Thursday, December 13, 2012

PREI Sells Orbital Sciences Campus for $85.6 Million

National Commercial Real Estate News From CoStar Group

PREI Sells Orbital Sciences Campus for $85.6 Million

Prudential Real Estate Investors completed its trade of the 337,228-square-foot Orbital Sciences Campus in Sterling, VA, for $85.6 million or $254 per square foot. Select Income REIT was the buyer.

PREI acquired the Class A portfolio five years ago from Boston Properties.

The three-building office complex is at the intersection of Warp Drive and Route 28 North, about 40 minutes northwest of Washington, DC. The 11-year-old campus is fully leased...

Carey Watermark Pays $85M for Courtyard San Diego

Carey Watermark Investors, Inc. acquired the Courtyard San Diego at 595 Hotel Cir. S in San Diego, CA from a private investment group led by Tarsadia Hotels for $85 million, or about $268,000 per key.

Built in 1971 on 4.1 acres in the Mission Valley submarket, the 317-room, 10-story, 171,945-square-foot hotel was renovated in 2008 as part of its conversion to a Courtyard Marriott. The award-winning hotel features a concierge, convenience store...

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