DENVER — The Ritz-Carlton, Denver, a 202-room hotel in the city’s Downtown region, has received $51 million in financing. The luxury resort is located at 1881 Curtis Street in the Financial District. The hotel occupies the initial 14 floors of the 37-story tower. It is the only AAA Five Diamond-rated hotel in the city. The Apartments at Denver Place and the Residence XXV condominiums occupy the remaining levels and were not part of this transaction. The three-year, floating-rate loan will be used to refinance an existing loan facility. It was arranged by HFF’s Eric Tupler, John Bourret, Josh Simon and Matt Gangaware on behalf of Pearlmark Real Estate Partners. Financing was secured through a joint origination effort by Annaly Commercial Real Estate Group and Principal Real Estate Investors.The hotel will continue to be managed by The Ritz-Carlton Hotel Company, L.L.C.
SAN DIEGO — Drawbridge Realty Trust has acquired the Discovery Corporate Center Building A in San Diego for $36.5 million. It is located at 16340 West Bernardo Drive in the Rancho Bernardo submarket. The 90,610-square-foot, Class A building is fully leased to Broadcom Corporation. Drawbridge now owns three of the four buildings that comprise the 318,235-square-foot Discovery campus. The company is focused on acquiring well-located properties leased to major corporations in markets with positive absorption and job growth. The seller was Menlo Equities.
KEY WEST, FLA. — Inland American Lodging Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has purchased the Hyatt Key West Resort and Spa in Key West for approximately $76 million. Hyatt Hotels Corp. will continue to manage the resort under a new management agreement. The resort has 118 guestrooms, Shor American Seafood Grill, Blue Mojito Pool Bar and Grill, Jala Spa, a heated outdoor swimming pool and whirlpool, a sundeck, poolside cabanas, a gym and three meeting/event spaces totaling 2,500 square feet. Hyatt has sold seven of its hotels or resorts for more than $500 million so far this year. The Key West resort is Inland American’s 14th hotel purchase in 2013.
CORAL GABLES, FLA. — HFF has arranged the $38.7 million sale of Plaza San Remo, a Whole Foods-anchored retail condominium at 6701 Red Road in Coral Gables. Plaza San Remo is the retail component of a seven-story, 180,000-square-foot mixed-use development that includes retail, medical office condominiums and a 739-space parking garage. The property, which was built in 2007, was 99 percent leased at the time of sale. Danny Finkle, Luis Castillo and Kim Flores of HFF represented the seller, LIC Coral Gables Retail Inc., a Germany-based investment group, in the transaction. The seller was also advised by Dallas-based Phoenix Property Co. The buyer, an institutional investor, purchased the property clear and free of debt.
ORLANDO, FLA. — Boca Raton, Fla.-based Halvorsen Holdings has completed Town Park Shopping Center, a Publix-anchored retail property located at the intersection of Woodbury Road and East Colonial Drive in Orlando. In addition to Publix, the 64,000-square-foot shopping center’s current tenant roster includes Anytime Fitness, Hair Cuttery, TJ’s Seafood and a pizza chain. Three of the four outparcels are occupied by McDonald’s, Cheddars and Wawa.
NASHVILLE, TENN. — Cushman & Wakefield | Cornerstone’s healthcare practice group has arranged a 109,751-square-foot office lease at Burton Hills Office Park in Nashville’s Green Hills submarket. The building is under development and is expected to be delivered in 2015. AmSurg Corp. is leasing space in the three-story building, which will feature three levels of underground parking. The new space will house 350 of AmSurg’s employees and will eventually serve as the firm’s corporate headquarters. Dick Fleming, Terry Smith, Ben Burns and Henry Trost of Cushman & Wakefield | Cornerstone represented AmSurg in the transaction.
ST. LOUIS — Tryperion Partners has acquired a 637,000-square-foot, Class A office portfolio totaling six properties located throughout suburban St. Louis. The portfolio is more than 90 percent leased under long-term leases and includes the national headquarters for Energizer Holdings and Panera Bread, along with the regional headquarters for Equifax and New Balance. The acquisition was completed in two separate transactions. The first consisted of two buildings totaling 252,000 square feet in the Maryville Centre office campus located in Town & Country, about 18 miles west of St. Louis. John Hancock Life Insurance Co. provided the acquisition financing for the two buildings. The second transaction included four buildings totaling 385,000 square feet in Sunset Hills and Maryland Heights. Wells Fargo provided the acquisition financing for the buildings. Tryperion has retained Tom Ray and Art Kerckhoff of CBRE as listing agents for the Maryville assets, and Jay Holland and Piers Pritchard of Cassidy Turley as listing agents for the Sunset Hills and Maryland Heights assets. CBRE will manage the portfolio.
EVANSTON, ILL. — Essex Realty Group Inc. has arranged $7.3 million the sale of 525 Kedzie St., a newly built, 20-unit multifamily building in suburban Chicago. Originally built as upscale condominiums, the property is situated at the intersection of Kedzie Street and Chicago Avenue in Evanston. The building features floor-to-ceiling windows, an elevator, private balconies, penthouse units with terraces and a 42-space heated parking garage. Budget and Avis Car & Truck Rental leases the commercial space. Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.
NORTHBROOK, ILL. — Marcus & Millichap has arranged the $2.5 million sale of 1828-1908 Techny Court in Northbrook, a northern suburb of Chicago. Techny Court is a three-building, multi-tenant flex/industrial complex totaling 56,219 square feet. The property is currently 79 percent occupied with 11,686 square feet available for lease and staggered lease expiration schedules. Stephen Lieberman and Paul Tesdal, investment specialists at Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller.
CREST HILL, ILL. — Mid-America Real Estate Corp.’s net lease investment group has brokered the $2.3 million sale of a two-tenant, 88,000-square-foot retail building leased to Big Lots and Home Owners Bargain Outlet (HOBO) in Crest Hill. A private investor in California purchased the property from a local Chicago area investor. The property is primarily located along Larkin Avenue, bordering Plainfield Road to the north and Theodore Street to the south. Major retailers surrounding the property include Jewel/Osco, Ultra Foods, Food 4 Less and T.J. Maxx. Tom Fritz and Mark Goldberg of Mid-America Real Estate Corp. represented the seller in the transaction. Mid-America advised the seller to offer Big Lots a monetary incentive in order to obtain a fresh 10-year lease. The seller invested less than $200,000 in a new storefront in exchange for a seven-year lease extension. The move picked up an additional $400,000 in property value.