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NEW YORK CITY — Investment management firm Invesco Real Estate has purchased The Elektra from JP Morgan Investment Management for an undisclosed amount. The property is a 32-story apartment tower located at 290 Third Ave. in Manhattan's Gramercy neighborhood. Constructed in 1992 and renovated in 2008, The Elektra contains a total of 166 apartments and approximately 5,250 square feet of street-level retail space. The apartments comprise a mix of studio through two-bedroom residences with an average unit size of 701 square feet. Community amenities include a 24-hour attended lobby, a rooftop sky deck, a health club and laundry facilities. The residential space was 95 percent occupied at the time of closing and the retail space was fully leased. The acquisition price could not be released, but the deal did involve Invesco assuming the property's existing debt. The Holliday Fenoglio Fowler team of Andrew Scandalios, Jose Cruz, Jeff Julien and Kevin O'Hearn represented JP Morgan in the deal. “We are happy to add The Elektra, a rare find with both market-rate units and market-rate taxes, to our New York City portfolio,” said Todd Bassen, senior acquisitions director with Invesco, in a statement. “This is the firm's first multifamily property we've owned …

CALIFORNIA AND OKLAHOMA — Hanley Investment Group has arranged the sale of five freestanding Walgreens locations for a total of more than $34 million. Four of the properties are located in Southern California, with the remaining property being located in Oklahoma. The properties traded in five separate deals. “Buyer demand remains consistent for triple-net, single-tenant investments, with Walgreens being the most attractive, primarily due to their strong credit,” said Edward Hanley, president of Hanley Investment Group, in a statement. “We expect the demand for triple-net, single-tenant investments to continue as investors find this type of asset easy to manage while offering protection from rising inflation.” The first Walgreens is a 13,961-square-foot building located at 670 N. Lake Ave. in Pasadena. The property was constructed in 1980. The buyer, a private investor, purchased the property all-cash as part of a 1031 exchange. The seller was also an undisclosed private investor. According to McChesney, the property traded at the lowest cap rate of any single-tenant Walgreens in Southern California since 2008. In the second transaction, Kent partnered with Hanley's Eric Wohl to broker the sale of a Walgreens located in Orange County. The buyer and the seller were undisclosed private investors. Additional …

KIRKLAND, WASH. — Los Angeles-based REIT Kilroy Realty Corp. has purchased the Plaza Yarrow Bay office campus from Seattle-based HAL Real Estate Investments. According to local reports, the property traded for approximately $100 million. Plaza Yarrow Bay is located along Points Drive in Kirkland, within the Puget Sound Technology Corridor. Constructed in 1993, the property consists of four buildings containing approximately 280,000 square feet of space. Amenities include a fitness center, a conference center and Poppinjay's Café at Plaza Yarrow Bay. The campus is surrounded by the 52-acre Yarrow Bay Wetlands. According to the website for Kidder Mathews, which leases the property, Plaza Yarrow Bay is currently 86 percent leased. However, local reports put that number at 92 percent. Reports indicate that Kilroy assumed $30 million in mortgage debt as part of the transaction. The REIT owns another property in the state, the 122,103-square-foot Overlake Office Center, which is located in Redmond. The REIT controls approximately 25.7 million square feet of office and industrial space, the vast majority of which is located in California. — Coleman Wood

WALNUT CREEK, CALIF. — Construction is complete for the $612 million expansion of the Walnut Creek campus of John Muir Medical Center. Designed by Ratcliff and built by Clark Construction Co., the project adds 380,000 square feet to the existing 324-bed medical center The Tom and Billie Long Patient Care Tower features 242 patient beds. It includes a 24,000-square-foot expansion to the emergency department that contains an additional 44 rooms. Other components include three inpatient surgical suites, a new 35-room neonatal intensive care unit and a rooftop helipad with a high-speed elevator. A 780-space parking deck and a 20,000-square-foot central utility plant were also built. The project contains several sustainable features. Six rooftop gardens were created for patients, visitors and staff. Low-VOC interior building materials help maintain indoor air quality. Abundant windows provide natural daylighting throughout the building. Finally, intelligent building systems increase efficiency, and the building's utility plans co-generates a portion of the campus' electricity. “Every single detail of this project — from interior design to maximizing access to the ourdoors, to parking and way-finding — was designed to help this highly respected hospital and their incredible medical team continue to deliver great care while improving efficiency,” said Kit …

AKRON, OHIO — With the turn of a shovel earlier this week, the revitalization of Goodyear's Akron headquarters began. The groundbreaking was held on Monday for the company's new seven-story, 639,000-square-foot global headquarters. If this seems much smaller than the company's current headquarters building, that's because it its. Goodyear's current headquarters is more than double the size at 1.4 million square feet. However, the tire manufacturer does not have as large a presence in Ohio as it used to and no longer has need for this building as well as several others on its sprawling 480-acre campus. Last year, Goodyear contracted with Los Angeles-based Industrial Realty Group (IRG) to redevelop the campus and reduce its footprint. Goodyear sold most of the buildings to IHG, which plans to redevelop the unused ones. The developer will also build the new headquarters, which will be located adjacent to Goodyear's existing Innovation Center. Once construction is complete, which is expected in 2013, Goodyear will relocate to the new building and IRG will take over its former headquarters building. Goodyear will lease the new building through 2038 and have extension options running through 2093. Its overall campus size will be reduced to approximately 216 acres. …

