Top Stories

ARLINGTON, VA. — ASB Real Estate Investments has acquired Sedona and Slate, two multifamily buildings totaling 474 units in Arlington, for $222 million. The JBG Cos. sold the properties, which are located at 1510 and 1530 Clarendon Blvd. in the Rosslyn submarket of the city. The 15-story Sedona includes 271 units and features 1,580 square feet of ground-level retail. The 203-unit Slate is a 12-story high-rise that contains 8,500 square feet of retail. On-site amenities include a 24-hour concierge, bicycle room, business center, fitness center and rooftop deck with pool, along with an urban park that offers grilling stations. The JBG Cos. delivered Sedona during the second quarter of 2013 and completed construction on Slate during the third quarter. The newly constructed apartment properties are expected to receive Arlington County’s first residential LEED Gold certification for “New Construction & Major Renovations.” Paul Collins, Bill Collins and Christopher Doerr of Cassidy Turley represented The JBG Cos. in the transaction. The JBG Cos., based in Chevy Chase, Md., is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in metro Washington, …

PHOENIX — Cole Capital, the private capital management business of Cole Real Estate Investments Inc. (NYSE: COLE), has acquired five single-tenant office properties throughout the United States for approximately $202 million. “These latest acquisitions are consistent with Cole's strategy of securing mission-critical properties nationwide that are essential for corporate operations,” says Thomas Roberts, executive vice president and head of real estate investments at Phoenix-based Cole. “These necessity properties boast credit-quality tenants, long-term leases, valuable rent increases and varied industries, while providing geographic diversification to the expanding Cole portfolio.” The properties, which are located in San Jose, Calif.; Colorado Springs, Colo.; St. Louis; and Houston, highlight the trust’s focus on building a portfolio of diversified single-tenant properties with creditworthy tenants under long-term net leases, according to a statement from the trust. Cole Real Estate Investments Inc. (CCIT) acquired two office properties in the San Jose metropolitan area. The first is a 98,874-square-foot, two-story office building leased to Lattice Semiconductor Corp. in San Jose, Calif. The Class A facility serves as a development center and product design facility for Lattice. The building houses Lattice’s research and development operations, as well as prototype product manufacturing and testing. Lattice has 12.9 years remaining on …

DEERFIELD BEACH, FLA. — Deerfield Beach-based Konover South LLC has closed the buy-back of an 883,926-square-foot retail portfolio in Florida from an institutional partner. The portfolio, which includes nine properties that Konover previously developed or redeveloped, is valued at more than $100 million. In acquiring the former partner’s membership interest, Konover South once again wholly owns the portfolio. The retail assets are all core-plus and value-add properties with anchors such as Publix, Winn-Dixie and T.J. Maxx. The properties include Admirals Crossing in Jupiter; Governors Crossing in Tallahassee, Inverrary Falls in Lauderhill; Kendall Square and Kendall Square Office in Miami; Plaza at Davie and Point Meadows in Jacksonville; Stuart Centre in Stuart; and Sunrise Plaza in Sunrise. The acquisition proves Konover South’s commitment to the Florida marketplace, according to David Coppa, chief executive office of the company. “Konover South has the capital and capacity to perform strategic acquisitions, and with rental rates and leasing activity on the rise, we are aggressively pursuing other deals,” says Coppa. Konover South will continue to manage and lease the centers. The Hartford, Conn. regional office of Peoples United Bank provided $75 million of new permanent financing for the transaction. Konover South is an acquisition, development …

