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BOSTON — Union Investment Real Estate, a German investor, has agreed to purchase The Godfrey Hotel Boston from a joint venture of Oxford Capital Group and an affiliate of Walton Street Capital for $180 million. The Godfrey Hotel Boston is a 242-room hotel located in the city’s Downtown Crossing neighborhood scheduled to open in January 2016. Under a sale lease/management back transaction, the sellers will manage the hotel once opened. The hotel is situated in Boston’s business district near the seaport. Downtown Boston is in the midst of a transformation, as reflected in a number of new high-rise residential and retail developments as well as significant refurbishments of office buildings, apartments and retail properties. The Godfrey will offer amenities including George Howell Coffee, a fitness center, a soon-to-be-announced partnership with a local restaurant group, and an executive boardroom. “We are confident in the future success of The Godfrey and that the property, brand and management platform will benefit from the transaction,” says John Rutledge, founder, president and CEO of Oxford Capital Group. The Godfrey Hotel Boston transaction is structured as a 25-year lease covering 100 percent of the total rentable area of 135,000 square feet based on an annual fixed rent. …

OAK BROOK, ILL. — Inland Real Estate Corp. (NYSE: IRC) has entered into a definitive agreement to be acquired by real estate funds managed by New York City-based DRA Advisors LLC (DRA) for approximately $2.3 billion, including the assumption of existing debt. IRC is a publicly traded REIT focused on owning and operating open-air neighborhood, community and power shopping centers located in the central and southeastern United States. As of Sept. 30, IRC owned interests in 135 shopping centers (or retail assets) containing approximately 15 million square feet of leasable space. Under the terms of the agreement, DRA-managed funds will acquire all issued and outstanding common stock of IRC for $10.60 per share in cash. Following the completion of the acquisition, Oak Brook-based IRC will become a privately held real estate investment trust. “The board has been focused on the options available to address the long-term discount at which IRC’s shares have traded versus private market valuations and its shopping center REIT peers,” says Thomas D’Arcy, non-executive chairman of IRC. “The board unanimously believes this all-cash offer is the best course of action to address this valuation gap and provide our stockholders with strong relative value for their investment.” The …

NEW YORK CITY — Related Cos. and Oxford Properties Group have received more than $5 billion in financing for an office tower and retail components within its Hudson Yards development in New York. The financing will support a flagship office tower at 30 Hudson Yards, in addition to a 1-million-square-foot retail project called Shops and Restaurants at Hudson Yards. Wells Fargo is purchasing about 500,000 square feet of office space at the project. The bank will use this space for its Wells Fargo Securities’ New York headquarters. It will occupy the space in 2020. Time Warner also acquired more than 1.3 million square feet of commercial office and broadcast studio space in 30 Hudson Yards. It will use the space as its corporate headquarters. Kohlberg, Kravis & Roberts (KKR) has also joined the building’s roster. The project is now fully committed. The 90-story tower will stand 1,296 feet tall. Kohn Pedersen Fox Associates is designing the 2.6 million-square-foot building, which will feature river-to-river panoramic views, the city’s highest outdoor observation deck and a direct connection to the new No. 7 subway extension. Deutsche Bank served as lead arranger and administrative agent, while Bank of China, Crédit Agricole and Industrial and …

SEATTLE, WASH. AND PORTLAND, ORE. — TruAmerica Multifamily has acquired a five-property multifamily portfolio in the Pacific Northwest for $104.7 million. TruAmerica partnered with its institutional equity investors, including Allstate and The Guardian Life Insurance Company of America, to complete the off-market transaction. The seller was undisclosed. The assets are located in the metro submarkets of Seattle and Portland. The properties include The Hanover, V7 Apartments, Constellation Apartments, Park 120 and The Commons. The acquisition adds 829 units to TruAmerica’s portfolio. “This is an extremely diversified portfolio of affordable and desirable assets, which are in demand by middle-class households, the greatest percentage of renters in the United States,” says Robert Hart, president and CEO at TruAmerica Multifamily based in Los Angeles. “It exemplifies our investment philosophy and our favorable outlook on the Class B rental sector.” TruAmerica plans to invest more than $10 million across the portfolio to extensively renovate the properties. Unit improvements will include new faux wood flooring and carpet, countertops, appliance packages and washers and dryers at specific properties. The scope of work also will include site-specific upgrades to existing clubhouses, pool areas and fitness centers. “The addition of this portfolio underscores our commitment to identify, acquire …