BEVERLY HILLS, CALIF. — Douglas Emmett Inc. has purchased a Beverly Hills office building from New York-based investment firm Brickman for $42 million. The property traded at a price of approximately $570 per square foot. The three-story, Class A property is located at 150 S. Rodeo Drive, less than a block from the intersection of Rodeo and Wilshire Boulevard. Constructed in 1991, it totals 73,753 square feet. It features a grand marble lobby, a 53-seat screening room and a rooftop deck. Cushman & Wakefield's Capital Markets Group, led by Marc Renard, represented Brickman in the deal. In a statement Renard said, “The irreplaceable nature of the asset, combined with the high barriers to entry in this market, generated global investor interest.” Bruce Brickman, president of Brickman, added that many of the potential buyers were also institutional firms. — Coleman Wood

SAN DIEGO — Sunstone Hotel Investors has acquired a controlling interest in the Hilton San Diego Bayfront hotel for $475 million. The Aliso Viejo, Calif.-based REIT will own 75 percent of the hotel, with Hilton Worldwide controlling the other 25 percent. The Hilton San Diego Bayfront opened in 2008 along a prime spot along the city's waterfront. It is adjacent to the San Diego Convention Center and across the street from Petco Park, the home of the San Diego Padres. The 30-story hotel contains 1,190 rooms, 165,000 square feet of indoor meeting space, 4.3 acres of outdoor meeting space along the waterfront and an 894-space parking garage. To fund the acquisition, Sunstone has taken out a $240 million mortgage. The loan carries a 5-year term and a floating interest rate price 325 basis points above LIBOR. Hotel brokerage firm Hodges Ward Elliott represented Hilton in the transaction. This latest deal comes just a week after Sunstone announced the completion of its sale of the Royal Palm Miami Beach to KSL Capital Partners for $130 million. Constructed in 1939 in the city's affluent South Beach submarket, the hotel contains two swimming pools, a beachfront restaurant, a poolside bar, a lobby lounge, …

PITTSBURGH — The U.S. Steel Tower, Pittsburgh's tallest skyscraper, has been sold to an investment group led by New York investor Mark Karasick for a reported $250 million. The seller was an investment group led by AREA Property Partners. The story was reported in the Pittsburgh Tribune-Review. The investment group procured a $220 million conduit loan to help fund the transaction. The financing carries a 10-year term and was provided by Swiss bank UBS. The team of Rael Gervis and Ralph Herzka of Meridian Capital Group arranged the loan. According to local reports, the seller will use the proceeds from the deal to pay off the mortgage on the property it owes to Bank of America. AREA put the tower up for sale following its failure to negotiate a debt restructuring with the lender last fall. The U.S. Steel Tower is a 64-story building located at 600 Grant St. in downtown Pittsburgh. It contains a total of 2.9 million square feet of office space as well as a 700-space, three-level underground parking garage and street-level retail space. The University of Pittsburgh Medical Center anchors the building. It currently occupies approximately 513,000 square feet of space currently and recently signed a …

CHARLOTTE, N.C. — Boston-based New Boston Fund has acquired the three office buildings comprising Charlotte's Harris Corners Corporate Park for an undisclosed amount. The seller was local company Beacon Partners. While the acquisition price was not disclosed, local reports are claiming the sale price to be approximately $50 million. The building include One, Two and Three Harris Corners, which were constructed in 2000, 2001 and 2006, respectively. One Harris Corners is a four-story, 97,628-square-foot building. Two and Three Harris Corners are both five stories and contain 130,187 and 133,329 square feet, respectively. The three properties had a combined occupancy of 88 percent at the time of closing. Major tenants at the buildings include Polymer Group, Diagnostic Devices, Bank of America, Carrier Corp., Nestle and Husqvarna, which relocated its North American headquarters to the park last year. CB Richard Ellis' Charlotte office represented Beacon Partners in the deal. The brokerage team consisted of Ryan Clutter, Adam Basch and Patrick Gildea. The transaction marks New Boston's first office acquisition in the Charlotte market. It currently has multifamily holdings in the market but is in the process of divesting of those assets. “We're really excited to be in the city in a big …

JERSEY CITY, N.J. — CB Richard Ellis Investors has acquired an 827,318-square-foot office property in Jersey City from Hartz Mountain Industries for $310 million. According to Cushman & Wakefield, which orchestrated the sale, the deal is the highest price-per-square-foot investment sale in state history. The property consists of twin 12-story office towers located at 70 and 90 Hudson St. Completed in 1999 and 2000, the buildings are tenanted by companies such as Barclays, National Union Fire Insurance Co., and Lord Abbett & Co. The buildings are a part of the Colgate Center master-planned community, which also includes residential space, five additional commercial buildings, a 4-acre public park and a waterfront esplanade. Cushman & Wakefield's Metropolitan Area Capital Markets Group arranged the transaction. Brokers involved include Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer. “These are irreplaceable, truly unique assets,” Merin said in a statement. “They are flagships of Hartz Mountain's development capabilities, occupy unparalleled location, and are fully leased to blue-chip tenants with limited near-term rent roll. It did not take long to fund a suitor for this exceptional opportunity. Cushman & Wakefield also asserted that the deal is the third-largest office transaction in state history. — Coleman Wood