Pennsylvania-based 5 Cap Realty LLC (5 Cap) and its affiliate RREIC Advisors has teamed with a private equity fund vehicle managed by JMP Asset Management LLC, an affiliate of publicly traded JMP Group LLC, to launch a multi-year national investment venture that could top $1 billion in assets under management.
Washington Property Company (WPC) of Bethesda, MD has acquired two office buildings in the Maryland and Virginia suburbs of Washington, DC for a total of $7.96 million. These acquisitions – one in Montgomery County, MD and the other in Fairfax County, VA – represent deep-value opportunities from motivated sellers.
Philadelphia-based Lubert-Adler Partners has successfully exited an equity and debt investment through the sale of two suburban shopping centers – one just outside Atlanta, GA and one in Lexington, KY. The combined sales price for both centers was $336 million. Forum Peachtree Parkway, a 500,000 square foot lifestyle center just outside Atlanta in Norcross, GA, was sold to AEW for $150 million. The majority of space at Hamburg Pavilion, a power/lifestyle center in Lexington, KY with over one million square feet of retail space, sold for $186 million to Starwood Capital.
Lubert-Adler of Philadelphia, PA has sold two hotels comprising 647 keys to New York City-based Carey Watermark Investors for a total of $156.6 million. The most recent sale, which closed August 13, was the 400-room Marriott Raleigh (NC) City Center, which was sold for $83 million. The 248-key Hutton hotel in Nashville, TN sold earlier this summer for $74.3 million, setting a record sale price of roughly $300,000 per key for the Nashville hotel market.