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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 …

NEW YORK — Jones Lang LaSalle has completed the three-year, $1 billion transformation of Madison Square Garden in New York. The recent renovation is the most significant overhaul of the famous arena since initial construction of the venue in 1968. The Madison Square Garden Co. (MSG) selected Jones Lang LaSalle’s project and development services group to serve as project manager for the upgrades. The company worked closely with MSG staff to manage the overall strategic plan, master budget and schedule. “Over the past few years, Madison Square Garden, known as ‘The World’s Most Famous Arena,’ has been completely transformed,” says Raymond Quartararo, who led the JLL team. “The state-of-the-art facility now offers fans, players and entertainers the kind of truly remarkable experience they deserve. JLL strove to ensure that all the work was completed smoothly and discretely while the arena continued to host sporting events, concerts and other entertainment events.” The upgrades to Madison Square Garden include a new Seventh Avenue entrance, wider concourses, new food and entertainment amenities, more comfortable seating and improved sightlines. The venue also now features a new scoreboard, state-of-the-art lighting and sound, LED video systems and new suites/clubs. Work on the arena was a year-round …

SAN DIEGO — Essex Property Trust Inc. (NYSE: ESS) has acquired the Domain by Alta — San Diego, a 379-unit luxury apartment community in San Diego, for $121 million. Wood Partners sold the complex, which is located at 8795 Lightwave Ave. in the city’s Spectrum Center business park. The property opened in 2012 and is 80 percent leased. Domain by Alta — San Diego includes 23 studios, 197 one-bedroom and 159 two-bedroom units. The multifamily community contains two four-story buildings and a clubhouse built atop underground parking that can accommodate 750 vehicles. Community amenities include a landscaped pool area with waterfalls, cabanas, a spa and barbeque pits. The two-story clubhouse also features wireless work stations and a health club. “There are very few luxury, institutional quality apartment buildings available for purchase in San Diego County and this was a rare opportunity to acquire one,” says Brian Hansen, a director with Atlanta-based Wood Partners who oversees the company’s development projects in Southern California. “The market for luxury rental properties in San Diego is tight. Supply is low, demand is high and the economy is picking up steam.” There are more than 15,000 jobs within a two-mile radius of the complex, according …

SAN DIEGO, NEW YORK CITY AND SAN FRANCISCO — Prudential Real Estate Investors (PREI) has acquired three office properties totaling approximately 1.4 million square feet in San Diego, New York City and San Francisco following the close of its $430 million U.S. Property Fund V. Managed on behalf of German investors, the fund has also invested in multifamily properties in Phoenix, Houston and Dallas. Most recently, PREI agreed to acquire the Rio San Diego Plaza, a six-story, 190,000-square-foot office building in the Mission Valley suburb of San Diego, on behalf of the fund. Jones Lang LaSalle sold the 92 percent leased property for $56 million. The fund has also purchased 575 Lexington Ave., a 740,000-square-foot property in New York City, and 650 California St., a 461,000-square-foot property in San Francisco. Between the capital raised and 60 percent debt financing, the fund can invest more than $1 billion. “We are very pleased to have reached this level of equity commitments for continued U.S. investments,” says David Pahl, senior portfolio manager for PREI. “We’re grateful for the tremendous support and confidence our German investors place with us, and we are very optimistic about the investment environment over the next several years in …

SAN FRANCISCO — Jay Paul Co., a San Francisco-based real estate developer, has started construction on 181 Fremont, a 54-story condominium and office tower in San Francisco’s South of Market (SOMA) district. The $500 million development is Jay Paul Co.’s first urban high-rise project. The new high-rise will offer 411,000 square feet of Class A office space on 33 floors, and Park 181, the luxury residential component of the tower, will be located on floors 39 through 53. The project will also include 2,600 square feet of retail space on the first and fifth floors. The mixed-use tower is scheduled to open in early 2016. “As an iconic residential and office high-rise set to define San Francisco’s new downtown, 181 Fremont will be one of the most exclusive addresses in the nation,” says Jay Paul, principal of Jay Paul Co. “181 Fremont is located in the heart of the nation’s strongest office and residential market and, in alignment with the company’s philosophy of bringing best-in-class projects to fruition, will encourage a sustainable lifestyle for all who live and work there.” 181 Fremont will rise 802 feet, making the project the tallest mixed-use office and residential tower in San Francisco and …

OAK BROOK, ILL. — Inland Real Estate Corp. (NYSE: IRC) has entered into a joint venture with MAB American Retail Partners LLC to develop grocery-anchored shopping centers in select markets throughout the Southeast and Mid-Atlantic regions. The five-year development program will target demographically strong metropolitan areas in the Carolinas, Georgia, Florida, Virginia and Washington, D.C. Inland says the program could result in the construction of as many as 20 new grocery-anchored shopping centers with a total market value of $325 million. “We are very excited to enter into this joint venture, which furthers our strategic goals to enhance the quality and stability of our operating platform through growth and diversification of our geographic footprint and retailer base,” says Mark Zalatoris, president and CEO for Oak Brook, Ill.-based Inland Real Estate Corp. “Our development joint venture with MAB provides us with the opportunity to develop and acquire brand new, high-quality, grocery-anchored shopping centers after stabilization and at a discount to market value.” Under terms of the agreement, Inland has exclusive rights to all grocery-anchored, build-to-suit opportunities in the Southeast and Mid-Atlantic sourced by MAB, an affiliate of Melbourne, Australia-based MAB Corp. Inland will provide 90 percent of the equity required to …

WHIPPANY, N.J. — Bayer’s new 700,000-square-foot North American headquarters, located on the former 194-acre Alcatel-Lucent campus in Whippany, has opened. Bayer, a German chemical and pharmaceutical company, has invested a reported $250 million in the site. The new headquarters consolidates the company’s operations from Morristown, Montville and Wayne, N.J., and Tarrytown, N.Y., into one location. In 2010, Vision Equities and Rubenstein Partners acquired the property, which included 1.4 million square feet of obsolete office and laboratory space. In 2012, the partnership sold 94 acres to Bayer Healthcare. Bayer has relocated approximately 2,400 employees from four locations to Whippany, wrapping up the first phase of the redevelopment project. Vision Equities and Rubenstein Properties are planning a mixed-use development that will include retail, hospitality and residential uses for the 94-acre south campus parcel. “Moving forward, the second phase of development will generate years of construction jobs, retail commerce and new housing,” says Sam Morreale, managing partner and chief investor office for Mountain Lakes, N.J.-based Vision Equities. “The multiplicity of uses also will provide employment diversity and balance. Simply put, this campus provides a benchmark illustration of how strategic public/private partnerships can transform our state’s underutilized, antiquated facilities into vibrant, modern ‘live/work/play’ environments.” …