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BURBANK, CALIF. —Hudson Pacific Properties (NYSE: HPP) has entered into a joint venture with M. David Paul & Associates/Worthe Real Estate Group (MDP/Worthe) to acquire The Pinnacle, a two-building Class A office property in the Burbank Media District, for $342.5 million. MDP/Worthe, the developer of Pinnacle I and Pinnacle II, will contribute their existing ownership interests in The Pinnacle to the newly formed joint venture. The Pinnacle spans 625,640 square feet and is located directly adjacent to Warner Bros. Studios and Burbank Studios in Burbank. The office complex is currently 95 percent leased to several media and entertainment companies, including Warner Bros. Entertainment, NBC Universal, Sony and Clear Channel Communications. The property is expected to secure long-term cash flow due to the limited capital improvement requirements and minimal leases expiring. “The Pinnacle will be extremely complementary to our portfolio and will provide Hudson with an immediate foothold in one of the top media and entertainment submarkets in Los Angeles,” says Victor Coleman, chairman and CEO of Hudson Pacific Properties. “The quality of the asset, its location and tenancy exemplifies the company’s acquisition strategy to own and operate best-in-class office properties, with a strong media and entertainment tenancy.” Pinnacle I spans …

NASHVILLE, TENN. — The Lionstone Group, a real estate investment trust based in Houston, has acquired The Carothers Building, a four-building, 509,000-square-foot office park in Nashville. The purchase price was nearly $100 million, according to the Nashville Business Journal. The Class A complex is situated on 50 acres in the heart of Nashville’s Cool Springs office submarket along Carothers Parkway with convenient access to I-65. Originally constructed as a build-to-suit for Ford Motor Credit Co. in 1994, the property was expanded in 1997 and has room for an additional 600,000 square feet of office space. The seller, J.P. Morgan Asset Management, purchased the property in 2006 for approximately $70 million. It is now fully leased to five credit tenants. The deal was originally announced at the end of September, but closed on Monday. Stewart Calhoun and David Meline of Cushman & Wakefield’s Atlanta office, along with Don Albright of the firm’s Nashville office, represented the seller in the transaction. J.P. Morgan Asset Management is part of JPMorgan Chase & Co. (NYSE: JPM) with $1.4 trillion in assets under management. JPMorgan’s stock price closed at $40.48 per share on Wednesday, up from trading at $33.25 per share a year ago.

MINNEAPOLIS — Chesapeake Lodging Trust (NYSE: CHSP) has acquired The Hotel Minneapolis, a 222-room hotel located at 215 Fourth St. S. in downtown Minneapolis, for $46 million, or $207,000 per key. The hotel is part of the Marriott Autograph Collection and will remain with the brand. “We are thrilled to expand our portfolio with another high-quality, full-service boutique lifestyle property located in the core CBD of Minneapolis,” says James Francis, president and CEO of Chesapeake Lodging Trust. “The property has been meticulously restored and is one of the premier hotels in the city.” Chesapeake Lodging entered into the purchase agreement with a subsidiary of HEI Hotels and Resorts, the majority interest of the managing entity. Chesapeake Lodging has retained HEI to manage the hotel. The hotel is connected to Minneapolis’ city skywalk system, which links more than 80 blocks and 26 million square feet of office and retail buildings throughout downtown Minneapolis via sky bridges. The 10-story hotel features 6,000 square feet of meeting/catering space, the 250-seat Max Restaurant and Bar, a business center, fitness center and approximately 12,000 square feet of leased tenant space. “While we don’t value the tenant cash flow separately from the hotel’s operations, these spaces …

AUSTIN, TEXAS — Austin-based American Campus Communities Inc. (NYSE:ACC) will purchase a portfolio of 19 student housing properties from affiliates of Kayne Anderson Capital Advisors LP for an aggregate $862.8 million. The portfolio includes 12,049 beds, with an additional 366 beds at an additional phase currently under development at an existing property. “We believe these 19 select assets offer high-quality products and locations in Tier 1 markets,” said Bill Bayless, CEO of American Campus Communities. “Furthermore, approximately 75 percent of the select portfolio is an average of 0.3 miles from campus in submarkets with barriers to entry.” The properties had an occupancy rate of 92.3 percent for the 2012–2013 academic year. The weighted average age of the portfolio is 3.7 years. The acquisition consideration includes the assumption of approximately $396.2 million of outstanding mortgage debt and $466.6 million in cash. The mortgage debt to be assumed has a weighted average annual interest rate of 5.28 percent and weighted average term to maturity of 8.3 years. Completion of the transaction is not subject to financing and does not require approval by ACC stockholders. American Campus intends to fund the purchase price with available cash, borrowings under its revolving credit facility, a …

NEW YORK CITY — Starwood Property Trust (NYSE: STWD) and Starwood Capital Group have sold a 25 percent interest in the $475 million first mortgage and mezzanine financing on 701 Seventh Avenue, a 10-story retail building located in Times Square, to Vornado Realty Trust (NYSE:VNO). The financing will be used for the property’s acquisition and redevelopment, which includes new retail tenants and signage. Starwood Property Trust and Starwood Capital co-originated the financing on behalf of the borrower, a group led by New Valley LLC, which is owned by Vector Group Ltd., The Witkoff Group and Winthrop Realty Trust. Other entities of the borrowing group include Infinity Urban Century and Maefield Development. Howard Lorber, president and CEO of Vector Group, envisions the redeveloped property as more than just a retail destination. “We see many attractive redevelopment opportunities for this site, which will include premium space for retail, entertainment, food and beverage businesses, as well as a site for a potential 30-story hotel,” says Lorber. For the acquisition and redevelopment financing, $375 million was funded at the closing of the acquisition and $100 million will be funded upon reaching certain milestones during the redevelopment. Starwood Property Trust, Starwood Capital and Vornado have …