REBusinessOnline

Massey Knakal Arranges Sale of East Side Elevator Portfolio in Manhattan for $126M

Massey Knakal Arranges Sale of East Side Elevator Portfolio in Manhattan for $126M

NEW YORK — Massey Knakal has arranged the sale of The East Side Elevator Portfolio, consisting of five trophy assets on the east side of Manhattan, for $126 million. Stonestreet Properties sold the portfolio, which features one property in the East Village on 3rd Street and four properties on the Upper East Side and includes a total of 267 units. The properties were sold in two separate transactions. Trevi Retail purchased the four Upper East Side properties and buyers Nader and Lisa Shalom purchased the 3rd Street property. “The multifamily sector has always been the most active in the city, and today is no different. The interest in these properties was from every corner of the globe and from a widespread array of buyer..

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Paramount Group Office REIT Completes $2.6 Billion IPO

Paramount Group Office REIT Completes $2.6 Billion IPO

NEW YORK — Paramount Group Inc. (NYSE: PGRE), which specializes in owning and managing office properties in major markets, has completed its initial public offering of nearly 150.6 million shares of its common stock at a public offering price of $17.50 per share. The IPO has resulted in gross proceeds of $2.6 billion. The offering is the largest IPO ever for a U.S. real estate investment trust, according to Bloomberg, exceeding Douglas Emmett Inc.’s IPO in 2006, which raised $1.6 billion. According to Bloomberg, the shares climbed 3.9 percent to $18.18 on their first day of trading (Nov. 19) after the company sold them for $17.50 each. The IPO includes the full exercise of the underwriters’ option to purchase an additional..

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Physicians Realty Trust Acquires Healthcare Properties Across the Country Totaling $123.2M

Physicians Realty Trust Acquires Healthcare Properties Across the Country Totaling $123.2M

MILWAUKEE — Physicians Realty Trust (NYSE: DOC), a self-managed healthcare REIT based in Milwaukee, has entered into four separate purchase agreements in Georgia, Alabama, Washington, New York and Illinois totaling $123.2 million. In the Southeast, the REIT has partially closed on the purchase of a 309,865-square-foot portfolio of 13 medical office buildings for $34.5 million. Known as the Columbus Regional Medical Office Portfolio, 12 of the properties are located in Columbus, Ga., and one is located in Phenix City, Ala. The portfolio is 88 percent occupied, and 11 of the 13 properties are located adjacent to the 413-bed Columbus Regional Medical Center (CRMC) and the 219-bed Doctors Hospital, two of Columbus Regional Healthcare..

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Pebblebrook Hotel Trust Buys Hotel Palomar Los Angeles – Westwood for $78.7M

Pebblebrook Hotel Trust Buys Hotel Palomar Los Angeles – Westwood for $78.7M

LOS ANGELES — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 264-room Hotel Palomar Los Angeles – Westwood for $78.7 million. The full-service boutique hotel is located at 10740 Wilshire Blvd. in the Los Angeles submarket of Westwood. The seller was undisclosed. The hotel is situated near the University of California, Los Angeles (UCLA), the Wilshire Corridor, and Westwood Village’s many shopping, dining and entertainment options. “The hotel is ideally located at the corner of Wilshire Boulevard and Selby Avenue, with proximity to all of the major motion picture studios, prominent dining, retail and museums and the Wilshire Corridor, which contains some of the highest-quality residential and office space in Los..

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