DALLAS — HFF has arranged $100 million in acquisition financing for Tower at Cityplace, a 1.3 million-square-foot, Class A office skyscraper near downtown Dallas. Florida-based Parmenter Realty Partners acquired the 42-story office tower, which is located at 2711 N. Haskell Ave. in the Uptown District of Dallas. HFF secured the loan for the purchase through GE Capital Real Estate. Parmenter will use the loan to acquire the building and fund future leasing and capital expenditures. The 45-story tower is 69 percent leased to tenants including Dean Foods, Lone Star/Hudson Advisors, AON Service Corp. and Headington Oil. The property features a 35,000-square-foot Larry North Fitness Center and Spa, 55,000 square feet of meeting room space, a 300-seat amphitheater, several dining options and direct access to the DART rail and McKinney Avenue Trolley service. New York-based Cossutta & Associates designed the building to be the corporate headquarters for Southland Corp. (now 7-Eleven), according to the Dallas Business Journal. The company constructed the skyscraper in 1988 at a cost of more than $300 million. John Brownlee, senior managing director, and Jim Curtin, associate director, led the HFF team representing Parmenter in the transaction. Parmenter Realty Partners is a real estate investment, management and …

NAPLES, FLA. — GE Capital Real Estate has provided $145 million in refinancing for The Mercato, a 456,000-square-foot mixed-use development in Naples. Dan Martin, managing director, and Andy McLay, senior relationship manager at GE Capital Real Estate, worked with HFF to secure the financing. GE provided the five-year, floating-rate loan to the borrower, a joint venture entity between Madison Marquette Retail Enhancement Fund, Barron Collier Cos. and The Lutgert Cos. The Mercato is located at 9115 Strada Place along Tamiami Trail, also known as U.S. Highway 41. The 14-building development was constructed in 2009 and features 320,000 square feet of retail and 136,000 square feet of office space. The property is 85 percent leased and its retail tenant roster includes Whole Foods Market, Silverspot Theatre and Nordstrom Rack. Mark Remington, managing director, Chris Drew, director, and Jordan Lex, associate director of HFF, originated the loan on behalf of the borrower. “GE Capital performed flawlessly, generating a huge win for our clients and this trophy asset, providing financing critical to the continuation of the successful business plan at The Mercato,” says Remington. GE Capital Real Estate, founded in 1973, has been a lender and operator of commercial real estate around the …

RAHWAY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired a two-building, 159-unit multifamily property known as Park Square in Rahway, located about 12 miles south of Newark. The property, which includes a parking garage and approximately 6,000 square feet of retail space, sold for approximately $46.5 million. Landmark Cos. of Keasbey, N.J., was the seller. Park Square consists of one- and two-bedroom luxury apartments ranging from 800 to 1,480 square feet. The property, which is 94 percent leased, offers residents an amenity package that includes a 24-hour fitness center; 24-hour resident service; enclosed, secure private garage parking options; a community room with Wi-Fi; a billiards room; as well as convenient on-site retail. This 159-unit multifamily property known as Park Square is located in Rahway, located about 12 miles south of Newark. The property is a two-minute walk from the Rahway train station that offers convenient access to Liberty International Airport and Manhattan, as well as the Jersey Shore. Mack-Cali’s Roseland subsidiary will manage and lease the property. “The Mack-Cali/Roseland team is thrilled to acquire Park Square, a true luxury rental community that offers residents spacious, well-appointed apartments in an ideal transit-oriented location,” says Mitchell Hersh, president and CEO of …

KEY WEST, FLA. — Inland American Lodging Group Inc. has acquired the Hyatt Key West Resort and Spa, a 118-room hotel on the Gulf of Mexico, for approximately $76 million. The hotel, sold by a Hyatt affiliate, will continue to be managed by Hyatt under a new management agreement. “We are extremely pleased to have added Hyatt Key West Resort and Spa to our portfolio,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. “Key West is one of the most unique consistent and highest average RevPAR hotel markets in the nation, and this high-quality resort’s exceptional location, within easy walking distance of the area’s most popular attractions, should continue to drive strong returns on our investment.” The property, which underwent a $10 million renovation in 2006, includes two restaurants — Shor American Seafood Grill and Blue Mojito Pool Bar and Grill — and the Jala Spa. The hotel also features a heated outdoor swimming pool and whirlpool, sundeck, Hyatt Stay Fit gym, business center, poolside cabanas and 2,500 square feet of meeting and event space. Hyatt has sold seven full-service hotels or resorts for more than $500 million this year. “We are delighted to broaden our …

