, Scott Cahaly, and Kyle Young assisted Savanna in enhancing occupancy from 78 percent in 2011.

“Lower Manhattan has actually experienced a remarkable amount of development over the previous couple of years and is getting in an interesting stage of its renaissance,” stated Kevin Hoo, handling director at Savanna. “100 Wall Street will be a direct recipient of this growth, and we are delighted to have transacted with Cornerstone, a world class property owner.”

Douglas Harmon, Adam Spies, Joshua King, and Adam Doneger of Eastdil Protected represented the seller, an institutional property private equity firm and possession management business with more than $2.7 billion in total financial investments considering that 2006. Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja, and Ian Group of law firm Hunton & & Williams LLP served as legal counsel, with help from Barbara Lau.

Please see CoStar COMPS # 3341879 for extra information on this transaction.

Best Buy site problem briefly sells $200 gift card for $15.

A few lucky consumers were able to purchase a $200 gift card for $15 off Best Buy's website Tuesday evening. (Source: Best Buy/Facebook)A couple of fortunate consumers had the ability to purchase a $200 present card for $15 off Finest Buy’s website Tuesday night. (Source: Finest Buy/Facebook).
Some consumers were fortunate to purchase a $200 gift card for $15 off the Best Buy website. (Source: KFVS)Some customers were fortunate to acquire a $200 present card for $15 off the very best Buy site. (Source: KFVS).

(RNN)– Overnight Tuesday, consumers could acquire a $200 gift card for $15 on the very best Buy site.

The company fixed the problem, however not before a couple of thousand individuals purchased the offer and their checking account were charged.

Finest Purchase has yet to provide a statement on the glitch or whether they will honor the purchases.

On the website Reddit, a user by the name “waitforben” posted: “I am an employee of Best Purchase, and we are great at honoring our mistakes, nevertheless, errors this public with 1000s of individuals purchasing something super marked down by mistake will more than likely get canceled. In the meantime, I went ahead and ordered 2, however chances are, we’re all getting a refund.”

Copyright 2015 Raycom News Network. All rights reserved.

Equity Commonwealth Sells 2 Portfolios For $793M.

Hertz Financial investment Group Receives Six Southeast Workplace Characteristic, Including 1.25-Million-SF New Orleans Tower

Continuing its partial liquidation method ahead of schedule, the new business produced from the former Commonwealth REIT has actually offered two portfolios totaling 51 buildings and 8.3 million square feet in 18 states for a combined sales price of $793 million, consisting of the $417.5 million sale of six workplace structures in four Southeast markets to Santa Monica, CA-based Hertz Investment Group.

The 2 geographically varied profiles make up the bulk of the % 817 million in sales this year by Chicago-based Equity Commonwealth (NYSE: EQC). A team led by Sam Zell took over Commonwealth REIT after management was ousted in a board revolt in 2013.

Equity Commonwealth offered a 45-property portfolio of small office and industrial possessions totaling 5.3 million square feet across 19 markets in 13 states to a fund managed by Dallas-based private equity financier John Grayken for $376 million. The portfolio was 77.5 % rented since completion of the very first quarter.

The portfolio was 77.5 % leased since completion of the first quarter (Please see CoStar COMPs # 3310525 for more details on the deal).

The 6 office buildings totaling more than 3 million square feet sold to Hertz Financial investment includes the highest building in Louisiana, the 51-story, 1.26-million-square-foot One Shell Square at 701 Poydras St. in the New Orleans CBD (Please see CoStar COMPs # 3314730 for more details on the transaction).

The business offered a 45-property portfolio of little workplace and commercial assets totaling 5.3 million square feet across 19 markets in 13 states, for a gross list prices of $376 million. As of March 31, 2015, the little office and industrial portfolio was 77.5 % leased. Earnings from the six-property portfolio sale, subtracting home mortgage financial obligation payments and lease credits, totaled $320 million.

Year-to-date, Equity Commonwealth has actually offered $817 million of assets, incorporating 56 buildings and 9 million square feet. The company currently has 3 workplace apartments under written agreement for about $35 million totaling 270,000 square feet. Equity has 32 properties making up 10 million square feet in different phases of marketing.

The purchase by independently held Hertz offers the business’s entry into three brand-new markets: Birmingham, AL, Columbia, SC and Greensboro, NC.

One Shell Square is 93.5 % rented, with major tenants including Shell Oil, Adams and Reese, LLP, and Liskow & & Lewis. The possessions acquired by Hertz also consist of the following:

Wells Fargo Tower, 30 stories, 514,893 square feet, Birmingham CBD

Inverness Central, a four-building complex with 475,895 square feet, suburban Birmingham

Meridian, 17 stories, 334,075 square feet, Columbia

300 N. Greene Street, 21 stories, 324,075 square feet, Greensboro

20th Location South, four stories, 125,722 square feet, suburban Birmingham.

The 45 smaller workplace and industrial apartments are spread out throughout markets in Colorado, Connecticut, Florida, Illinois, Kansas, Massachusetts, Maryland, Minnesota, New Jersey, Missouri, Ohio, Pennsylvania and Virginia.