Tuesday, January 8, 2013

Hines VAVIII Closes on First Acquisition

National Commercial Real Estate News From CoStar Group

Hines VAVIII Closes on First Acquisition

International real estate firm Hines has acquired its first investment through the new Hines US Office Value Added Venture III (VAV III) -- the 24th at Camelback I, located at 2375 E. Camelback Rd. in Phoenix, AZ -- from GLL Real Estate Partners for an undisclosed price.

The 8-story, 302,209-square-foot, class A office tower was designed by Pickard Chilton and developed by Hines in 2000. Hines sold the asset in late 2005 for $107 million, according...

Interstate Hotels Completes Sale of Hilton Houston Westchase

Arlington, VA-based Interstate Hotels & Resorts finalized its trade of the 297-room Hilton Houston Westchase to Wheelock Street Capital. Terms of the deal were not disclosed.

In February 2007, the investment entity Capstar Westchase Partners LP sold the asset to Interstate Hotels for $50.5 million or $170,034 per key.

Delivered in 1980, Hilton Westchase is a 12-story, 220,254-square-foot hospitality property at 9999 Westheimer Road. Wheelock...

Wells REIT Paid $118.5M for Perimeter Center Bldgs.

Wells Core Office Income REIT Inc. acquired two Class A Perimeter Center office buildings totaling 580,432 square feet for $118.5 million, or about $204 per square foot.

Rubenstein Partners LP sold the 96 percent leased assets at 64 and 66 Perimeter Center E in Atlanta's Central Perimeter submarket. State Farm Mutual Automobile Insurance Co. anchors the properties.

The portfolio consists of 64 Perimeter Center E, a 15-story, 381,432-square...

RFR Acquires Y&R Headquarters At 285 Madison

RFR Holding, in partnership with an undisclosed real estate investment fund, has acquired the property known as 285 Madison Avenue, a 26-story office building in Midtown Manhattan’s Grand Central district.

Advertising and communications agency Young & Rubicam, which is relocating, sold the 1929-vintage property for a reported $189 million. RFR, a privately held Manhattan-based owner and developer, will invest $50 million in a full repositioning...

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