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MINNEAPOLIS — Chesapeake Lodging Trust (NYSE: CHSP) has acquired The Hotel Minneapolis, a 222-room hotel located at 215 Fourth St. S. in downtown Minneapolis, for $46 million, or $207,000 per key. The hotel is part of the Marriott Autograph Collection and will remain with the brand. “We are thrilled to expand our portfolio with another high-quality, full-service boutique lifestyle property located in the core CBD of Minneapolis,” says James Francis, president and CEO of Chesapeake Lodging Trust. “The property has been meticulously restored and is one of the premier hotels in the city.” Chesapeake Lodging entered into the purchase agreement with a subsidiary of HEI Hotels and Resorts, the majority interest of the managing entity. Chesapeake Lodging has retained HEI to manage the hotel. The hotel is connected to Minneapolis’ city skywalk system, which links more than 80 blocks and 26 million square feet of office and retail buildings throughout downtown Minneapolis via sky bridges. The 10-story hotel features 6,000 square feet of meeting/catering space, the 250-seat Max Restaurant and Bar, a business center, fitness center and approximately 12,000 square feet of leased tenant space. “While we don’t value the tenant cash flow separately from the hotel’s operations, these spaces …

SEATTLE — MGP X Properties LLC, a real estate development, investment and management firm, has purchased a portfolio of 15 grocery stores located throughout the Puget Sound and Oregon region for $175 million from Briar Development. The acquisition includes 15 operating sites leased to Haggen Foods and Top Foods grocery stores, in addition to five undeveloped sites for future development. All but one of the properties is located in the Puget Sound area, and the other is located in Oregon. Paul Sleeth and Billy Sleeth of Colliers International’s Seattle office represented Bethesda, Md.-based MGP X in the transaction. Briar Development is the real estate holding company for the Haggen family, a Bellingham, Wash.-based owner and operator of grocery stores in the Northwest. In 2011, the Haggen family sold a majority of its ownership interest in the Haggen Foods and Top Foods grocery chains to Comvest, a private investment firm based in Florida. Syndicators and private families with an established presence in the Seattle-Tacoma market are able to secure attractive debt for their retail holdings, according to Marcus & Millichap. Greater access to financing has led to a surge in retail acquisitions in the area. The ongoing tech boom in the …

AUSTIN, TEXAS — Austin-based American Campus Communities Inc. (NYSE:ACC) will purchase a portfolio of 19 student housing properties from affiliates of Kayne Anderson Capital Advisors LP for an aggregate $862.8 million. The portfolio includes 12,049 beds, with an additional 366 beds at an additional phase currently under development at an existing property. “We believe these 19 select assets offer high-quality products and locations in Tier 1 markets,” said Bill Bayless, CEO of American Campus Communities. “Furthermore, approximately 75 percent of the select portfolio is an average of 0.3 miles from campus in submarkets with barriers to entry.” The properties had an occupancy rate of 92.3 percent for the 2012–2013 academic year. The weighted average age of the portfolio is 3.7 years. The acquisition consideration includes the assumption of approximately $396.2 million of outstanding mortgage debt and $466.6 million in cash. The mortgage debt to be assumed has a weighted average annual interest rate of 5.28 percent and weighted average term to maturity of 8.3 years. Completion of the transaction is not subject to financing and does not require approval by ACC stockholders. American Campus intends to fund the purchase price with available cash, borrowings under its revolving credit facility, a …

CHICAGO — A joint venture between American Recovery Property Trust (ARPT), an entity of Sovereign Capital Management Group, and Northwood Investors has acquired Congress Center, a Class A, 524,800-square-foot, 16-story office tower in downtown Chicago. The purchase price was $95 million. Located at 525 W. Van Buren St. in the West Loop, Congress Center is leased to a variety of investment-grade tenants including the U.S. General Services Administration, North American Company for Life and Health Insurance, and AkzoNobel. Construction of the building was completed in 2001. This transaction marks another recapitalization of a former tenant-in-common-owned property that was originally syndicated by Triple Net Properties, and subsequently managed by Daymark Realty Advisors. “We are very excited to have closed on this real estate acquisition through ARPT in a joint venture with Northwood Investors,” says Todd Mikles, CEO of Sovereign Capital Management Group. “Congress Center is a quality asset that is now under ownership with the financial strength necessary to invest in the building and lease the remaining vacant space. Our goal is to continue recapitalizing properties in the Triple Net Properties portfolio — specifically, challenged properties acquired at the height of the real estate market,” adds Mikles. The tenant-in-common, or TIC, …

