Jayna Purchases Trinity Square Business Park

Jayna Inc. is expanding into the Dallas Fort Worth area with the purchase of Trinity Square Business Park at 2555 Tarpley Road in Carrollton. Ohio-based Jayna bought the complex on nearly 1.9 acres of land for an undisclosed amount with plans to open a business at the 32,480-square-foot office and warehouse property. Cushman & Wakefield represented Jayna in the transaction with Bradford Commercial Real Estate Services representing the Cleveland-based seller, PAI Dallas.

"The third quarter is typically the slowest quarter in Texas," Jean Russo of Cushman & Wakefield said in a D Magazine article. "Boards don't meet in the late summer, everybody's on vacation, and it's hot, so new companies that are in the market typically wait until after Labor Day."

For more news and information visit Blumberg Capital Partners.

STAG Picks Up Two Properties for $17.9M

STAG Industrial, Inc. announced this week that it had acquired two industrial properties for $17.9 million according to a Dallas Business Journal article. STAG also closed a $65 million acquisition mortage facility with Connecticut General Life Insurance Company which will be used to fund future acquisitions.

The first building at 1801 Riverbend West Drive in Fort Worth, Texas was built in 1997, renovated in 1999, and is 100% leased to Ecolab, Inc. The second building at 18285 NE Halsey in Gresham, Oregon was originally built in 1960 and last renovated in 2006 and is now leased in part to both Unisource Worldwide and Benson Industries, LLC.

For more news and information visit Blumberg Capital Partners.

LodgeWorks Selling 24 Property Portfolio to Hyatt for $802M

LodgeWorks LP, a private hotel developer, and its private-equity partners has signed an agreement to sell their 24 property portfolio to Hyatt Hotels Corporation for approximately $802 million in cash according to a Bloomberg report. The acquisition includes 24 hotels and related assets, including management, franchise and intellectual property rights; Hyatt indicated that key members of the LodgeWorks management and development teams are expected to join Hyatt.

"We are very proud of our hotels and our teams," said LodgeWorks founder, Chairman and CEO Rolf Ruhfus. "It is exciting to build a portfolio that brings value to our investors and teams and now to an industry-leading Hyatt. We respect the Hyatt heritage and culture and are very pleased to contribute to its growth."

"This is a significant expansion of our presence in the United States and enhances our extended-stay representation with a great collection of high-quality hotels," said Mark Hoplamazian, President and CEO of Hyatt.

For more news and information visit Blumberg Capital Partners.

Millennium Warner Center Trades at $133M

Wesco, a joint venture sponsored by Essex Property Trust, purchased the Millennium Warner Center from developer Warner Center Apartments this month for $132.85 million according to a Los Angeles Times article. The newly built 438-unit Millennium Warner Center apartments feature a mix of units from one to three bedrooms, with common area amenities including two resort-style swimming pools with sun decks as well as a 24-hour health club facility.

"There is tremendous demand for newer, Class A assets in core California markets, and these opportunities are few and far between," broker Stan Jones of Institutional Property Advisors, which represented the seller in the transaction, told the Times. "Given the intense buyer demand and leasing momentum, investors are willing to assume the lease-up."

Ron Harris of Institutional Property Advisors, added that this demand "has also created an environment in which developers are building new ground-up construction again in many Los Angeles neighborhoods, as is evidenced by the number of cranes in view all over the city."

For more news and information visit Blumberg Capital Partners.

Falls Church Corporate Center Towers Sell for $83.7M

Pearlmark Real Estate Partners sold two office towers in the Falls Church Corporate Center of Falls Church, VA for $83.7 million according to a CoStar report. The JBG Companies purchased the properties for $210 per square foot in a deal brokered by Transwestern's DC Institutional Commercial Group.

Located at 6400 & 6402 Arlington Blvd in Falls Church, the Falls Church Corporate Center was reportedly 88% occupied at the time of sale. The property consists of two 13-story office buildings totaling 399,049 square feet and a development site that can accommodate a 200,000 square foot office building. Gerry Trainor, executive managing director of Transwestern, told GlobeSt.com that "JBG's game plan is to lease it up and enjoy the cash flow."

For more news and information visit Blumberg Capital Partners.

Apollo Sells $195M Hotel Portfolio to REIT

Innkeepers USA Trust, a real estate investment trust (REIT) and subsidiary of Apollo Investment Corp., sold a portfolio of hotels to Chatham Lodging Trust for $195 million according to a CoStar report. Chatham acquired the five hotels listed below, which comprise a total of 764 rooms, for approximately $255,000 per room; the purchase nearly doubles Chatham's existing hotel investments. Chatham funded the acquisition through the assumption of five individual mortgage loans, secured by the hotels, totaling $134.2 million, as well as available cash and borrowings under its senior secured revolving credit facility.

- Residence Inn Anaheim, Garden Grove, Calif.

- Residence Inn San Diego, Mission Valley, Calif.

- Residence Inn Tysons Corner, Tysons Corner, Va.

- Doubletree Guest Suites Washington, D.C., Washington, D.C.

- Homewood Suites on the Riverwalk, San Antonio, Texas

The hotels will continue to be managed by Island Hospitality Management, a hotel management company 90% owned by Jeffrey Fisher, Chatham CEO and president.

"These top-tier branded hotels give us a strong presence in some of the country's prime hotel markets," said Fisher.

For more news and information visit Blumberg Capital Partners.

Dune and Ocean Buy Orange County Office Tower for $70M

A partnership between Dune Real Estate Partners and Ocean West Capital Partners has successfully acquired 2600 Michelson in Irvine, CA for $70 million according to a Bloomberg report. The office building was previously owned by MPG Office Trust, the Los Angeles-based landlord formerly known as Maguire Properties.

Russell Gimelstob of Dune Real Estate Partners stated, "We've seen early signs of improvement in the Orange County office market and believe there is significant value in its long-term fundamentals. The structured nature of this transaction highlights the team's ability to capitalize on opportunities at the intersection of the real estate and capital markets."

"2600 Michelson's contiguous upper-floor vacancies, available building-top signage, and 52% occupancy rate – compared to peak rates of 95% in 2007 – present attractive leasing conditions and create a substantial opportunity to re-introduce and reposition the property in the recovering marketplace," said Troy Miller of Ocean West. "We are confident that the combination of Dune's substantial capital markets expertise and Ocean West's prior experience operating and leasing this property will drive value for this investment."

For more news and information visit Blumberg Capital Partners.