Harbor Group International (HGI) has acquired the 12-story Deloitte Building in downtown St. Louis. HGI purchased the Class-A office property from an affiliate of Extell Development of New York for $26.3 million. The Deloitte Building, currently 92.6% leased, stands in the shadow of the St. Louis Gateway Arch and the new Major League Baseball stadium for the St. Louis Cardinals now under construction.
Howard California Properties has paid $2.3 million for one of the last raw land parcels available in the Camarillo Ranch Business Center industrial park in Camarillo, Calif. The sale, at $17.85 per sq. ft., marks one of the highest paid for raw land in Ventura County. Howard California Properties plans to develop a 48,526 sq. ft. industrial building on the 2.9-acre site.
Hall Structured Finance has provided $10.57 million in first-lien financing to Landerhaven Hotel Venture LLC for the construction of a 123-room Staybridge Suites by InterContinental Hotel Group in Mayfield Heights, Ohio, a suburb of Cleveland. Staybridge Suites will be the only hotel located within two office parks totaling 2.4 million sq. ft. No other sites are available for hotel development. Completion is scheduled for winter 2006.
Faris Lee Investments has completed the sale of Kahana Gateway Shopping Center on the island of Maui in Hawaii for $26.75 million. The shopping center offers 60,000 sq. ft. of rentable retail space that is 96% leased. Triple Net Properties of Santa Ana, Calif., sold the property to Kahana Partners LLC, a group consisting of California-based investors.