Colonial Properties Trust (NYSE: CLP) and UBS Wealth Management have jointly sold a suburban Atlanta office park, the Colonial Center at Mansell Overlook. The joint venture generated $166.4 million through the sale of the office park.
A Queens, N.Y.-based hotel developer has spent $6.75 million to buy a small midtown Manhattan parcel that’s ripe for hotel development. McSam Hotel Corp., which bought the 5,025 sq. ft. site from the Riese Organization, has the right to build a seven-story hotel property on the site.
Four developers have announced plans to build a 120-acre mixed-use project on an active shipyard in Hingham, Mass. The Hingham Shipyard project will include apartments, condominiums, restaurants, shops, waterfront parks, and office space. Construction is expected to begin by next spring. The total project cost was not disclosed.
A billion dollar hotel portfolio has traded hands. On Wednesday, RLJ Lodging Fund II formally acquired a 63-hotel portfolio for roughly $1 billion. Once the entire deal is closed over the next few months, RLJ will own additional hotels that will boost the entire portfolio value up to $1.7 billion. The seller is White Lodging Services Corporation and its affiliates.
A Class-A Los Angeles office tower has fetched $50.5 million — and generated a 300% return for the seller. Last week, Los Angeles-based Younan Properties sold the 173,727 sq. ft. Sepulveda Center to KBS Realty. The 12-story glass high rise is only 2% vacant. CB Richard Ellis represented both the seller and the buyer on the transaction.
Prudential Plaza, a pair of landmark Chicago skyscrapers, has sold for $470 million. The 2.2 million sq. ft. office campus was bought by BentleyForbes Group. The properties, which occupy an entire city block, are located in Chicago’s East Loop district.
A midtown Manhattan office building that’s ripe for a hotel conversion has sold for $26.5 million. The 87,447 sq. ft. Craftsman Building is 99% leased. Located between Penn Station and Grand Central Terminal, the building is leased by film, video and television productions, not-for-profit foundations, attorneys and business consultants.
Education Realty Trust Inc. has initiated construction on phase one of a $250 million initiative to replace approximately 3,500 beds of on-campus student housing at Indiana University of Pennsylvania in Indiana, Pa. Allen & O’Hara Development Company, a subsidiary to Education Realty Trust Inc. (NYSE:EDR), will lead the development of the new residential communities.