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AUSTIN, ATLANTA AND LEXINGTON, KY. — DiamondRock Hospitality Co., a Bethesda, Md.-based hotel REIT, has closed on the sale of a three-hotel portfolio to affiliates of Inland American, an Oak Brook, Ill.-based non-traded REIT, for $262.5 million. The two entities entered into a purchase agreement in October 2011. The hotels in the portfolio include the 492-room Renaissance Austin in Austin, the 409-room Griffin Gate Marriott Resort & Spa in Lexington, and the 521-room Renaissance Waverly in Atlanta. All three hotels are subject to long-term management agreements with Marriott International Inc. “We are pleased to announce the completion of the sale of the three hotels to Inland American,” said Mark Brugger, CEO of DiamondRock Hospitality Co. “We believe the disposition achieves primary benefits for DiamondRock.” The sale will reduce the company’s debt by $180 million and increase corporate cash by approximately $93 million, and position DiamondRock to be an opportunistic acquirer of hotels this year. The sale also improves DiamondRock’s portfolio and market concentration, according to Brugger. As part of the sale, DiamondRock received approximately $10 million for hotel working capital and cash previously held in restricted escrow accounts, net of closing costs. Eastdil Secured advised DiamondRock on the sale. In …

GREGORY, TEXAS — Tianjin Pipe Corp. (TPCO) has plans to construct a $1 billion manufacturing facility in Gregory, located near the Port of Corpus Christi. Tianjin, China-based TPCO is a global leader for manufacturing seamless pipes. The facility, TPCO’s first major mill in the United States, will be delivered in phases between December 2012 and the end of 2014. Currently, the company has major manufacturing properties in China and Indonesia, and exports to more than 100 countries in Europe, the Americas, Asia, Africa and Oceania. Jacobs Engineering Group (NYSE: JEC) has been selected to provide project management consulting services for the new pipe rolling mill. “We are very proud that TPCO has chosen Jacobs to provide project management consulting services for its first project in the U.S.,” said Tom McDuffie, group vice president of Jacobs, in a prepared statement. “This is a major investment in Texas and reflects the confidence in our reputation for successfully delivering large facilities anywhere in the world.” Jacobs’ Houston and Shanghai offices will assist TPCO with coordination and management of engineering, procurement and construction for the mill. Engineering, procurement and construction of the new facility is expected to be a multinational endeavor, including professional services, …

HERNDON, VA. — Norcross, Ga.-based Wells Core Office Income REIT Inc. has purchased South Lake at Dulle Corner in Herndon for $91.1 million, or $340 per square foot. Wells Core is a non-traded REIT. Brandywine Realty Trust (NYSE: BDN), the seller, completed the development of the 10-story office property in November 2008. The Class A office building is fully leased to Time Warner Cable Inc., one of the nation's largest cable providers, which occupies 268,240 square feet. Brandywine, based in Radnor, Pa., plans to use the net sale proceeds after closing costs for general corporate purposes. The publicly traded REIT is selling the property as part of a larger strategy to maximize its existing portfolio's value, said Gerald H. Sweeney, president and CEO of Brandywine Realty Trust, in a prepared statement. “It strengthens our balance sheet by providing additional liquidity, provides additional capital for our investment activities and demonstrates our commitment to execute key components of our 2012 business plan,” Sweeney stated. Cassidy Turley marketed the property on behalf of Brandywine. Brandywine’s stock price closed Friday, March 23 at $11.22 per share, up slightly from $10.99 a year ago. — Liz Burlingame

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 …