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LOS ANGELES — The Hilton Checkers Hotel, a boutique hotel located at 535 S. Grand Ave. in downtown Los Angeles, has sold for $46 million. Built in the 1920s, the 12-story property is the only four-diamond hotel in downtown Los Angeles. It contains 188 rooms, five indoor meeting areas, one outdoor meeting area, an award-winning restaurant, a spa and a lounge. It under went significant renovations in 2008. The buyer was Chesapeake Lodging Trust, a recently launched, Maryland-based real estate investment trust. The sellers were an affiliate of Tarsadia Hotels and 535 Grand Avenue LLC. Jordan Richman of Grubb & Ellis' Hotels, Golf & Leisure practice group represented both parties in the sale, with assistance provided by Felix Cacciato of Hotel Equity Advisors. Richman also brokered the previous sale of the hotel to Tarsadia in 1999. “This transaction is a good indication that the region's hotel market is beginning to turn after the economic downturn, which is a welcome reprieve,” said Richman in a statement.

CHARLOTTE, N.C. — After spending some time marketing 1 Bank of America Center for lease, owner Bank of America (BOA) has decided to occupy almost all of the space in the Charlotte office tower. The bank will occupy 720,000 of the tower's 750,000 square feet, with the remaining 30,000 square feet already committed to other office tenants. “We're constantly looking at ways to enhance our portfolio in Charlotte,” says BOA spokesperson Kelli Cishek. “This property had come online, and we were anticipating needing space for new growth for our existing employees in the Charlotte area, so we're going to utilize our own property.” The announcement is good news for the Charlotte office market. Some have been uneasy about he bank's future in Charlotte since former CEO Ken Lewis was replaced by Brian Moynihan, who resides in Boston. However, Moynihan and others at BOA assert the company is committed to the city, and this is further demonstrated by the lease. 1 Bank of America Center opened this week and will hold a ceremony next week to mark the completion of construction. The 30-story office tower is also applying for the Gold level of LEED – New Construction certification. It features Sky …

ST. LOUIS — Three St. Louis commercial real estate executives have formed a new investment company with the intent to acquire distressed properties. John Ross, Mark Billeaud and Scott Reese recently launched Summit Realty Ventures. The new company plans to invest $60 million to acquire industrial and retail properties primarily in Texas, Florida and Colorado. In a release, Billeaud points out that many in the industry believe that more distressed assets will come to market throughout the rest of the year, which will create acquisition opportunities for the company. Summit will be looking for high-quality, income-producing properties that are undervalued but contain the potential for short-term value growth. In February, Summit closed on its first pool of investment capital, in the process forming ArrowRock Income Growth Fund I. The fund recently closed on its first property, a warehouse/office flex property located at 8080 TriStar Drive in Dallas. The multi-tenant facility totals 81,000 square feet and was 37 percent occupied at the time of closing. Ross said the Class A property was purchased at 36 percent of replacement cost, helping the company see a definite return on its investment. In addition to the Dallas/Fort Worth Metroplex, Summit Realty Markets is looking …

NEW YORK CITY — Construction has commenced for a new $650 million research facility at Weill Cornell Medical College in New York City. The new Medical Research Building will contain 480,000 square feet over 18 stories — more than doubling the college's existing research space. It will be located on East 69th Street between York and First avenues. The Medical Research Building will provide facilities for a variety of topics, including neuroscience, pediatric medicine, stem cell and developmental biology, molecular medicine, global health and infectious diseases, and metabolic disorders. The facility will also serve as the home of the Weill Cornell Cancer Center. The project is being designed by Polshek Partnership Architects, and Tishman Construction is the construction manager. It is being funded as part of the Discoveries that Make a Difference Campaign, which is raising $1.3 billion to advance medical research. Weill Cornell's partners in this campaign include New York – Presbyterian Hospital, Memorial Sloan-Kettering Cancer Center, The Rockefeller University, The Mothodist Hospital – Houston and Weill Cornell's Qatar campus. The project is slated for completion in December 2011. Weill Cornell Medical College is the medical school of Cornell University. — Coleman Wood

