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MIAMI BEACH, FLA. — CIM Group has sold the SLS South Beach, a 140-room luxury boutique hotel in Miami Beach for $125 million. The hotel was jointly owned with sbe Entertainment, a Los Angeles-based hospitality company. According to the South Florida Business Journal, the buyer is 1701 Miami Owner, a company affiliated with Daniel Tain and Marco Ferri, based in Guernsey, an island in the English Channel off the coast of Normandy. CIM and sbe redeveloped the former Ritz Plaza Hotel, a 13-story building, to create the SLS Hotel South Beach, which opened in June 2012. Designer Philippe Starck oversaw the redevelopment, which included 124 rooms located in the historic tower, a separate building with 10 villas, six bungalows, and the addition of a 14,500-square-foot pool deck. Other renovations included the addition of restaurants such as The Bazaar and Katsuya. The SLS South Beach, located at 1701 Collins Ave. with 100 feet of beach frontage, was originally built in 1939 by South Beach architect L. Murray Dixon. The SLS Hotel South Beach features a rooftop architectural design depicting a lantern reaching to the sky. It is the tallest art deco-style structure in South Beach. Since January, including the SLS South …

SANTA MONICA, CALIF. — Hertz Investment Group has acquired a portfolio of six Class A office buildings in the Southeast for $417 million from Chicago-based Equity Commonwealth, according to media reports. The portfolio is comprised of more than 3 million square feet. The purchase of the buildings will introduce Santa Monica-based Hertz to three southern markets: Birmingham, Ala.; Columbia, S.C.; and Greensboro, N.C. The transaction is the largest acquisition in the company’s history. One of the properties included in the sale was One Shell Square, a 1.26 million-square-foot, 51-story tower in the New Orleans central business district, where Hertz already has a presence. Also included in the transaction were Inverness Central, a four-building complex with 475,895 square feet, located in suburban Birmingham; the Wells Fargo Tower, a 30-story tower with 514,893 square feet in Birmingham’s central business district; Meridian, a 17-story tower with 334,075 square feet in Columbia; 300 N. Greene St., a 21-story tower with 324,075 square feet in Greensboro; and 20th Place South, a four-story office building with 125,722 square feet, located in suburban Birmingham. Hertz plans to perform $2.2 million in renovations on the Wells Fargo Tower, $500,000 on 300 N. Greene and will spend $1 million …

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has agreed to sell 26 hotel properties throughout the U.S. to American Realty Capital Hospitality Trust for $351.4 million. The portfolio contains 2,793 rooms, or about 19.6 percent of the company’s pro-forma hotel EBITDA (earnings before interest, taxes, depreciation and amortization). The hotels are located in Oregon, Louisiana, Texas, Indiana, Arizona, Missouri, Tennessee, Illinois, Florida, Washington and Colorado. The sale of the properties is scheduled to close in three separate tranches. The estimated sales dates are September and October of this year and January 2016. “We are very excited at the opportunity to recycle capital on a larger scale,” says Dan Hansen, Summit’s president and CEO. “This proposed transaction will enable us to continue to improve our asset mix and upgrade our portfolio with additional accretive acquisitions with strong growth profiles and diverse demand generators.” Adds Hansen: “Recycling capital to create long-term value for our shareholders is a proven strategy for us and one we consider to be a core strength.” The total sales price represents a cap rate in the mid-7 percent range based on trailing 12-month net operating income as of March 31. The 12-month revenue per available room (RevPAR) …

JERICHO, N.Y. — Getty Realty Corp. (NYSE: GTY) has acquired 77 convenience stores and retail motor fuel stations for $214 million. Located in California, Colorado, Washington, Nevada and Oregon, the acquired properties operate under several brands, including 76, Conoco, Circle K, 7-Eleven and My Goods Market. “This acquisition… achieves several important objectives for our company including materially expanding our geographic reach primarily in high growth regions and adding a new institutional quality tenant,” says David B. Driscoll, Getty’s president and CEO. “We believe the addition of these properties, combined with other activity in our portfolio, has materially improved the overall credit quality of our revenue stream. In addition, we believe we are positioned to provide sustained cash flow growth for shareholders in the coming years.” The 77 properties were acquired from affiliates of Pacific Convenience and Fuels LLC and simultaneously leased to United Oil, a leading regional convenience store and gas station operator. United Oil is triple-net leasing the 77 properties acquired by Getty for an initial term of 20 years, with three five-year renewal options. The company expects to receive $16.7 million of annual revenue from the transaction. United Oil operates approximately 400 locations in the western United States …

NEW YORK — Savanna, a New York-based real estate private equity and asset management firm, has sold 1375 Broadway to Westbrook Partners for $310 million. A 510,000-square-foot office building, 1375 Broadway is located on the northwest corner of 37th Street and Broadway. Savanna acquired the property in December 2010 and completed an extensive repositioning that included a redesign of the lobby and entrance and a renovation of the façade, roof and retail storefronts. Savanna leased over 190,000 square feet during its ownership. Average rents increased from $22 per square foot at acquisition to around $60 per square foot today. Marty Meyer, Eric Meyer and Michael Thomas of Colliers International represented Savanna in office leasing transactions, and Steve Baker of Winick Realty represented Savanna in retail leasing. “Savanna has transformed 1375 Broadway into a standout office property in the Broadway corridor through our intensive repositioning along with the Colliers and Winick leasing teams’ hard work, which has paid off with a great roster of new office and retail tenants,” says Cooper Kramer, managing director at Savanna. “These tenants represent major growth industries in New York including technology, beauty and fashion. Westbrook is acquiring a high-quality asset in a great location.” Tenants at …

WESTLAKE, OHIO — TravelCenters of America LLC (NYSE: TA) has agreed to sell 30 travel centers to Hospitality Properties Trust (NYSE: HPT) to fund its continuing expansion program. The sale-leaseback transactions total $397 million. TA expects to receive net cash proceeds of approximately $352 million before transaction costs. TA, based in Westlake, Ohio, also will purchase from HPT five travel centers now leased by TA and subleased to TA franchisees for approximately $45 million. TA’s travel centers operate under the TA, TravelCenters of America, Petro and Petro Stopping Centers brand names and offer gasoline and diesel fuel, restaurants, truck repair services, travel and convenience stores, and other services at locations in 43 states. The centers are located primarily at exits from the U.S. Interstate Highway System and in Canada. TA also operates convenience stores and retail gasoline stations primarily under the Minit Mart trade name. The company highlights several benefits from the transaction. Among the advantages: A significant portion of the gains to be realized from these transactions will result from sales of travel centers that were developed, or acquired and redeveloped, by TA. TA believes these gains will be amortized as a reduction of rent expense during the lease …