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HOUSTON — Inland American Real Estate Trust Inc., a non-traded REIT based in Oakbrook, Ill., has closed its sale of 14 Class A multifamily assets in Texas, Oklahoma and Kentucky. Charleston, S.C.-based Greystar, a national property management, investment and development company, purchased the communities from Inland for approximately $460 million, equating to about $105,000 per unit. “Both Inland and Greystar are first-class organizations and this transaction was accretive to both of them,” says David Oelfke, principal and broker of ARA’s Houston office. Atlanta-based ARA represented Inland in the portfolio disposition. “Inland had made strategic investments in the downturn between 2008 and 2011 and had a great basis in the properties, and Greystar has a great infrastructure to implement a value-add strategy on the portfolio. It’s a great win for both groups.” The multifamily portfolio consisted of 4,371 units, most of which are located in Houston (six). The remaining properties are located in Oklahoma City (four), San Antonio (two), Dallas (one) and Louisville, Ky (one). Each property in the portfolio has the opportunity for Greystar to upgrade interiors and community amenities. Oelfke brokered the sale of the assets located in Texas and Kentucky. Oelfke teamed up with David Burnett of Sperry …

TYSONS CORNER, VA. — Northwestern Mutual, Prudential Mortgage Capital Co. and TIAA-CREF have each provided $283.3 million for a total of nearly $850 million in refinancing for Tysons Corner Center, a 1.9 million-square-foot super regional mall in Tysons Corner. The mall is considered one of the most successful malls in the country. “We are thrilled to have made a mortgage loan investment in Tysons Corner Center given the quality of the asset and strong sponsorship. The Macerich Company has once again demonstrated an ability to take a great asset and position it for future sales growth and value creation,” says Tom Zale, a managing director with Northwestern Mutual Real Estate Investments LLC. “This type of transaction enhances our dividend-paying capacity for policy owners while supporting economic growth in the communities in which we do business.” Tysons Corner Center is located at the dense intersection of Chain Bridge Route 123 and Capital Beltway/I-495. The 10.3-year loan carries a 4.1 percent interest rate. Not included in the collateral, but key to the property’s investment appeal, are a 22-story, Class A office tower; 429-unit, 30-story apartment building; and a 17-story hotel that are currently being developed on the property. They will each be …

CHICAGO — Harrison Street Real Estate Capital has completed the sale of a large portfolio of self-storage assets to Public Storage (NYSE: PSA), a publicly traded REIT. Industry sources report the total purchase price was approximately $315 million. The sale represents the largest portfolio transaction to date, surpassing a $300 million sale earlier this year. The portfolio consists of 43 properties in five states and was assembled over time by the firm from 2007-2012. The properties are located in Texas, North Carolina, South Carolina, Virginia and Georgia. At the time of the disposition, the 22,500-unit portfolio was more than 82 percent occupied. The assets were owned in a joint venture with Morningstar Properties and managed under the Morningstar Mini-Storage brand. Public Storage, which is headquartered in Glendale, Calif., is expected to rebrand the properties. “We are extremely pleased with the outcome of this portfolio sale,” says Christopher Merrill, co-founder, president and CEO of Harrison Street, a Chicago-based real estate private equity firm. “The strategy of rolling up our sleeves and working to build a portfolio over time proved to be quite successful for our limited partnerships.” Harrison Street, which was the majority owner, acquired or developed these assets across three …

LONG BEACH, CALIF. AND CHICAGO — Real estate investment trust HCP Inc. (NYSE: HCP) has named former Jones Lang LaSalle Inc. (JLL) executive Lauralee Martin as its new president and CEO. The REIT, one of the heavyweights in the seniors housing industry, owned $21.8 billion in healthcare assets, including seniors housing, life science, hospital and medical office facilities as of June 30. Long Beach-based HCP also elected Michael McKee, 67, the company’s lead director, as non-executive chairman. “The board believes Lauralee is the best choice to provide new leadership for the company and to execute its strategies to enhance long-term value for shareholders,” says McKee. Martin and McKee will replace James Flaherty, who became HCP's chairman and CEO in 2003. In a press release, the REIT stated Flaherty had been terminated, but offered no further details. “Jay was a substantial and successful force behind HCP’s considerable growth for more than a decade, and we wish him continued success,” says McKee. Flaherty will remain a member of the board. In a move to enhance the governance strength of HCP, the board decided to separate the chairman and CEO roles. “This is a pivotal time of challenges, transitions and consolidation for the …

