TIAA BUYS MIAMI TROPHY TOWER
New York-based Teachers Insurance and Annuity Association has purchased a Miami landmark. One Brickell Square, a 415,000 sq. ft. trophy tower, is located at the corner of Brickell Avenue and Southwest Eighth Street in the city's financial district. The purchase price for the 26-story tower was not disclosed. Insignia/ESG managed the sale for seller Brickell Square Corp.
OVERTON MOORE PROPERTIES PLANS $40 MILLION BUSINESS PARK IN L.A.
Gardena, Calif.-based Overton Moore Properties has purchased 47 acres near Los Angeles to build Citadel Business Center, a $40 million business park. The project will be a joint venture with Dallas-based Crow Holdings Industrial Trust. Plans call for a 750,000 sq ft. business park serving distribution and manufacturing companies. The project is scheduled for completion in the fall of 2003.
DIVERSIFIED REALTY SCOOPS UP JDN
Beachwood, Ohio-based Developers Diversified Realty Corp. (DDR) will acquire rival Atlanta-based shopping center developer JDN Realty Corp. in a transaction valued at approximately $1.02 billion. The acquisition will add 15 million sq. ft. of total gross leasable area to DDR's portfolio, in addition to 7 million sq. ft. of properties under development. After the merger is finalized, DDR's portfolio will total 442 shopping center properties comprising 77 million sq. ft. in 44 states.
STARWOOD OPENS WILD HORSE PASS RESORT
Starwood Hotels & Resorts Worldwide Inc., based in White Plains, N.Y., has opened its 400th Sheraton property. Located on The Gila River Indian Reservation in Phoenix, the $125 million Sheraton Wild Horse Pass Resort & Spa is designed with a Native American theme. The 1,600-acre complex includes 500 rooms and amenities such as 100,000 sq. ft. of event space, a 1,000-acre equestrian center, a 17,500 sq. ft. spa that features treatments using Native American traditions and two 18-hole golf courses.
PARAMOUNT HOTEL GROUP TO DOUBLE PORTFOLIO
Fairfield, N.J.-based Paramount Hotel Group has announced plans to double the size of its managed portfolio over the next several years. The company currently manages or has ownership interests in 26 hotels in the eastern half of the United States. The firm plans to focus on developing third-party contracts for full-service hotels with 150 to 350 rooms, as well as co-investing with other parties to acquire and develop properties. It also will providemanagement for new construction and renovation projects.
The firm has completed more than 200 renovation projects, including the conversion of the Susse Chalet chain to the Fairfield Inn by Marriott brand, namedof the Year at the 2001 UCLA Conference.
HARBOR GROUP BUYS LITTLE ROCK APARTMENT PORTFOLIO
Norfolk, Va.-based Harbor Group International (HGI) has purchased the 1,039-unit Reserve Portfolio of Apartments in Little Rock, Ark., from a joint venture between Parsippany, N.J.-based Prudential Real Estate Investors and Manassas, Va.-based Pinnacle Management. The purchase price was undisclosed. The portfolio consists of the 337-unit The Reserve at Foxrun, the 450-unit The Reserve at Greenwood and the 252-unit The Reserve at Walnut Ridge. HGI also plans to spend an additional $3 million to upgrade the properties.
FINANCING APPROVED FOR 106-UNIT AFFORDABLE HOUSING COMPLEX IN THE BRONX
A 106-unit affordable housing complex in the Bronx has received the financial go-ahead. New York-based Roslyn Savings Bank has financed $7.2 million for Taino Plaza, located at East 164th Street between Washington and Third avenues. The project will encompass 112,340 sq. ft., with an additional 18,000 sq. ft. of retail space, a community room and parking for 26 cars. The project, scheduled to break ground in the spring of 2003, will be developed by South Bronx Overall Economic Development Corp.