MIAMI — Colliers International has brokered the $65 million sale of the Holiday Inn Port of Miami located at 340 Biscayne Blvd. in Miami. Roughly 1.1 miles from the Port of Miami, the hotel will be the site of the proposed World Trade Center of the Americas, a 77-story mixed-use project that will feature 400 condominiums, 240 hotel rooms, 270,000 square feet of retail space and 246,000 square feet of office space, according to the Miami Herald. The city of Miami’s Urban Design Review Board has approved site plans for the project. An entity run by Gilberto Bomeny, the developer of the World Trade Center of the Americas, known as 340 Biscayne Owner LLC purchased the site from Marina Park Inn LLC. Larry Stockton and Jeff Resnick of Colliers International’s South Florida office brokered the sale.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two development sites, located at 181 Troutman St. and 303 Stockholm St. in Brooklyn’s Bushwick neighborhood. The sites sold for $2.6 million, or $236 per buildable square foot, in an all-cash transaction. The residential development sites, which were delivered vacant, combine to offer approximately 11,000 buildable square feet. The site at 181 Troutman St. is currently improved by a two-story, 2,025-square-foot two-unit building; and 303 Stockholm St. is a vacant lot. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — W. P. Carey Inc. (NYSE: WPC), a New York-based REIT, has acquired a portfolio of six Courtyard by Marriott hotels for $52 million. The portfolio is net leased to a wholly owned subsidiary of Marriott International Inc. The leases have a remaining term of approximately 11 years and include fixed rent escalations. The deal was announced just days after Marriott agreed to buy Starwood Hotels & Resorts Worldwide for $12.2 billion. The acquisition will create the world’s largest hotel company with 30 brands under its belt. The portfolio has shown growth in average daily rate, occupancy and revenue per available room (RevPAR), and has generated consistent operating margins and rent coverage, according to Marriott. In addition, the company says each hotel within the portfolio has received high guest satisfaction ratings. “The acquisition of the Courtyard by Marriott portfolio presented the opportunity to acquire six established operating properties with strong performance,” says Jason Fox, president of W. P. Carey. “The steady, predictable cash flows and annual rent escalations, coupled with the strength of Marriott International’s brand and credit, made this an ideal addition to the W. P. Carey portfolio.” In business since 1957, Marriott International Inc. is …
BETHESDA, MD. AND STAMFORD, CONN. — Marriott International (NASDAQ: MAR) has agreed to buy Starwood Hotels & Resorts Worldwide (NYSE: HOT) for $12.2 billion. The acquisition will create the world’s largest hotel company with 30 brands under its belt. The combined company will tout 1.1 million rooms in more than 5,500 hotels throughout more than 100 countries. The fee revenue for the 12 months that ended Sept. 30 totaled more than $2.7 billion across both companies. Efficiency, savings and growth are the three main goals behind the merger, according to Marriott. The company expects to deliver at least $200 million in annual cost savings in the second full year after the transaction has closed. It is attempting to accomplish this by leveraging operating and general and administrative (G&A) efficiencies. Marriott also plans to accelerate Starwood’s growth by leveraging its worldwide development organization, as well as its owner and franchisee relationships. “The driving force behind this transaction is growth,” says Arne Sorenson, Marriott’s president and CEO. “This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace.” Per the agreement, Starwood shareholders will receive 0.92 shares of …
STOCKBRIDGE, GA. — Franklin Street has brokered the $2.5 million sale of Eagle Village, a 21,800-square-foot shopping center located at 600 Eagles Landing Parkway in Stockbridge, roughly 20 miles south of Atlanta. Built in 2002, the property was 77.3 percent leased at the time of sale to tenants such as Jimmy John’s, Johnny’s Pizza & Subs and H&R Block. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Alpha Opportunity Fund I LLC, in the transaction. Ainbinder Properties LLC was the buyer.
