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CHARLOTTE, N.C. — Colonial Properties Trust (NYSE: CLP) has sold the 272,000-square-foot Metropolitan Midtown, a mixed-use property located in the heart of Charlotte, for $94 million in cash. The buyer was an institutional investor advised by JP Morgan Asset Management. The mixed-use asset includes 170,000 square feet of office space and 172,000 square feet of retail. Metropolitan Midtown was 93.5 percent occupied as of Dec. 31, 2012. Office tenants include the Charlotte Mecklenburg Hospital, New Dominion Bank and Pappas Properties. The retail portion features anchor tenants Marshalls, Best Buy and Trader Joe’s. According to the Charlotte Observer, Metropolitan Midtown is the redevelopment of Charlotte’s oldest enclosed mall, Midtown Square. Pappas Properties, Collet & Associates and Colonial Properties Trust developed the property. Ryan Clutter, Chris Decoufle, Mike Burkard and Patrick Gildea of CBRE's Charlotte office represented the seller in the transaction. “For core property acquisitions such as Metropolitan the buyer pool is extremely well-capitalized and typically will close all cash,” says Burkard. “Post-acquisition they may or may not place debt on the asset. Their ability to close without the need for financing helps streamline the acquisition process” Charlotte-based Colonial Properties Trust is a real estate investment trust that owns a portfolio …

CHICAGO — The Hyatt Regency Chicago, the city’s largest hotel, is in its last phase of a $168 million renovation. The Hyatt, which is located at 151 E. Wacker Drive, has undergone renovations for the last three years, which include a new lobby, revamped guest rooms, meeting spaces and an array of new and redesigned dining areas. “We truly listened to our guests, and in turn, several aspects of this renovation were incorporated as a direct result of guest feedback,” says Patrick Donnelly, general manager. “We are excited to provide our guests an even better experience through innovative, top-of-the line guest room accommodations featuring the latest in design and technology.” Phase I of the three-phase project, which was completed in 2010, renovated the guest rooms in the West Tower of the property. Phase II, completed in 2011, overhauled the rooms in the East Tower. Phase III will renovate the East Tower Lobby, as well as meeting and event spaces and dining outlets. The hotel will unveil the renovations to the public in April. The renovation includes an overhaul of guest rooms in the East and West Towers. The new lobby boasts restaurants, bars, an art wall and new modern décor. …

SAN DIEGO — While government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac will continue to dominate the multifamily finance landscape in 2013, Jones Lang LaSalle writes in a newly released report that it expects life companies, national banks, financial institutions and CMBS lenders to further increase their market share this year. “Plentiful capital, ease of execution, and the sweet spot in the seven- and 10-year, fixed-rate, 80 percent loan-to-value financings kept the agencies on top in 2012,” says Faron Thompson, international director and leader of Jones Lang LaSalle’s Freddie Mac Program Plus lending business. Apartment finance was a hot topic this week at the Mortgage Bankers Association’s (MBA) Commercial Real Estate Finance/Multifamily Housing Convention & Expo. Approximately 2,600 industry professionals registered for this year’s event held at the Manchester Grand Hyatt San Diego. Analyzing the numbers Fannie Mae provided $33.8 billion of financing to the multifamily industry in 2012 compared to roughly $29 billion for Freddie Mac. Holly Minter, executive vice president with Chicago-based Jones Lang LaSalle, anticipates even more growth potential for the GSEs in 2013. “We expect those numbers will continue to rise this year by about 10 to 15 percent for both Freddie and Fannie, but life …

SAN DIEGO — It was a banner year for Prudential Mortgage Capital Co. in 2012. The lender provided $12.2 billion in financing for commercial mortgages globally, a 26 percent increase over the prior year and the company’s second highest total ever in yearly production. The highest annual production occurred in 2007 when Prudential provided $14.7 billion globally. The announcement came Monday during the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2013 at the Manchester Grand Hyatt San Diego. Approximately 2,600 industry professionals have registered for the show, which runs through mid-day Wednesday. Prudential Mortgage Capital — the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU) — said that the company has as much as $13 billion available for financing in 2013. The 2012 results, which exceeded the company’s $11.6 billion target, includes more than ¥ 24 billion for new loans in Japan. The total also includes the company’s expansion into Europe with £87.5 million in new loans in the United Kingdom originated by its London operation. “The combination of our diverse platform, international expansion and relationships across the industry led to record production levels in our portfolio and agency lending programs,” said David Durning, …

SHIPPENSBURG, PA. — Shippensburg University Student Services, Inc. (SUSSI) and Campus Apartments have completed the first phase of a development project to upgrade all of the university's on-campus residences. The three-phase project, an estimated $200 million initiative, will continue with the groundbreaking of the second phase to improve the quality of housing and reshape the campus environment. The $70 million first phase included three new housing residences, involving two facilities on the north side of campus and one on the south side. The residences accommodate 924 students with semi-suite and full-suite floor plans, multipurpose programming areas and generous study and social lounges. One of the north-side buildings also includes a state-of-the-art 13,000-square-foot wellness center, while the south-side building includes a new home for an honor's program. The second phase of the project, which will cost an estimated $65 million, will continue the plan to upgrade on-campus housing with three new residences on the south side of campus. Designed to accommodate 922 students, the living-learning facilities will also include semi-suite and full-suite floor plans with common areas for student interaction and learning opportunities. The project, scheduled for completion by fall 2014, will also include a new green space for outdoor recreational …

