REBusinessOnline

Gramercy Property Trust Acquires Industrial Portfolio for $115.2M

Gramercy Property Trust Acquires Industrial Portfolio for $115.2M

NEW YORK — Gramercy Property Trust (NYSE: GPT) has acquired a 12-building industrial portfolio for $115.2 million. The seller in the deal was undisclosed. The portfolio consists of approximately 1.5 million square feet. The majority of the assets are located in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto. The aggregate net operating income for the first year is approximately $9.4 million with an 8.1 percent initial cap rate. The weighted average remaining lease term is 13 years. In addition to the acquisition, Gramercy assumed three mortgages totaling $37.3 million and one mortgage totaling approximately $10.9 million in Canadian dollars. Collectively, the loans have a remaining term of 5.5..

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Chinese Investment Group Agrees to Acquire Carlson Hotels

Chinese Investment Group Agrees to Acquire Carlson Hotels

BEIJING AND MINNETONKA, MINN. — HNA Tourism Group Co. Ltd., a Chinese conglomerate with stakes in industries such as aviation and real estate, has entered into an agreement to purchase Carlson Hotels Inc., which owns the Radisson and Country Inns & Suites hotel brands. The purchase price for the Minnetonka-based hotel company and its hotels was undisclosed. “Carlson Hotels owns a powerful set of global brands and this historic agreement provides tremendous opportunities for growth," says David Berg, CEO of Carlson Hospitality Group. "We look forward to working within HNA Tourism Group, a greatly respected global enterprise, in what will be an exciting new chapter in the history of Carlson Hotels. As part of HNA Tourism Group,..

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Commercial Real Estate Owners Need to Consider Investing in Cyber Insurance

Commercial Real Estate Owners Need to Consider Investing in Cyber Insurance

Almost daily the media is reporting on another data/security breach, and today’s cyber criminals are becoming increasingly sophisticated while the technology needed to combat them lags behind. To date, more than $75.5 million has been spent on cyber claims losses, according to the most recent Cyber Claims Study published by NetDiligence, a cyber risk assessment and data breach services company. The study noted personally identifiable information was the most frequently exposed data at 94 percent, followed by payment card information at 27 percent. Analysts predict that cyber risk protection will be the top growing type of insurance for commercial real estate owners and operators. Without coverage, any business using a point of sale..

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Camden Property Trust Divests Entire Las Vegas Multifamily Portfolio for $630M

Camden Property Trust Divests Entire Las Vegas Multifamily Portfolio for $630M

LAS VEGAS — Camden Property Trust (NYSE: CPT) has sold its Las Vegas portfolio, largely consisting of apartment communities, for $630 million. The portfolio includes 15 garden-style apartment communities totaling 4,918 units, a retail center and 19.6 acres of undeveloped land. With the sale, Camden is exiting the Las Vegas market, according to the Houston Business Chronicle. Company executives will discuss the sale during a first-quarter earnings call slated for April 29. The buyer was not named. However, Las Vegas business journal Vegas Inc. reports the purchaser is a joint venture between Irvine, Calif.-based Bascom Group and Los Angeles-based Oaktree Capital Management. The joint venture also owns Vantage Lofts, a luxury..

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