Hotels
InterContinental sells $728 million hotel portfolio
The Florida-based Plasencia Group and its affiliate, Regent Street, completed the largest portfolio transaction in North America to date this year on behalf of InterContinental Hotels Group PLC. The transaction included the sale of 13 hotels valued at $425 million to Hospitality Properties Trust and the sale of two hotels valued at $303 million to Strategic Hotel Capital. The 15 assets in the Americas portfolio include InterContinentals, Crowne Plazas, Holiday Inns and Staybridge Suites.
Multifamily
Passco enters Phoenix; spends $78 million on two apartment complexes
Passco Real Estate Enterprises completed the purchase of Alanza Place apartment complex for $40.5 million, the firm's second multifamily acquisition in the Phoenix market this year. Alanza Place features 56 town homes and 304 apartment units. The purchase comes after Passco's first apartment complex purchase from CB Richard Ellis of Courtney Village for $38 million. The gated, luxury apartment complex sits on 17 acres in the Papago Park section of Phoenix.
Office
$180 million refinancing for 600 West Chicago Avenue
The New York and Chicago offices of Holliday Fenoglio Fowler arranged $180 million in refinancing for the 1.56 million sq. ft. 600 West Chicago Avenue office and retail building. Originally built in 1908 as the distribution center for the Montgomery Ward catalog division, the building is listed on the National Register of Historic Places and is a Chicago Landmark Building.
Property Management
Hines moves into Central America
Houston-based Hines announced that it has been retained by the Motta family to manage its 1.4 million sq. ft. Business Park at Costa del Este in Panama, currently in development. The five-building suburban complex, the first of its type in the country, is situated on 9.3 acres, just outside Panama City's CBD. The development will be completed in July and will comprise four Class-A office buildings, two at four stories and two at seven stories. The property is 60% pre-leased to tenants, including Continental Airlines, Telefónica, Johnson & Johnson, and Adidas.