SAN FRANCISCO — Transbay Tower, slated to be the tallest skyscraper on the West Coast, has cleared two big hurdles on the road to construction. Hines finalized a joint venture with Boston Properties to buy land for the 61-story building in San Francisco from Transbay Joint Powers Authority for $190 million. The transaction is expected to close in the first quarter of 2013 and both Hines and Boston Properties will have a 50 percent interest in the venture. In addition, the San Francisco Planning Commission has granted final planning approval for the tower to proceed. Designed by Pelli Clarke Pelli Architects, the building will rise to a height of 1,070 square feet and total 1.4 million square feet. “We think the tower will be a beautiful addition to San Francisco's beloved skyline as well as an extremely desirable and sustainable workplace next to one of the state's busiest transit hubs,” says Gerald Hines, chairman of Hines. Mortimer Zuckerman, chairman and CEO of Boston Properties, adds the building will be a “landmark for generations to come.” The new tower will be located next to the Transbay Transit Center, which broke ground in 2010. The $4 billion transportation and housing project will …

NEW YORK CITY — Starwood Property Trust (NYSE: STWD) and Starwood Capital Group have sold a 25 percent interest in the $475 million first mortgage and mezzanine financing on 701 Seventh Avenue, a 10-story retail building located in Times Square, to Vornado Realty Trust (NYSE:VNO). The financing will be used for the property’s acquisition and redevelopment, which includes new retail tenants and signage. Starwood Property Trust and Starwood Capital co-originated the financing on behalf of the borrower, a group led by New Valley LLC, which is owned by Vector Group Ltd., The Witkoff Group and Winthrop Realty Trust. Other entities of the borrowing group include Infinity Urban Century and Maefield Development. Howard Lorber, president and CEO of Vector Group, envisions the redeveloped property as more than just a retail destination. “We see many attractive redevelopment opportunities for this site, which will include premium space for retail, entertainment, food and beverage businesses, as well as a site for a potential 30-story hotel,” says Lorber. For the acquisition and redevelopment financing, $375 million was funded at the closing of the acquisition and $100 million will be funded upon reaching certain milestones during the redevelopment. Starwood Property Trust, Starwood Capital and Vornado have …

COLUMBUS, OHIO — The newly opened 532-room Hilton Columbus Downtown seeks to capitalize on the growing convention business. The $140 million hotel is located at 401 N. High St. between the city’s Short North Arts District and the Arena District. “This area is a growing center of tourism and events in central Ohio,” says Dave Horton, global head of Hilton Hotels & Resorts. “The opening of Hilton Columbus Downtown is an important and exciting addition to the Hilton family of properties.” Hilton Downtown Columbus includes 48 suites and The Gallerie Bar & Bistro, a French bistro-inspired restaurant. The hotel also boasts 31,000 square feet of meeting and banquet space, which connects by a pedestrian sky bridge to the Greater Columbus Convention Center. The sky bridge features a glass-walking surface that stretches across North High Street. A rendering of the new Hilton Columbus Downtown, which officially opened Friday, Oct. 19. The Franklin County Convention Facilities Authority owns and developed the hotel. Hilton Worldwide operates the property. The Hilton Hotels & Resorts portfolio includes more than 550 hotels in 80 countries. “The new, full-service convention hotel significantly enhances our convention package and allows Columbus to compete for a larger share of the …

MIAMI — Developer Espacio USA has received the green light for its first major U.S. investment, a $412 million mixed-use project in downtown Miami’s Omni area. The city’s planning, zoning and appeals board approved the project on Wednesday, paving the way for a 12-story, Class A office building, 55-story luxury residential condominium tower and street-level retail. Espacio USA, the American division of Spain-based real estate firm Inmobiliaria Espacio, will begin construction in early 2013 on the mixed-use development located at 1400 Biscayne Blvd. in downtown Miami’s burgeoning arts and entertainment district.The development marks the first real estate project to be built in the area since the last real estate boom. “Two years ago, we began investing in downtown Miami and attracting new office tenants, and now we are entering the next phase of our plans to help revitalize Omni by bringing a Class A product to an underutilized area,” says Alberto Muñoz, CEO of Espacio USA. “With an iconic design and a healthy mix of residential and commercial uses, the development will serve as an anchor for its neighborhood, while bringing an additional economic boost to downtown Miami,” adds Muñoz. In 2010, Espacio USA completed the $35 million acquisition of …

PARMA, OHIO — Phillips Edison & Co. has become the new owner of Parmatown Mall, one of Northeast Ohio's largest retail properties. The 1.1 million-square-foot complex is located on 83 acres in Parma, approximately eight miles southwest of downtown Cleveland. The Cincinnati-based shopping center owner did not release terms of the deal. However, local reports indicate that Phillips Edison took possession of the mall through a transaction approved by a Cuyahoga County judge. The company purchased a delinquent mortgage on the property, which had been in receivership since 2011. The original owners defaulted on the mortgage. Phillips Edison spent several months negotiating with the receiver to finalize the deal. According to The Plain Dealer, the mall's owner, Parmatown One LLC, handed over the property to eliminate the debt. Separately, Phillips Edison confirmed plans to buy the empty Macy's building at the mall and some affiliated small-shop space and parking. Macy's closed its Parmatown store earlier this year. “Parmatown represents an ideal opportunity to apply our expertise and revitalize this historic property to its full potential,” says Roy Williams, vice president of Phillips Edison's Strategic Investment Fund. “Now that the acquisition process has been concluded, we will focus our efforts on …