NEW YORK — The delinquency rate for U.S. commercial real loans in commercial mortgage-backed securities (CMBS) fell 14 basis points in January to 9.57 percent, the lowest level in 11 months, according to New York-based analytics firm Trepp LLC, which closely tracks the industry. The improvement also marks the resumption of the downward trend in the rate that began in August 2012. The figure is based on loans 30 days or more past due. Among the five major property types, multifamily loans led the pack with an improvement of 55 basis points in the delinquency rate between December and January, dropping from 13.98 percent to 13.43 percent. The rate on office loans also improved, while the rates on all other major property types were modestly higher. The retail delinquency rate increased by 17 basis points to 7.79 percent, but retail remains the best performing property type (see table). Loan resolutions experienced a slight bump in January, with more than $1.2 billion in loans resolved with losses. The removal of these loans from the delinquent category helped drive the delinquency rate down 22 basis points. Loans that cured put an additional 40 basis points of downward pressure on the rate. There …

MIAMI — Swire Properties Inc. and the owners of Bal Harbour Shops have formed an equity partnership to co-develop the retail component of Brickell CityCentre, a $1.05 billion mixed-use project. The project broke ground in the Brickell Financial District of downtown Miami in 2012 and will include a high-end, 500,000-square-foot retail center. Swire Properties will remain the primary developer of the project, while Bal Harbour will contribute an undisclosed amount of equity and its brand recognition and luxury retail expertise as co-developer of the retail component. “Built over generations, the credibility of Bal Harbour Shops with the luxury retail market, evidenced by the extraordinary sales performance of its center, will be of tremendous value,” says Stephen Owens, president of Swire Properties. Indeed, Miami’s Bal Harbour Shops is considered the world’s most productive luxury shopping center, according to the International Council of Shopping Centers. The Bal Harbour Shops team will bring years of proven experience and relationships with the world’s leading fashion companies to the Brickell CityCentre. Matthew Whitman Lazenby, operating partner at Bal Harbour Shops, says CityCentre’s location in the Brickell area will give it access to tourists as well as affluent local residents. “Knowing Swire Properties for its international …

WEST ORANGE, N.J. — Prism Capital Partners is preparing to kick off construction of the 21-acre Edison Village, a $230 million adaptive reuse project in West Orange Township. The project will feature the addition of 331 residential units, 18,000 square feet of retail space and a parking structure. The project is an industrial-to-residential transformation of the historic Thomas Edison Invention Factory and Commerce Center. The transformation is the largest non-waterfront adaptive-reuse development in New Jersey. The township named Bloomfield, N.J.-based Prism the designated redeveloper of the project back in December 2006. The company completed a large portion of demolition and site work in 2008 prior to the recession and received the go-ahead to resume the development in fall 2012. “Since industrial structures of this type are few and far between in suburban New Jersey, Edison Village truly represents a distinctive project,” says Edwin Cohen, principal partner of Prism. “The design, by Minno & Wasko Architects and Planners, takes advantage of existing architectural features to incorporate ceiling heights ranging from 14 feet to 16 feet and 10-foot windows that will let in abundant natural light.” Thomas Edison constructed the factory complex in 1913, and it served as the manufacturing operation site …

ALPHARETTA, GA. — North American Properties (NAP) began construction Monday on Avalon, a sprawling 86-acre mixed-use development in Alpharetta, an affluent northern suburb of Atlanta. The $600 million project will be built in two phases. Upon completion in August 2014, Phase I will include 370,000 square feet of retail and restaurant space, 250 multifamily units, 101 single-family residences and 83,000 square feet of office space. Phase II will contain a full-service hotel, a boutique hotel and an additional 100,000 square feet of retail. “Today is the culmination of a lot of hard work and countless wins during the past six months,” said Mark Toro, managing partner of Cincinnati-based NAP. “We are excited to share all our progress today and to start demolition and construction. I know the residents of Alpharetta are as eager as we are to begin moving dirt. The wait is over.” NAP received zoning approval for the project from the Alpharetta City Council in April 2012. Since then, the company has received commitments from 34 retail and restaurant tenants to occupy space at the development. Avalon is 50 percent leased by tenants including a 14-screen Regal Cinemas, Whole Foods, Anthropologie, Marlow’s Tavern, fab’rik and Banana Republic. Another …

VALLEY STREAM, N.Y. — The Macerich Co. (NYSE: MAC) has completed its $500 million acquisition of the Green Acres Mall in Valley Stream, closing a deal that's been in the works since last October. The shopping center owner and manager purchased the property from a subsidiary of New York-based Vornado Realty Trust. Vornado reported net proceeds from the sale were approximately $185 million following its repayment of the existing loan and closing costs. The 1.8 million-square-foot Green Acres Mall is located on the border of New York and Nassau County and serves customers in southeast Queens and southwest Nassau County. Anchor tenants include Macy's, Sears, Kohl's, BJ's Wholesale Club and Walmart. The super regional mall was renovated and expanded in 2007, and the mall's annual sales production exceeds $520 per square foot. The mall is 94 percent leased to tenants such as Aeropostale, American Eagle, Forever 21, H&M and Modell's sporting goods. Macerich funded its purchase with a $325 million, fixed-rate loan at an eight-year term, with the rest coming from a mix of cash on hand and Macerich's existing line of credit. After the deal was first announced last year, Macerich CEO and Chairman Arthur Coppola said the transaction …