MENLO PARK, CALIF. — St. Anton Partners and Facebook have teamed up to build Anton Menlo, a 394-unit, $120 million multifamily community in Menlo Park, a city within the San Francisco Bay Area. Facebook will fund 15 low-income units in the upscale apartment complex, which is located near the social media giant's headquarters at Bayfront Expressway and Willow Road. St. Anton Partners has included an additional 38 low-income units so the residences can be rented at affordable rates. In doing so, St. Anton Partners was able to increase the project's density under the city's density bonus law. Anton Menlo is the city's first significant new apartment building in more than 20 years. “It is a strategic collaboration,” says Ardie Zahedani, vice president of development at St. Anton Partners. “Facebook is getting involved because it is within walking distance to its campuses and there is a major housing shortage.” Facebook is paying Sacramento, Calif.-based developer St. Anton Partners to provide the below-market-rate apartments. Menlo Park requires commercial developers to contribute to its affordable housing stock because the low-income developments create jobs and a demand for housing, according to the San Jose Mercury News. The units will be income restricted for 55 …

ROCKVILLE, MD. — Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has entered into four separate contacts with a single buyer to sell a 100 percent interest in its medical office portfolio and two office assets for nearly $501 million. The purchase price for the portfolio, which contains approximately 1.5 million square feet, equates to $329 per square foot. “Over the past decade, we have methodically grown our medical office portfolio into becoming one of the largest landlords of institutional-quality medical office properties in the Washington, D.C., metro area,” says George “Skip” McKenzie, president and CEO of Rockville-based WRIT. “With the completion of the medical office portfolio sale, we will be successfully exiting this business line, which has been extremely profitable for us over the past decade.” The portfolio includes 17 medical office buildings and two suburban office properties, 6565 Arlington Blvd. and Woodholme Center. Also included is a parcel in Alexandria, Va., which is being used as off-site/overflow parking for one of the medical office assets in the portfolio. In January, WRIT announced the proposed sale of the portfolio as a strategic opportunity to streamline the company’s business operations. With the disposition of the medical office portfolio, WRIT will …

NEW YORK — Iron Hound Management Co. LLC has completed more than $400 million in loan modifications and refinancing for two New York properties, a pair of Midtown office towers and a Brooklyn industrial complex. In the case of the Midtown towers, Iron Hound structured the payoff of a $106 million defaulted securitized loan and the placement of new debt with Starwood Capital for sponsors Joe Stavrach and Faraj Srour. The buildings include 2 W. 46th St., which totals 150,000 square feet of office space and 17,000 square feet of retail space; and 369 Lexington Ave., which totals 108,000 square feet of office and 20,000 square feet of retail. For the industrial complex — a 6.1 million-square-foot asset in the Greenwood Heights neighborhood known as Bush Terminal — Iron Hound restructured a $300 million securitized loan with LNR. The property, which is home to a diverse mix of businesses including apparel manufacturing and warehousing, is in the midst of a 10-year modernization and preservation program and will use the influx of cash for post-Hurricane Sandy repairs and other improvements. “This is the second modification that Iron Hound arranged on this asset for sponsor Ruby Schron,” says Robert Verrone, Iron Hound …

COLLEGE STATION, TEXAS — Texas A&M University has selected Balfour Beatty to develop its new $200 million student housing project on the main campus in College Station. Balfour Beatty Campus Solutions will act as lead developer on the project, and Dallas-based Balfour Beatty Construction will serve as construction partner. The university will finalize contract details with Balfour Beatty in the coming months. Upon approval, the project will be developed through a public-private partnership on a long-term ground lease managed by Texas A&M University Housing and Residence Life. The proposed 4,000-bed development will offer both apartment and traditional residence hall options on the western side of campus. In addition to the residences, plans call for a community support building for dining services and other amenities. “West Campus is an integral part of the future for Texas A&M, and it is vital that we have services available to meet the needs of the students, faculty and staff,” says John Sharp, chancellor of the Texas A&M University System. “This project is our first step in creating a new environment for our students and doing it in accordance with our new policy, without new debt or new cash outlays.” Balfour Beatty Campus Solutions recently …

PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT), a hospitality REIT and owner of upscale hotels in urban gateway markets, has entered into a definitive agreement to sell 16 hotels to an affiliate of Blackstone Real Estate Advisors for $217 million, or approximately $125,000 per room. Hersha’s disposition of assets marks the company’s exit from Long Island, suburban Philadelphia, Connecticut and Rhode Island. “The anticipated sale of these non-core portfolio hotels completes our transformation into a pure play, urban transient portfolio with exposure to some of the highest demand gateway markets in the United States,” says Jay Shah, CEO of Hersha. The 16 hotels include: the 133-room Holiday Inn Express in Hauppauge, N.Y. the 161-room Hampton Inn in Brookhaven, N.Y. the 98-room Hampton Inn in West Haven, Conn. the 101-room Hampton Inn in Smithfield, R.I. the 118-room Courtyard by Marriot in Langhorne, Pa. the 100-room Residence Inn in Langhorne, Pa. the 88-room Holiday Inn Express in Langhorne, Pa. the 155-room Holiday Inn Express & Suites in King of Prussia, Pa. the 130-room Courtyard by Marriot in Ewing, N.J. the 128-room Hyatt House in Bridgewater, N.J. the 78-room Courtyard by Marriot in Wilmington, Del. the 71-room Inn at Wilmington in Wilmington, Del. …