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CHICAGO — Carey Watermark Investors Inc. (CWI), a New York-based, non-traded REIT, has acquired a 553-room, full-service hotel in downtown Chicago for $139 million. CWI purchased the Renaissance Chicago Downtown Hotel, which is located at 1 W. Wacker Drive across from the Chicago River, from the Royal Bank of Scotland Group PLC. The bank repossessed the property last year from Chicago-based private equity firm Walton Street Capital LLC, which owed $175 million in debt, according to Chicago Real Estate Daily. “Given an attractive purchase price, the growing Chicago market, and what we anticipate will be the positive impact of our planned capital improvements over the next two years, we believe that the investment will generate solid risk-adjusted returns for our investors,” says Michael Medzigian, CEO of CWI. The purchase price also includes an additional $27 million for renovations and other acquisition-related costs. The acquisition was financed with $90 million of debt. Constructed in 1991, the 533,323-square-foot hotel features 35,000 square feet of meeting space and 7,800 square feet of retail space. The Renaissance Chicago Downtown Hotel also includes an indoor pool and whirlpool, full-service spa, fitness and business centers and three food and beverage outlets — Great Street Restaurant, Bar …

GERMANTOWN, MD. — Developer Wood Partners has broken ground on Alta Liberty Mill, a $60 million multifamily community in the Washington, D.C., suburb of Germantown, Md. The 304-unit apartment complex will also include 11,900 square feet of retail space. Designed by Poole & Poole Architecture, the property will be located on 8.5 acres on Waters Road, directly across from the Germantown MARC commuter rail station. The three LEED-certified, five-story buildings will be accompanied by 454 surface parking spaces. Wood Partners expects leasing to begin in the fall of 2014 and the complex to be completed by fall of 2015. “This transit-oriented community will be far superior to anything available at comparable rental projects in the immediate submarket,” says Scott Zimmerly, director of the Mid-Atlantic region of Wood Partners. “Alta Liberty Mill is ideally located in rapidly developing Montgomery County, the third-largest biotechnology center in the United States.” The property will offer studio, one-, two- and three-bedroom layouts averaging 939 square feet. Thirty-eight of the units will be Moderately Priced Dwelling Units, leased at no more than 65 percent of the median income for the Washington, D.C., metropolitan statistical area, while the remaining units will be leased at market rate. Apartment …

MIAMI — The Related Group and Plaza Construction have broken ground on Icon Bay, a $118 million waterfront condominium property in Miami’s Biscayne Corridor. Architect Arquitectonica designed the 42-story, 750,000-square-foot building. Icon Bay will include 299 residences plus amenities such as a waterfront pool deck and infinity pool, fitness center, spa, clubroom, bay-front park and tennis courts. Floor plans range from one-bedroom units totaling 1,129 square feet to three-bedroom penthouse units totaling 3,038 square feet. The property is slated for completion in the first quarter of 2015. Interior elements include private elevator access, floor-to-ceiling windows, 9-foot ceilings on typical floors and 11-foot ceilings in penthouses. Kitchens feature European cabinetry, stone counters, stainless steel appliances and imported porcelain tile flooring, while bathrooms feature full-size mirrors, soaking tubs and glass-enclosed showers. Located at 460 N.E. 28th St., Icon Bay is in close proximity to the Wynwood Arts District, known for its galleries, gourmet food trucks and music scene. The property also offers easy access to the Midtown/Miami Design District, which features high-end retailers such as Armani Casa, Baltus and Ligne Roset. Nearby attractions include The Arsht Center for the Performing Arts, Miami Art Museum and sites of future projects Resorts World Miami …

CHICAGO — KBS Real Estate Investment Trust III (KBS REIT III), a public non-traded REIT based in Newport Beach, Calif., has closed on the purchase of 500 West Madison, an iconic, 1.5 million-square-foot mixed-use tower in Chicago, for $425 million plus closing costs. The purchase is KBS REIT III’s largest and brings its total acquisition volume to $1.26 billion. This is the first time the tower has been offered for sale. “We believe that 500 West Madison is a trophy-quality asset with highly unique work-style advantages that encompasses everything KBS REIT III looks for in an investment,” says Charles Schreiber, CEO of KBS REIT III. The mixed-use tower, also known as Citigroup Center, features office and retail components. The 40-story building is located in the city’s West Loop submarket, which ishome to the majority of newer Class A office developments within Chicago’s central business district (CBD). The property sits above Ogilvie Transportation Center, one of two main suburban train stations connecting the Chicago suburbs with downtown, and provides direct access to city trains, buses and expressways. The tower’s first two levels contain nearly 64,000 square feet of retail space with 45 stores and restaurants. The tower is also LEED Gold …

NEW YORK — Cushman & Wakefield Inc. has appointed Edward Forst as president and chief executive officer of the company, effective Jan. 6, 2014. Forst, 53, has more than 30 years of experience working in international asset management, capital markets and operation leadership positions. “Cushman & Wakefield is a powerful and iconic brand with unparalleled capabilities in providing creative and innovative real estate services and solutions to a global client base,” says Forst. “I am honored to lead Cushman & Wakefield and am particularly excited to work with this world-class team of professionals to build on the company's strengths and capitalize on the many opportunities ahead.” He succeeds Carlo Barel di Sant'Albano, who held the position as interim president and CEO of the firm for the past five months. Di Sant’Albano took over the position when Glenn Rufrano resigned as CEO in June. Forst joins the company following his tenure at Goldman, Sachs & Co. as global co-head of the firm’s investment management division and a member of its management committee. He was previously the firm’s chief administrative officer and most recently served as an advisor to Fenway Partners, a private investment firm. During the financial crisis, Forst was selected …

