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HONOLULU — Glimcher Realty Trust (NYSE: GRT) has plans to acquire an 80 percent indirect ownership interest in the 1 million-square-foot Pearlridge Center, located in Honolulu, for $289.4 million. Glimcher currently owns a 20 percent interest in the center with Blackstone Real Estate Partners VI. “We are excited to increase our ownership in Pearlridge Center, a high-quality mall that we already know well and currently manage,” said Michael Glimcher, chairman and CEO of Glimcher, in a prepared statement. “With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio. Included in the acquisition price is Blackstone’s pro-rata share of the $175 million mortgage debt currently encumbering the property, which means the cash purchase price is approximately $149.4 million. Macy’s, Sears, Toys “R” Us, Ross Dress For Less, Bed Bath & Beyond, Longs Drug Store and an 18-screen theater anchor the center. The joint venture acquired the property in 2010 (see our story here) from Northwestern Mutual for $245 million. Glimcher’s purchase of Blackstone’s share is expected to close during the second quarter of 2012. Glimcher’s share price on March 22 closed …

ATLANTA — A combination of lackluster consumer confidence and “jittery businesses” has led to a thrifty consumer and a cautious environment for business investment, says Georgia State University economist Rajeev Dhawan. In light of these trends, plus weakness in the global economy, Dhawan expects U.S. employment growth to moderate over the course of the year from the recent level of 200,000-plus jobs per month to closer to 150,000. Dhawan delivered his tepid economic outlook on Monday to lodging industry professionals gathered at the Marriott Marquis in downtown Atlanta for the 24th annual Hunter Hotel Investment Conference. His insights left attendees to ponder whether the glass is half empty or half full. After all, the 44,000 new jobs added in the leisure and hospitality sector in February signals that business is growing in the lodging industry at a fairly healthy clip. Corporate revenue growth directly affects business investment, Dhawan emphasized. The growth rate in revenue among the “Dow 30” companies (companies in the Dow Jones Industrial Average) climbed throughout much of 2011 on a year-over-year basis, but moderated in the fourth quarter. In turn, the growth rate of investment in equipment and software also began to slow. “If you are a …

GLEN BURNIE, MD. — AiNET, a privately held information technology solutions company based in Beltsville, Md., is bringing a new data center to northern Maryland — the 300,000-square-foot CyberNAP facility. The new facility spans the length of 6 football fields, making it the largest data center in Maryland and the tri-state area. Once the data center is operating at full capacity, AiNET projects CyberNAP to create more than 2,500 jobs and generate $1 billion in annual economic activity. Portions of the facility will offer security features since Fort Meade — home of the U.S. Cyber Command, National Security Agency and Defense Information Systems Agency — is located near the new facility. The increase of technology demand in the greater D.C. market has stemmed from the federal government’s defense and intelligence programs, according to Jones Lang LaSalle’s most recent High Technology Industry report. This has led to an influx of technology firms expanding their presence in the office marketplace, including Google, Facebook, Computer Sciences Corp., Opnet Technologies, LivingSocial and MicroStrategy Incorporated. The influx has led to a greater need for well-performing data centers in the vicinity. Since its headquarters is only 36 miles away from the nation’s capital, AiNET works closely …

ATLANTA — Healthy real estate fundamentals in the U.S. lodging industry are setting the stage for increased capital investment and double-digit gains in profits for hotel owners during the next few years, say researchers. A challenging lending climate for developers also is helping to ensure that supply is held in check. The positive outlook is one of the storylines to emerge from Monday’s opening day of the 24th annual Hunter Hotel Investment Conference at the Marriott Marquis in downtown Atlanta. U.S. hotels rented more guest rooms in 2011 than ever before, according to Hendersonville, Tenn.-based Smith Travel Research. Meanwhile, PKF Hospitality Research observed new records in metro-level lodging demand in 30 of the top 50 markets it tracks. “By anybody’s definition, you would therefore say demand has fully recovered. Other things have not, but the demand side of the equation has fallen into place,” remarked Mark Woodworth, president of Atlanta-based PKF Hospitality Research, during a short presentation on Monday to several hundred conference attendees from across the Southeast. PKF’s forecast calls for revenue per available room (RevPAR) at U.S. hotels to rise 5.8 percent this year, the result of a 1.6 percent increase in occupancy and 4.1 percent gain in …

CLEVELAND — Meridian Capital Group has negotiated $127 million in mortgage financing for Harbor Group International’s 1.26 million-square-foot 200 Public Square, a 41-story office tower located in downtown Cleveland. The property, which was built in 1985, spans an entire block between Superior and Euclid avenues. Amenities include carry out dining, three full-service banks, a Starbucks, conference center, fitness center, convenience store, concierge and various service-oriented retail tenants including a barbershop and an optometrist. Additionally, the building contains an 8-story atrium. “Meridian leveraged its strong relationships with the most active conduit lenders, as well as the strength of the sponsor, to generate significant financing interest in this well-leased, first-class property,” said Ronnie Levine, managing director of Meridian’s New York City office, in a prepared statement. Levine, along with Aaron Birnbaum, also of Meridian’s New York City office, arranged the 10-year CMBS loan through JPMorgan Chase & Co. The proceeds were used to refinance the property’s existing CMBS financing. Levine added, “We ultimately were able to obtain a highly competitive loan structure and craft a financing solution specifically tailored to Harbor Group International’s business plan for the asset.” Harbor Group Management Co. manages the property. Tenants include Accenture, Cliffs Natural Resources, Dix …

