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ATLANTA — Colonial Properties Trust (NYSE: CLP) has sold Three Ravinia, an 813,748-square-foot office property in Atlanta, for $144 million. CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, acquired the 31-story, Class A asset. As of March 31, Three Ravinia was 92.1 percent occupied. Sales proceeds were used to repay a portion of the outstanding balance on the company’s unsecured credit facility. “The disposition of Three Ravinia is a significant step in the execution of our multifamily-focused strategy and strengthens the company’s balance sheet,” says Thomas Lowder, chairman and CEO of Birmingham, Ala.-based Colonial Properties Trust. “Following the disposition, 95 percent of the company’s net operating income will be generated from our multifamily portfolio.” The property is strategically located in Atlanta’s Central Perimeter submarket, which provided an attractive opportunity for the buyer. The Central Perimeter submarket contains the largest concentration of office space in the Southeastern U.S., according to CBRE Global Investors. According to a first-quarter office report from Jones Lang LaSalle, the Central Perimeter submarket includes more than 22 million square feet of office space. Of that inventory, 17.3 million is Class A office space. “The Perimeter submarket experienced significant net office absorption in …

WASHINGTON, D.C. — Liberty Property Trust (NYSE: LRY) has acquired 2100 M Street N.W., a 290,762-square foot, eight-story office building in Washington, D.C., for $133.5 million. The seller was Hines Interests LLP. Currently 77 percent occupied with 66,366 square feet available for lease, the property is located at the prominent intersection of M Street N.W. and 21st Street N.W. The building is situated in a prime location, according to Liberty Property Trust officials, surrounded by a strong amenity base with dining, convenience retail and hotels all within a three-block radius. The property is four blocks from both the Red and Orange/Blue Metro rail lines and also provides access to residential communities north and west of the downtown district. The Class B+ multi-tenant property was developed in 1969 and renovated from 2007-2010. The property has earned the Energy Star certification, delivering energy cost savings of an average of 30 percent that are passed directly to the tenants. According to the Washington Business Journal, Hines retained Eastdil Secured LLC earlier this year to market 2100 M Street N.W. The building was among a handful of value-add properties to hit the market. Others included Washington Harbour, One Metro Center and the Bond building …

TORONTO — Tanger Factory Outlet Centers and RioCan Real Estate Investment Trust have broken ground on a $60 million, 152,500-square-foot expansion of Tanger Outlets Cookstown, located about 30 miles north of the greater Toronto area. An official groundbreaking ceremony took place Thursday. The expansion will include more than 35 brand name and outlet stores such as Calvin Klein, American Eagle Outfitters, Gap Outlet, Banana Republic Factory Store, Nike Factory Store, Tommy Hilfiger, Aeropostale and more. The upscale outlet center currently spans 156,000 square feet. Tanger Outlets Cookstown is situated off Highway 400 at Highway 89, the gateway to the highest concentration of vacation homes in Southern Ontario's “cottage country.” The region is a well-traveled vacation area year-round where Toronto residents enjoy skiing in the winter in nearby Collingwood and lakeside activities in the summer. Cookstown, a town in Southern Ontario, shares the economic benefits of being in proximity to Toronto and its more than 7 million residents and 16 million annual tourists, say company officials. “We are very happy to begin construction on the expansion of Tanger Outlets Cookstown and increase the number of brand name and designer outlet stores available to shoppers in the area,” says Steven Tanger, president …

CLEVELAND — KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has entered into a series of agreements that will substantially increase its commercial mortgage servicing business. KeyBank has agreed to purchase certain commercial mortgage servicing rights from Bank of America under a pact with Bank of America, N.A. As of March 31, Bank of America’s commercial mortgage servicing portfolio totaled approximately $110.5 billion. This transaction also includes a CMBS special servicing portfolio of about $14 billion. The transaction price was not disclosed. KeyBank will purchase substantially all of the third-party CMBS and special servicing rights from Bank of America's Global Mortgages & Securitized Products business. This portfolio also includes servicing for a variety of private investors and is subject to investor consent. The transaction, which is expected to close in the second quarter, does not impact Bank of America's commercial real estate banking business. Upon completion of this deal, KeyBank’s commercial mortgage servicing portfolio will be among the top three largest named servicers of commercial and multifamily loans in the U.S., with a servicing portfolio of approximately $205 billion. Simultaneously, KeyBank has entered into a long-term sub-servicing agreement with Berkadia Commercial Mortgage LLC. Under …

NEW YORK CITY — Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT), with its owner and developer partners, have invested more than $400 million to revitalize its New York City portfolio of hotels. Newly renovated properties include the Sheraton brand’s flagship hotel Sheraton New York Times Square Hotel, W New York–Times Square, W New York–Union Square, W New York, The Westin New York at Times Square and The Westin New York Grand Central. Starwood, which has 21 hotels in New York City, has also expanded its New York City portfolio with the addition of three hotels, including The Chatwal hotel, Sheraton Tribeca New York Hotel and W New York–Downtown. “We have not only made a significant investment in our New York City hotels, but have also added even more breadth to our portfolio through strategic conversions in many of the city’s most dynamic neighborhoods,” says Mary Casey, senior vice president of sales, North America, of Starwood Hotels & Resorts. The Sheraton brand’s flagship hotel, Sheraton New York Times Square Hotel, completed its top-to-bottom renovation in March. Its fitness center, all 1,781 guestrooms and suites, public areas and meeting facilities have been renovated. The hotel’s 60,000 square feet of fully renovated …