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AUSTIN, ATLANTA AND LEXINGTON, KY. — DiamondRock Hospitality Co., a Bethesda, Md.-based hotel REIT, has closed on the sale of a three-hotel portfolio to affiliates of Inland American, an Oak Brook, Ill.-based non-traded REIT, for $262.5 million. The two entities entered into a purchase agreement in October 2011. The hotels in the portfolio include the 492-room Renaissance Austin in Austin, the 409-room Griffin Gate Marriott Resort & Spa in Lexington, and the 521-room Renaissance Waverly in Atlanta. All three hotels are subject to long-term management agreements with Marriott International Inc. “We are pleased to announce the completion of the sale of the three hotels to Inland American,” said Mark Brugger, CEO of DiamondRock Hospitality Co. “We believe the disposition achieves primary benefits for DiamondRock.” The sale will reduce the company’s debt by $180 million and increase corporate cash by approximately $93 million, and position DiamondRock to be an opportunistic acquirer of hotels this year. The sale also improves DiamondRock’s portfolio and market concentration, according to Brugger. As part of the sale, DiamondRock received approximately $10 million for hotel working capital and cash previously held in restricted escrow accounts, net of closing costs. Eastdil Secured advised DiamondRock on the sale. In …

GREGORY, TEXAS — Tianjin Pipe Corp. (TPCO) has plans to construct a $1 billion manufacturing facility in Gregory, located near the Port of Corpus Christi. Tianjin, China-based TPCO is a global leader for manufacturing seamless pipes. The facility, TPCO’s first major mill in the United States, will be delivered in phases between December 2012 and the end of 2014. Currently, the company has major manufacturing properties in China and Indonesia, and exports to more than 100 countries in Europe, the Americas, Asia, Africa and Oceania. Jacobs Engineering Group (NYSE: JEC) has been selected to provide project management consulting services for the new pipe rolling mill. “We are very proud that TPCO has chosen Jacobs to provide project management consulting services for its first project in the U.S.,” said Tom McDuffie, group vice president of Jacobs, in a prepared statement. “This is a major investment in Texas and reflects the confidence in our reputation for successfully delivering large facilities anywhere in the world.” Jacobs’ Houston and Shanghai offices will assist TPCO with coordination and management of engineering, procurement and construction for the mill. Engineering, procurement and construction of the new facility is expected to be a multinational endeavor, including professional services, …

HERNDON, VA. — Norcross, Ga.-based Wells Core Office Income REIT Inc. has purchased South Lake at Dulle Corner in Herndon for $91.1 million, or $340 per square foot. Wells Core is a non-traded REIT. Brandywine Realty Trust (NYSE: BDN), the seller, completed the development of the 10-story office property in November 2008. The Class A office building is fully leased to Time Warner Cable Inc., one of the nation's largest cable providers, which occupies 268,240 square feet. Brandywine, based in Radnor, Pa., plans to use the net sale proceeds after closing costs for general corporate purposes. The publicly traded REIT is selling the property as part of a larger strategy to maximize its existing portfolio's value, said Gerald H. Sweeney, president and CEO of Brandywine Realty Trust, in a prepared statement. “It strengthens our balance sheet by providing additional liquidity, provides additional capital for our investment activities and demonstrates our commitment to execute key components of our 2012 business plan,” Sweeney stated. Cassidy Turley marketed the property on behalf of Brandywine. Brandywine’s stock price closed Friday, March 23 at $11.22 per share, up slightly from $10.99 a year ago. — Liz Burlingame

BOSTON — Boston Properties Inc. (NYSE:BXP), a real estate investment trust, has completed the $615 million acquisition of 100 Federal Street, a 1.3 million-square-foot office tower in Boston’s Financial District. Locals refer to the Class A property as the “Pregnant Building” because of its protruding design. The firm purchased the property from an affiliate of Bank of America, N.A., and is expecting to incur approximately $700,000 in closing costs, which will be expensed in the first quarter of 2012. In addition to the acquisition, Boston Properties entered into a long-term lease agreement with the seller for approximately 787,000 square feet. The 37-story office property is 93 percent leased and features views of the Financial District, Post Office Square Park, the waterfront, Boston Harbor, the Charles River and the Cambridge skyline. It’s situated on an entire 2-acre city block on Federal Street and bounded by Franklin, Congress and Matthews streets. Boston Properties’ portfolio of 153 properties includes Class A office space, one hotel, three residential properties and three retail properties located in Boston, New York City, San Francisco, Washington, D.C., and Princeton, N.J. Approximately 77 percent of Boston Properties’ portfolio is located in CBDs, and the rest is located in suburban …

LONG ISLAND, N.Y. — Savanna has completed a $196 million investment for a majority stake in the 795-unit Atlantic Point, a garden-style apartment and townhome complex located on Long Island. The company will own and recapitalize the property in a venture with Pantzer Properties. Pantzer Properties purchased the property in phases between 2003-2004 from a joint venture between Trammell Crow and JP Morgan. Atlantic Point, which was completed in 2004, includes four swimming pools, three tennis courts, an indoor basketball court and a fitness center. “We look forward to our new partnership in owning this premier property with Pantzer Properties and we are pleased to have had Berkshire and Berkeley Point assist us with our financing needs,” said Nicholas Bienstock, managing partner of New York-based Savanna, in a prepared statement. “This is a Class A multifamily property in a core location with a great in-place property management team.” The partners refinanced the existing debt on the property with a new $169.6 million, 7-year loan, comprised of a $138.6 million Freddie Mac CME first mortgage issued by Berkeley Point Capital and a $31 million mezzanine loan originated by Berkshire Property Advisors. Leverage was reduced by approximately $32 million as part of …