LOS ANGELES — Chanel S.A., a Paris-based fragrance and fashion house, has purchased its 11,500-square-foot store at 400 N. Rodeo Drive in Beverly Hills for $152 million. The price sets a Southern California record of $13,217 per square foot. “It is a regional record price, and sets a new standard for Los Angeles-area retail space,” says Scott Kalt, partner at Elkins Kalt Weintraub Reuben Gartside LLP, which represented the seller and landlord, Rodeo-Brighton LP, in the transaction. “This is a premier retail location for world-class luxury-goods purveyors, and we were very happy to have obtained such an aggressive price for our client.” Kalt, Ron Goldie, an attorney based in Los Angeles, and Jeff Reuben, partner with Elkins Kalt, negotiated the sale. “This was an incredibly challenging transaction that spanned almost 18 months of negotiation that resulted in a successful conclusion for all parties,” says Goldie. The previous record sales price for retail space in Southern California was set in 2013, when billionaire Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton S.A., purchased a 7,100‑square-foot building at 319-323 N. Rodeo Drive for $85 million, or $11,971 per square foot. Chanel is also the owner and tenant of an adjacent retail …

LOS ANGELES — Starting in March, the historic Century Plaza Hotel in Los Angeles will temporarily close to make way for a $2.5 billion redevelopment of the hotel and surrounding area. Woodridge Capital Partners and Next Century Associates are spearheading the project, which will include two 46-story residential towers, restaurants, retail shops and a remodeling of the five-star hotel. The developers expect the hotel to reopen in early 2018. Situated in the heart of Century City at the intersection of Avenue of the Stars and Constellation Boulevard, the 1.5 million-square-foot hotel and mixed-use development will be the centerpiece of a vibrant renaissance occurring in Century City. This includes the $800 million expansion of the Westfield Century City Mall and over 10 million square feet of offices, residences, restaurants, retail and entertainment venues. The hotel, designed by Minoru Yamasaki, will be restored with 394 guest rooms and suites along with 63 residences. Design firm Yabu Pushelberg will redesign the open-air lobby, connecting public plazas and fountains to a central two-acre garden surrounded by restaurants and retail. In total, there will be 100,000 square feet of retail on the site. The two 46-story towers designed by Pei Cobb Freed will feature 290 luxury …

NEW YORK CITY — Treetop Development has purchased an eight-building apartment portfolio located in the Flushing and Elmhurst sections of Queens, N.Y., for $138.8 million. Seven of the buildings are located in Flushing, and one is in Elmhurst. Featuring more than 600 apartments, the properties — 132-25 Maple Ave., 132-40 Sanford Ave., 133-17 Sanford Ave., 41-40 Denman St., 132-48 41st Road, 132-45 Maple Ave., 132-57 Sanford Ave. and 132-61 Sanford Ave. — are primarily situated within a three-block radius. Nearly all of the units are rent stabilized. “The housing market for middle-income individuals in New York City is massively underserved, and this acquisition allows us to create an attractive, enhanced living experience for residents while sustaining the neighborhood’s affordability,” says Adam Mermelstein, principal of Treetop. The seller was Algin Management, and ACORE, a lender, is financing the purchase with an approximately $100 million mortgage, according to Crain’s New York Business. The portfolio is currently 99 percent occupied. Each of the eight buildings features six stories with elevator access, as well as an onsite indoor parking garage and a laundry facility. Treetop plans to invest a reported $10 million in capital improvements, Crain’s says, geared toward modernizing the properties, including upgrades …