SCOTTSDALE, ARIZ. — Crescent Communities and Glimcher Realty Trust have broken ground on the $61 million, 275-unit Crescent Scottsdale Quarter multifamily property. The project is the first residential property in the upscale mixed-use development of Scottsdale Quarter. The six-story Crescent Scottsdale Quarter, located on 2.7 acres on the Greenway Hayden Loop, will offer studio, one- and two-bedroom apartments. Crescent Communities and Glimcher expect the property to open in the spring of 2015. “Scottsdale Quarter is a fashionable hub that offers unmatched amenities yet preserves the beauty of the desert,” says Jim Caulet, senior vice president of Crescent’s multifamily group. “It is the perfect fit for our model of building authentic lifestyle experiences for people, and we are pleased to bring the Crescent approach to luxury multifamily living in Scottsdale.” The complex will feature amenities including a resort-style saltwater pool and two-story fitness center. It will also be one of the first apartment communities in Scottsdale to comply with the 2012 International Energy Conservation Code and Green Construction Code. Occupants will be in close proximity to Scottsdale Quarter’s 370,000 square feet of retail and restaurant options — including Apple, Restoration Hardware, lululemon, Calypso St. Barth and True Food Kitchen — and …

MURFREESBORO, TENN. Ń National Health Investors Inc. (NYSE: NHI) has signed a definitive purchase agreement to acquire 25 independent living facilities from subsidiaries of Holiday Acquisition Holdings LLC, an affiliate of Holiday Retirement. The total purchase price of the 25 communities is approximately $491 million. ŇThis investment is in line with our stated goals of partnering with strong operators, diversifying our portfolio, and financing growth in a conservative fashion,’ says Justin Hutchens, CEO and president of NHI. The acquisition is expected to close by the end of the year. Wells Fargo Securities served as the financial advisor to NHI on this transaction. The 25 independent living facilities will continue to be operated by affiliates of Holiday Retirement, with a 17-year master lease signed by an affiliate of Holiday. The 25 facilities include: áĘĘĘĘĘ Apple Blossom in Rogers, Ark. áĘĘĘĘĘ Butterfield Place in Fort Smith, Ark. áĘĘĘĘĘ Bay Park in Pinole, Calif. áĘĘĘĘĘ Bridgecreek in West Covina, Calif. áĘĘĘĘĘ Camelot in Hemet, Calif. áĘĘĘĘĘ Fig Garden in Fresno, Calif. áĘĘĘĘĘ Hampshire in Merced, Calif. áĘĘĘĘĘ Mistywood in Roseville, Calif. áĘĘĘĘĘ Shandiford Place in Modesto, Calif. áĘĘĘĘĘ Iris Place in Athens, Ga. áĘĘĘĘĘ Riverplace in Columbus, Ga. áĘĘĘĘĘ River’s Edge in Savannah, …

GREENWICH, CONN. — Starwood Capital Group, through a controlled affiliate, has completed the acquisition of a majority interest in seven regional malls in the United States from the Westfield Group. Westfield will maintain a 10 percent common equity interest in the properties. The acquisition builds on a longstanding relationship between Starwood Capital Group and Westfield, a Sydney, Australia-based owner and operator of shopping centers. The two firms completed a similar transaction in June 2012 involving seven malls in California, Illinois, Ohio, Nebraska and Florida that helped lead to the formation of Starwood Retail Partners, the wholly owned operating platform that oversees Starwood Capital’s retail investments. “I believe we can build a differentiated company in the retail mall marketplace,” says Barry Sternlicht, chairman of Starwood Retail Partners. “We intend for Starwood Retail Partners to be an important new player in this industry, with fresh ideas and collaborative partnerships with tenants and to attract great talent to power our growing platform.” The malls include 7.9 million square feet of retail space across four states on the West Coast and the Midwest. The sites are anchored by major national retailers and have an average occupancy of approximately 96 percent. Starwood Retail Partners will …