Operating as our state’s political core and as the “live music capital of the world”, Austin’s real estate market is as distinctive as the people that make this city great. Austin is a one-of-a-kind place that’s unique to Texas and the entire country. It defies stereotypes with its progressive and fiercely entrepreneurial spirit, and continually gets top marks for its quality of life, pro-business culture and pro-environment views. WalletHub recently ranked Austin as the 2015 best large city to live in and the data matches up — the city ranks second among 2015’s fastest-growing cities in the U.S., according to Forbes, behind Houston and ahead of Dallas-Fort Worth. In the era of ‘Walker, Texas Ranger,’ Emmitt Smith and ‘the Dream Team,’ and the release of ‘Dazed and Confused,’ the tech boom of the 1990s drove the Austin office market. During that same time, Austin’s total population increased 35 percent and close to 1,750 companies employed over 110,000 people in technology-related jobs in Austin. By the end of the 90s, Texas’ capital city was widely known as Silicon Hills, home to a critical mass of institutional technology knowledge and major tenants like Dell, IBM, Motorola and other software and gaming companies. …
CINCINNATI AND MILWAUKEE — The Kroger Co. (NYSE: KR) and Roundy’s Inc. (NYSE: RNDY) have announced a definitive merger agreement under which Kroger will purchase all outstanding shares of Roundy’s for $3.60 per share in cash. The transaction is valued at approximately $800 million, including debt. The transaction price represents a premium of approximately 65 percent to the Roundy’s closing share price on Nov. 10. “We are delighted to welcome Roundy’s to the Kroger family,” says Rodney McMullen, Kroger’s chairman and CEO. “With a team of 22,000 talented associates, outstanding store locations and a shared commitment to putting customers first, we are excited about Roundy’s future growth.” The merger increases Kroger’s presence in the Midwest with 151 stores and 101 pharmacies in new geographies for Kroger, including Milwaukee, Madison and northern Wisconsin, which are served under the Pick ‘n Save, Copps and Metro Market banners. The merger also expands Kroger’s presence in the Chicagoland area, where Roundy’s operates 34 stores under the Mariano’s banner. “We admire what Bob Mariano has done with the Mariano’s banner in Chicago, where he has created an urban format that is resonating with customers and we expect to apply Roundy’s experience to our stores in …
Fueled by record-setting employment, the San Francisco Bay Area multifamily market is performing at its highest level in recent years in terms of low vacancy rates, strong rental growth, and new apartment communities coming online, under construction and planned. The San Francisco metropolitan area – which accounts for half of the San Francisco Peninsula, San Francisco, Marin and Oakland – added about 4,100 jobs during September, according to Beacon Economics. This number is on par for most of the year. Sources from the City of San Jose reported the Bay Area added more than 40,000 new jobs during the 12-month period from October 2014 through September 2015. A further report from the Association of Bay Area Governments stated that “by spring of 2013, the region had regained all of the jobs lost in the 2007 to 2009 recession, while estimates indicate that the jobs lost since the higher peak in 2000 were finally regained by the end of 2014. This rebound has spread unevenly throughout the region, with counties as diverse as San Francisco and Napa each having passed the two previous peaks in employment.” Unemployment is running as low as 3.7 percent in the San Jose/Sunnyvale-Santa Clara MSA. It …
LAKE FOREST, CALIF. —Summit Healthcare REIT Inc. has named Suzanne Koenig to its board of directors after an election at the annual meeting of stockholders. Koenig is president and founder of SAK Management Services LLC, a long-term care management and healthcare consulting services company. With over 20 years of experience as an owner and operator, Koenig offers skills in operations improvement, staff development and quality assurance, with particular expertise in marketing, census development and operations enhancement for the whole spectrum of senior housing. Koenig is a Licensed Nursing Home Administrator and a Licensed Social Worker in multiple states. In addition, she has served in an advisory and consulting capacity for numerous client engagements involving bankruptcy proceedings as well as in turnaround management situations. Koenig also serves as an officer and director for several of the states’ long-term care provider associations. She is the former co-chair of the American Bankruptcy Institute’s (ABI) Health Care Committee, a co-chair for the Steering Committee of the Midwest Turnaround Management Association (TMA) Chapter, and was recently elected to the Global Turnaround Management Association Board of Trustees. She is on the board of directors for the School of Social Work at the University of Illinois, Champaign-Urbana. …
HOOVER, ALA. — Meridian Capital Group has negotiated $35 million in acquisition financing for the purchase of the Meadowbrook North Office Park located in Hoover on behalf of The Matrix Group. The two-year loan, provided by Rialto Mortgage Finance, features a LIBOR-based floating-rate, interest-only payments for the full term and a one-year extension option. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction. Meadowbrook North Office Park, located at 100, 300, 500 and 1200 Corporate Drive on U.S. Highway 280, includes four Class A office buildings totaling 509,000 square feet. Developer Daniel Corp. built the property. Amenities include a 13-acre lake, 1.3-mile walking trail, three daycare facilities and a post office. The Hoover submarket contains Birmingham’s highest concentration of Class A office stock, totaling 4.7 million square feet.