Other News in Brief: Innkeepers USA Closes $215M Acquisition of Four Southern California Hotels;...

Innkeepers USA Closes $215M Acquisition of Four Southern California Hotels

Innkeepers USA Trust has completed the acquisition of four hotels in Southern California aggregating 931 rooms from RLJ Urban Lodging Fund L.P., an affiliate of RLJ Development L.L.C., for $215 million. The purchase was funded with a combination of $81.3 million in borrowings under its unsecured line of credit and the issuance of a $120 million financing package involving three 10-year fixed rate loans of 5.98 percent. The loans are secured by the two Residence Inn hotels (pictured) and the Hilton Ontario.

Fairfield Bay Tower Sold for $28.1M

Fairfield Bay Tower L.P., an affiliate of Fairfield Residential L.L.C., has acquired Bay Tower, a 153-unit apartment community located in South Boston, Mass., from MB Management Company for $28.1 million. Built in 1973, the property is located on five acres of land and consists of a single 16-story, high-rise apartment building on Columbia Road overlooking Dorchester Bay and Boston Harbor. Additionally, the building offers easy access to I-93. CB Richard Ellis Inc./Northeast Multi-Housing Team exclusively represented the seller and procured the buyer in the transaction.

United Western Bancorp Sells United Western Financial Center for $27.2M

Through its subsidiary Matrix Tower Holdings L.L.C., United Western Bancorp Inc. has completed the sale of United Western Financial Center in downtown Denver, for a purchase price of $27.2 million. The company agreed to lease back an aggregate of approximately 62,487 square feet of office space in the building, formerly known as Matrix Financial Center, for a term of 10 years.

H. Hendy Associates Completes Design, Construction Project for Rockwell Collins

H. Hendy Associates said today that it has completed a design and construction project for Cedar Rapids, Iowa-based Rockwell Collins. Rockwell Collins retained the architectural design firm to relocate 800 employees from three Southern California facilities into one centralized Tustin Commons complex in Tustin, Calif. Additionally, the project included design, construction and phased move-in components.

Bronfman Haymes Real Estate to Develop ONYX Chelsea in Manhattan

Bronfman Haymes Real Estate Partners announced plans for its new boutique condominium development in Chelsea, New York, which is scheduled to open in the fall 2007. Designed by FX Fowle, ONYX Chelsea is located at the northeast corner of Eighth Avenue and West 28th Street and will have 52 condominiums, 12 of which with outdoor space. Amenities will include 24-hour concierge service, fitness center, high-tech security system, bicycle storage, private parking and private storage spaces. The residences will range in size from 683 to 1,812 square feet and will be priced from approximately $700,000 to over $2.5 million.

Health Care Property, CNL Retirement Close $5.3B Merger

Healthcare real estate investment trust Health Care Property Investors Inc. today closed its $5.3 billion deal merging CNL Retirement Properties (CRP) Inc. with a wholly owned subsidiary of HCP. Each share of CRP common stock has been converted into the right to receive a cash payment of $11.1293 and 0.0865 of a share of HCP common stock, and HCP assumed or refinanced approximately $1.7 billion of CRP's outstanding debt. Simultaneously, a subsidiary of HCP also merged with CNL Retirement Corp., the external advisor to CRP Retirement. New bridge, term and revolving credit facilities for aggregate borrowings up to $3.4 billion have also been established.

Opus North Breaks Ground on Illinois Office

Opus North Corp. broke ground yesterday on an eight-story multi-tenant office building that will be the fifth and final building in the Highland Landmark Office Park in Downers Grove, Ill., a suburb of Chicago. The 42-acre parcel boasts 2,500 lineal feet of frontage along the Tollway, a 100-foot no-build zone fronting 31st Street and a five-acre nature preserve providing more than 40 percent green space for the park. onstruction will begin in late October and should be complete in December 2007. Leasing agents for Highland Landmark V will be Gary Fazzio and Bill Elwood with CB Richard Ellis.

Trizec, Trizec Canada Closed!

The $9 billion deal for the Trizec duo is done; Brookfield Properties Corp. and The Blackstone Group have acquired 48 office properties comprising approximately 26 million square feet of office space located in Houston, Los Angeles, New York, San Diego and Washington, D.C. The transaction is valued at approximately $7.2 billion because two days ago Trizec Properties sold off 13 properties worth $1.8 billion--to affiliates of Blackstone.