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NEW YORK CITY — Denver-based multifamily investment trust UDR has reached a definitive agreement to acquire a high-rise apartment building in Manhattan's Financial District for $260.8 million. The seller was Witkoff Group. The property is 10 Hanover Square, a 23-story tower located on Hanover Square between Water and Pearl streets. Formerly the corporate headquarters for Goldman Sachs and Kidder Peabody, the building was converted into luxury apartments in 2005. It now offers 493 homes in a range of studio through three-bedroom units averaging 708 square feet. Amenities for the community include 24-hour concierge service, two lounges and a rooftop deck. The ground floor of the building contains 41,650 square feet of retail space and is anchored by the 28,000-square-foot Xtreme Gym New York. Other retail tenants include Fresco on the Go Restaurant, The Original Soupman Restaurant, Apple Bank and Starbucks Coffee. UDR will fund the purchase primarily through the assumption of a $192 million mortgage. The financing carries a 5.93 percent fixed interest rate and requires interest-only payments through December 2012. It matures in December 2015. UDR will also pay Witkoff approximately $64.3 million in operating partnership units and approximately $4.5 million in cash. “The expansion of our portfolio into …

SAN FRANCISCO — The JW Marriott San Francisco Union Square hotel has traded between two hospitality REITs. Thayer Lodging Group purchased the property from Ashford Hospitality Trust in an all-cash deal for $96 million, at a 3.7 percent capitalization rate. Built in 1987 and recently renovated, the JW Marriott is located at the corner of Post and Mason streets in the city's upscale Union Square neighborhood. The AAA, four-diamond property contains 337 guestrooms, including eight suites, over 21 stories. It features 14,000 square feet of meeting space including a 4,350-square-foot ballroom and a conference center. It also contains the restaurant California and the bar Eclectic. The hotel operates under a ground lease that expires in 2083. “The San Francisco lodging market is rebounding strongly and there is upside to the operating performance,” said O'Connor, a senior director with the Los Angeles office of Cushman & Wakefield Sonnenblick Goldman, which represented Ashford in the deal. “The offering appealed to a wide spectrum of international hotel investors given its recent comprehensive renovation, high-end market positioning, superior location and extremely high barriers to entry in this gateway market.” Ashford Hospitality Trust plans to use the proceeds from the sale to pay down a …

HOUSTON — Unilev Capital Corp. has purchased three office buildings that make up part of the Houston Galleria mixed-use development for $176 million. The seller was an affiliate of Walton Street Capital. The three Class A office buildings are located at 2700 Post Oak Blvd., 5051 Westheimer and 5065-5075 Westheimer. They contain a total of 1.06 million square feet of space, which was 90 percent leased at the time of closing. Tenants include Air Liquide, Southern Union, Merrill Lynch, Citigroup Global Markets, UBS, Banco Santander and BBVA Bancomer. A Holliday Fenoglio Fowler (HFF) team led by Senior Managing Director Robert Williamson represented Walton Street Capital in the deal. HFF was also responsible for arranging $130 million in acquisition financing on behalf of Unilev. A team lead by Senior Managing Director Wally Reid secured a 10-year, fixed-rate loan through J.P. Morgan Chase Bank. HFF will also service the loan. “During the process interest rates increased substantially,” said Williamson in a statement. “Unilev and the lender committed to close the transaction and both closed as originally agreed to, which is a testament to their character and abilities to bring capital in an ever-changing marketplace.” Houston Galleria is the primary draw of the …

MIAMI — A joint venture between Terranova Corp. and Acadia Realty Trust has acquired a portfolio of three retail properties located in Miami's South Beach submarket from Las Ramblas Associates for $51.9 million. The three properties contain a total of 61,443 square feet of space and are located along Lincoln Road, an 8-block, open-air pedestrian mall that is one of the city's best retail corridors. The portfolio traded at a price of $845 per square foot. The first property is located at 600 Lincoln Road. It contains 27,700 square feet of retail and office space over two stories. Anchors include Sushi Samba and Rancho Grande. The second property is located at 741 Lincoln Road. It contains 14,886 square feet of retail space over two stories. Anchors include Starbucks, Geox and Miss Yip. The third property is located at 715 Lincoln Lane. Tacontento anchors the 18,857-square-foot building, which abuts Macy's. The portfolio also contains an addition 39,750 square feet of development rights. “The three-property Lincoln Road acquisition greatly enhances our fashion-forward, street-front retail product,” said Stephen Bittel, chairman of Terranova, in a statement. “Terranova now has a 61,000-square-foot presence on Lincoln Road, once known as the '5th Avenue of the South,' …