WASHINGTON, D.C. — Rockrose Development Corp. has acquired the former Republic Place, a 10-story office tower in Washington, D.C., for $119 million. The company has renamed the building 1776 Eye and unveiled design upgrades for the property. The Class A office building is located at the corner of 18th Street and Eye Street NW, just three blocks from the White House in the heart of Washington's Golden Triangle District. The asking price was $140 million, and the building ultimately sold for $119 million. Washington Republic LLC was the seller. New York-based Rockrose selected architecture firm Leo A. Daly to transform the Class A building, which was built in 1987 and renovated in 2000, into a trophy property. Craig Deitelzweig, head of Rockrose's office division, says design plans are being finalized for a new, two-story glass lobby and relocated state-of-the-art fitness center. Pei Tan of Leo A. Daly will also include his signature glass light fins in the lobby. “Pei worked on the McPherson Building and included glass fins that are lighted from the side and make the whole space glow,” says Deitelzweig. “We're hoping for that same feel here.” The building's amenities also include a rooftop terrace with a bell …

DALLAS — Brookfield Asset Management (NYSE: BAM) and Hillwood, a real estate investment and development company owned by Ross Perot Jr., have entered into a joint venture that anticipates a $1 billion deployment within the first 3 years. “The partnership between Brookfield and Hillwood is not only the right fit, it’s happening at the right time,” said Perot, chairman of Dallas/Fort Worth-based Hillwood. “Industrial development slowed during the downturn due to a lack to equity and debt,” Perot continued. “Given the liquidity and resources supporting our investment, our joint venture is well-positioned to benefit from renewed demand for industrial space, which will increase as the economy continues to show signs of improvement.” Currently, the partnership has an equity commitment of $400 million to acquire, develop and manage industrial properties, primarily large warehouses, across the United States. Brookfield Asset Management is responsible for raising capital. “As long-term, value-oriented real estate investors, we believe this is an excellent time to selectively build a portfolio of high-quality industrial properties, and we look forward to expanding our relationship with Hillwood,” said David Arthur, managing partner at New York City-based Brookfield Asset Management. “This initiative expands the scope of our real estate platform in an …

BOSTON — Boston Properties Inc. (NYSE:BXP), a real estate investment trust, has completed the $615 million acquisition of 100 Federal Street, a 1.3 million-square-foot office tower in Boston’s Financial District. Locals refer to the Class A property as the “Pregnant Building” because of its protruding design. The firm purchased the property from an affiliate of Bank of America, N.A., and is expecting to incur approximately $700,000 in closing costs, which will be expensed in the first quarter of 2012. In addition to the acquisition, Boston Properties entered into a long-term lease agreement with the seller for approximately 787,000 square feet. The 37-story office property is 93 percent leased and features views of the Financial District, Post Office Square Park, the waterfront, Boston Harbor, the Charles River and the Cambridge skyline. It’s situated on an entire 2-acre city block on Federal Street and bounded by Franklin, Congress and Matthews streets. Boston Properties’ portfolio of 153 properties includes Class A office space, one hotel, three residential properties and three retail properties located in Boston, New York City, San Francisco, Washington, D.C., and Princeton, N.J. Approximately 77 percent of Boston Properties’ portfolio is located in CBDs, and the rest is located in suburban …

LONG ISLAND, N.Y. — Savanna has completed a $196 million investment for a majority stake in the 795-unit Atlantic Point, a garden-style apartment and townhome complex located on Long Island. The company will own and recapitalize the property in a venture with Pantzer Properties. Pantzer Properties purchased the property in phases between 2003-2004 from a joint venture between Trammell Crow and JP Morgan. Atlantic Point, which was completed in 2004, includes four swimming pools, three tennis courts, an indoor basketball court and a fitness center. “We look forward to our new partnership in owning this premier property with Pantzer Properties and we are pleased to have had Berkshire and Berkeley Point assist us with our financing needs,” said Nicholas Bienstock, managing partner of New York-based Savanna, in a prepared statement. “This is a Class A multifamily property in a core location with a great in-place property management team.” The partners refinanced the existing debt on the property with a new $169.6 million, 7-year loan, comprised of a $138.6 million Freddie Mac CME first mortgage issued by Berkeley Point Capital and a $31 million mezzanine loan originated by Berkshire Property Advisors. Leverage was reduced by approximately $32 million as part of …

Apple, the iconic information technology company whose products include the popular iPad and iPhone, plans to expand its presence in Austin by investing $304 million in a new campus that will create more than 3,600 new jobs over the next decade, Texas Gov. Rick Perry announced Friday. The planned campus will more than double the size of Apple's workforce in Texas during the next decade, supporting the company's growing operations in the Americas with expanded customer support, sales and accounting functions for the region. In exchange for Apple's commitment to create these new jobs in Texas, the state has offered Apple an investment of $21 million over 10 years through the Texas Enterprise Fund. The agreement is contingent upon the finalization of contracts and a local incentive agreement with the City of Austin and Travis County. The city has proposed incentives of up to $8.6 million. “Apple is known for its bold innovation and game-changing designs,” the governor stated in a press release, “and the expansion of its Austin facility adds to the growing list of visionary high-tech companies that have found that Texas' economic climate is a perfect fit for its future.” The state’s relatively low taxes, reasonable and …