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WASHINGTON, DC-The Monarch Hotel gets snapped up for $145 million by Canada's Legacy Hotels Real Estate Investment Trust. Legacy's acquisition of the 415-room luxury property--which will be renamed The Fairmont Washington, DC--includes the assumption of a $51.5-million mortgage.
ORLANDO-But I.E.Y. Real Estate Investments Inc. of Lauderhill, FL doesn't plan to begin the facelift for a proposed 176-room hotel at State Road 19 and U.S. 27 South until fall 2003 in the commercially hot South Lake market where demand for new hospitality projects is strong, brokers tell GlobeSt.com.
PHILADELPHIA-The Louisville, KY-based health care REIT's investment in the Camp Hill, PA-based operator of healthcare facilities includes a sale/leaseback transaction, a first-mortgage loan and mezzanine loan. The transaction covers 20 properties in Ohio, with the remaining seven in Maryland.
LONDON-In one of Sweden's largest lettings this year the retailer Coop Sverige has signed up for 154,150 sf of office space at CLS Holdings' Solna Business Park in Stockholm.
BOSTON-The Saunders Hotel Group completes its $10-million restoration of The Lenox Hotel, a 214-room facility located in the Back Bay. The project involved upgraded rooms, a new business center, three new restaurants and an exterior renovation that emphasized replicating the original structure.
PORTLAND-The submarket with the region's lowest vacancy rate, 4.2%, is the Port's 9.9-million-sf Rivergate Industrial District, which not coincidentally also has the most speculative construction underway.
CHICAGO-The 325 units at 2520 N. Lakeview Ave. will start at $1.4 million, setting a new high-water mark for the Lincoln Park condominium market when sales are expected to begin in 2006. The property has been under contract for more than a year.
CHANTILLY, VA-The 275,000-sf Alcatel Building and an accompanying undeveloped parcel of land become the Independence Center with Carr Capital Corporation's recent acquisition of the class A office structure for $30.1 million.
RIVERSIDE, CA-The purchase is the fourth apartment acquisition in Southern California in the last year for the New York-based investment company. Terms of the transaction were undisclosed, but Lend Lease is believed to have paid slightly more than $22 million, or approximately $73,000 per unit for Glenbrook Apartments.