ATLANTA — Confirming rumors that have been circulating for months, San Diego-based OliverMcMillan has announced that it has reached an agreement to acquire The Streets of Buckhead project in Atlanta and plans to re-start construction this year. Financial closing is expected in the next 60 days on the six-block, luxury mixed-use project located in the heart of Atlanta's affluent Buckhead submarket. “The Streets of Buckhead represents a prime example of our core focus, which is transforming urban properties into highly attractive and special pedestrian-oriented mixed-use developments that complement the neighboring community,” said Dene Oliver, chief executive officer of OliverMcMillan. “We are working closely with [Atlanta] Mayor Kasim Reed, who has pledged his support for restarting and finishing the stalled development.” Located at the intersection of Peachtree and West Paces Ferry roads, The Streets of Buckhead started as the legacy project of Ben Carter, a local developer and owner of Ben Carter Properties. Carter assembled the site by purchasing 34 properties comprising the former Buckhead Village, sometimes paying as much as $500 per square foot. Carter referred to the $1.5 billion project as “The Rodeo Drive of the South” and imagined 375,000 square feet of ultra-luxury retail, hundreds of multifamily residences, …

TYSONS CORNER, VA. — Cityline Partners is continuing the development of the Tysons Corner market with its new plan to redevelop the former Westgate Office Park into an 8.5 million-square-foot mixed-use project. Currently known as Scotts Run Station, the project will contain a mix of office, residential, retail, hotel and civic uses. The project will be divided into two sections. Scotts Run Station South will total 30 acres and will be situated on the south side of Route 123, bounded by the Capital Beltway (I-495) on the west and Dulles Airport Access Road on the east. Scotts Run Station North will total 10 acres on the north side of Route 123 adjacent to the Tysons East Metro Station. Initial plans call for the construction of 21 buildings, comprising 11 office buildings, nine multifamily buildings, a full-service hotel and approximately 120,000 square feet of ground-floor retail space. At the center of the project will be the improved Scotts Run Stream Valley Park, a linear urban park with a trail system. “We don't want to turn this area into a 'concrete canyon,'” said Tom Fleury, executive vice president of Cityline Partners, in a statement. “We are looking to redevelop the property into …

MIAMI — Canyon Capital Realty Advisors has provided a $130 million senior construction loan to fund the completion of a Miami office tower. Local developer Foram Group will use the funds to complete construction of 600 Brickell and lease it up. The 40-story, Class A tower topped out in February 2009 and is currently 80 percent complete. 600 Brickell will total 600,000 square feet and will be ready for occupancy this fall. Original plans for the Brickell site also included the construction of a 68-story mixed-use building that would be built as Phase II. Near-term plans only call for the completion of the 40-story building. Foram plans to use the proceeds from the loan to complete the building's core and shell as well as fund tenant improvements and leasing costs. Noël Steinfeld and Chris Dekker of CB Richard Ellis' Miami office are leasing the project's retail component. Foram is handling leasing for the project's retail component and will manage the building upon completion. CGI Capital Holdings arranged the financing, terms of which were not disclosed. — Coleman Wood

INDIANAPOLIS — Indianapolis-based Duke Realty Corp. has closed on two significant deals in the Southeast. The REIT closed on its purchase of a majority of the properties in a $450 million South Florida portfolio. It also sold a five-property office portfolio in Cincinnati and Nashville, Tenn., for $97 million. In the first deal, Duke closed on 43 of the 56 properties it acquired from Pompano Beach, Fla.-based Premier Commercial Realty. The portfolio consists of 51 bulk warehouse/distribution buildings and five office buildings located in Broward and Palm counties. The combined occupancy is 85.7 percent. Once the remaining properties close, which is expected by the end of the first quarter, Duke will control more than 7 million square feet of real estate in South Florida and will be the largest owner of commercial/industrial space in Broward and Palm counties. In the second deal, Duke sold five Class A office buildings to a joint venture between Nashville-based Smith/Hallemann Partners and Birmingham, Ala.-based Harbert Management Corporation. Two of the buildings are located at 312 Elm St. and 312 Plum St. in Cincinnati's central business district. They total 609,275 square feet and were 90 percent leased at the time of closing. The other three …