SOCIAL CIRCLE, GA. — Rockefeller Group Development Corporation has completed a 1.5 million-square-foot distribution center in Social Circle, Georgia. The property is the largest LEED-Gold certified industrial building in the U.S. and second largest in the world. It was built for tenant General Mills. RGDC and General Mills originally sought LEED-Silver certification for the building, but the number of credits accrued in five green design categories exceeded the number of credits needed for LEED-Silver.? ?To qualify for LEED-Gold certification, the building was constructed with state-of-the-art green building practices and achieved the following benefits: • 48.9% reduction in water use with low-flow plumbing fixtures • Energy-efficient light fixtures, occupant sensors, high-efficiency HVAC systems, roof mounted up-blast exhaust fans and wall louvers account for a 50.2% more energy efficient performance over a typical industrial buildings • 33.88% of the materials used on the project were composed of pre-consumer and post-consumer recycled content • 77.2% of the construction waste was diverted from landfills (recycled) by sorting the materials and sending them to the appropriate recycling centers • 55.13% of the construction materials were extracted, processed or manufactured within 500 miles of the project site, helping bolster the local economy • Each area of …

MINNEAPOLIS — DiamondRock Hospitality Co. has entered into an agreement to purchase the Hilton Minneapolis for a total of $155.5 million. The total consideration includes a purchase price of $152 million and approximately $3.5 million that will be provided by DiamondRock to help the seller defease the property's existing mortgage debt, since DiamondRock will not be assuming the loan. The Hilton Minneapolis holds the dual distinctions of being the largest hotel in the state at 821 rooms and having the largest ballroom in the state, which is part of its 77,000 square feet of meeting space. The hotel was renovated by the seller in 2007; upgrades were made to guestrooms, common areas and meeting spaces. The hotel is situated at 1001 Marquette Ave. South, near the the Minneapolis Convention Center and other downtown attractions. DiamondRock expects the acquisition to close in the third quarter. It has committed to make a $15.2 million deposit that will become non-refundable on June 17 unless the company terminates the agreement prior to that date. – Coleman Wood

NEW YORK CITY — The groundbreaking has occurred for a unique mixed-use project in the heart of Manhattan. The $500 million project will include the construction of two schools as well as retail and residential components on a 1.5-acre site at 250 E. 57th St.. The World-Wide Group will be partnering with the New York City Public Schools to develop the project. The first phase of construction will consist of new locations for P.S. 59 and the High School of Art and Design. P.S. 59 currently resides in a temporary location at 250 E. 63rd St., which will be turned into another school once P.S. 59 relocates. Its new campus will increase enrollment from 500 to 730 students. The new High School of Art and Design will be able to accommodate 1,400 students. The two schools will frame and open courtyard that will provide a recreational area for students. A side yard setback along 56th Street will provide another play area. The schools are expected to open in September 2012. Phase I construction will also include the construction of 38,000 square feet of retail space to be occupied by Whole Foods Market. Phase II construction will add 78,000 square feet …

LAKEWAY, TEXAS — Financing has been secured for a new for-profit hospital in Lakeway. In a deal arranged by Walker & Dunlop, approximately $166.87 million was procured for the construction of Lakeway Regional Medical Center. The project will fill a definite need for healthcare facilities in the northwest Austin suburb. Most healthcare facilities in Travis County are located closer to Austin along Interstate 35, and with the suburbs growing in the direction of Lakeway, new facilities are needed. The project will consist of an eight-story, 270,427-square-foot acute care center with a multi-story parking garage. The hospital will offer a full range of inpatient and outpatient services, including emergency rooms, surgical facilities, diagnostic imaging, obstetrical and gynecological services, neonatal, cardiology and pediatric services. Construction began yesterday and is expected to take 18 to 24 months to complete. Hoar Construction is the general contractor and PageSoutherlandPage is the project architect. The project is being financed with taxable Ginnie Mae securities under the Federal Housing Administration's HUD 242 program. The loan carries a 25-year, fully amortizing term and a 6.05 percent interest rate. According to Walker & Dunlop, the deal marks the largest HUD 242 loan ever provided to a for-profit borrower and …

NEW YORK CITY — Though not expected to be complete until June, Manhattan's new 11 Times Square office building already has its anchor tenant. Longstanding New York City law firm Proskauer has signed a lease for more than 400,000 square feet of space. The firm will take 14 floors of the building and receive prominent signage. It expects to take occupancy in early 2011. Ronald Sernaur, a partner with Proskauer and co-chair of its Real Estate Department, brokerd the lease on behalf of the firm. In a statement, Proskauer Chairman Allen Fagin said, “In recent years, we have opened six new offices and grown a number of key practices, expanding our platform to the key financial markets of the world where our clients are located and doing business. This move demonstrates our success in this regard and our commitment to the future.” The 11 Times Square building is being developed by SJP Properties and was designed by FXFOWLE Architects. Upon completion, it is anticipated to receive LEED-Gold certification. — Coleman Wood