Falcon Real Estate Investment Co. has acquired Heidelberg U.S.A. headquarters in Kennesaw, Ga. for $22.3 million. The acquisition was part of a 1031 exchange on behalf of GEM Kennesaw LLC, an overseas private investor. The property is a two-story, 175,000 sq. ft. office building located in a northwest suburb of Atlanta. The building was constructed in 1994 and contains roughly 74% of corporate office space and 26% of showroom and demonstration space.
Hines REIT has acquired Williams Tower for $271.5 million from Transco Tower Ltd. The property is a 1.5 million sq. ft, 64-story tower in Uptown Houston. The acquisition included an interest in the adjacent 2.8-acre Waterwall Park and a 2.3-acre undeveloped land parcel across the street. Building amenities include a conference center, lobby-level art gallery, sundry shop, deli, coffee bar, and an adjoining 12-level, 3,200-space parking garage.
Sky Development Inc. and SunVest Communities LLC have formed SkyVest Capital LLC as a joint venture to launch a $300 million real estate fund. The fund's objective is to take advantage of its sponsor's experience, skills, market knowledge and success to capitalize on evolving market opportunities. The fund will invest in distressed residential, commercial and retail projects, both directly and via the acquisition of debt.