COACHELLA, CALIF. — The City of Coachella has approved plans for the $1 billon La Entrada development, a 2,200-acre, master-planned community in Riverside County, which will be completed in multiple phases during the next 20 years. The La Entrada community will feature approximately 7,800 new homes within three villages, 1.5 million square feet of retail and commercial space, four new schools and nearly 900 acres of parks, playgrounds, multipurpose trails and open space. Las Vegas-based New West Development is developing the community, which is owned by PSAV LCC. “La Entrada will become the new gateway into the City of Coachella and the region bringing new businesses, services and entertainment to the Valley during the next 20 years,” says Ken Ryan, a principal at KTGY Group Inc. Irvine, Calif.-based KTGY was responsible for the master planning and design guidelines of the community. The full-service architectural and planning firm represented the project in community outreach meetings and city council government relations meetings. New sports fields and a possible regional soccer events facility, which would accommodate sporting and regional events and music festivals, are also key elements of the plans, says Ryan. One of the three villages planned for La Entrada is Gateway …

TEXAS AND NORTH CAROLINA — A subsidiary of CubeSmart (NYSE: CUBE), along with a joint venture partner, has acquired a 36-property self storage portfolio in Texas and North Carolina for $326.2 million. NGKF Capital Markets represented the two sellers, Private Mini Storage and a joint venture between Clarion Partners and Private Mini Storage. The portfolio totals more than 3 million square feet and includes 28 properties in Houston, seven properties in Austin, Texas, and one property in Charlotte, N.C. “This truly was one of the most unique portfolio opportunities in the self storage space I’ve ever seen,” says Aaron Swerdlin, executive managing director of NGKF Capital Markets. “The geographic concentration in Austin and Houston, two of the best economies in the country, really accentuated the value of the high-quality self storage portfolio that Clarion and Private Mini had developed and assembled.” To break down the transaction, Private Mini Storage individually sold six properties, all in Texas, for approximately $68.3 million. The joint venture between Clarion Partners and Private Mini Storage sold 30 properties — 29 in Texas and one in North Carolina — for approximately $257.9 million. A Clarion Partners press release reported that the 30 properties sold by the …

RICHMOND, VA. AND SALISBURY, MD. — Rouse Properties Inc. (NYSE: RSE), a REIT based in New York City that specializes in enclosed regional malls, has acquired Chesterfield Towne Center in Richmond, Va. and The Centre at Salisbury in Salisbury, Md. for an aggregate purchase price of $292.5 million. The two properties total nearly 2 million square feet of retail space. The Macerich Company (NYSE: MAC), based in Santa Monica, Calif., sold the malls. “Chesterfield Towne Center and The Centre at Salisbury are key additions to our portfolio of dominant, middle-market regional malls,” says Andrew Silberfein, president and CEO of Rouse. “These malls both serve expansive trade areas with limited enclosed mall competition, supporting strong inline and anchor sales volumes.” The 1 million-square-foot Chesterfield Towne Center is located in the Chesterfield County retail corridor, a submarket with average household income of $101,000 in a five-mile radius. Opened in 1975 and most recently renovated in 2008, the mall serves a trade area of more than 550,000 people. The property was 88.1 percent leased at the time of the sale and anchored by Macy’s, Sears, JC Penney and Garden Ridge. The tenant lineup also features other prominent retailers such as Victoria’s Secret, LOFT, …

SAN FRANCISCO — Pebblebrook Hotel Trust (NYSE: PEB), a publicly traded REIT that invests in upscale hotels in gateway cities, has acquired the Radisson Hotel Fisherman’s Wharf and Retail for $132 million. The 355-room hotel, which includes approximately 44,000 square feet of street-level retail space, is located in the heart of Fisherman’s Wharf in San Francisco. Davidson Hotels & Resorts will manage the property. “We’re very pleased with our acquisition of the Radisson Hotel Fisherman’s Wharf and Retail, located in one of San Francisco’s strongest submarkets,” says Jon Bortz, chairman and CEO of Pebblebrook Hotel Trust. “This hotel benefits from an excellent location in the heart of Fisherman's Wharf, which is reflected in the hotel's consistently high occupancy levels and strong cash flows. The property’s diversity of income streams, including the revenue from 44,000 square feet of premier ground-level retail space, coupled with a significant repositioning opportunity, makes the Radisson Hotel Fisherman’s Wharf and Retail another terrific addition to our expanding portfolio.” The Radisson Hotel Fisherman’s Wharf and Retail occupies an entire block and is bordered by Jefferson, Mason, Beach and Powell streets, across the street from Pier 39. The hotel is situated on San Francisco Bay and offers views …

EAST ST. LOUIS, ILL. — Gaming and Leisure Properties Inc. (Nasdaq: GLPI) has entered into an agreement to purchase the real estate assets associated with the Casino Queen in East St. Louis for $140 million. The casino and adjacent land, which sit on approximately 78 acres, include a 157-room hotel, 38,000-square-foot casino, fine-dining steakhouse, a sports bar/entertainment venue and an RV park. In addition, GLPI will provide Casino Queen with a $43 million loan, which will completely refinance all of the property’s outstanding long-term debt obligations. The initial lease term is 15 years, with an option to renew for four successive five-year terms. “This is our first acquisition as a standalone company and is representative of the robust opportunities that exist in the gaming asset markets that our company is targeting,” says Peter Carlino, chairman and CEO of Wyomissing, Pa.-based GLPI. “Gaming and Leisure Properties seeks to become a consolidator of choice and a leading provider of unique financing solutions for highly levered regional gaming operators,” adds Carlino. “The Casino Queen adds a newly constructed asset with strong market share to our portfolio and further diversifies our operating partners, while strengthening our cash flow.” Under the terms of the agreement, …