Commercial Observer – It was a particularly good week if you were Columbia Property Trust. Investment manager PIMCO agreed to buy the REIT for $3.9 billion — something the Columbia board unanimously accepted.
This must have felt especially good, because back in March, Arkhouse Partners, the Sapir Organization and 8F Investment Partners were making a serious effort to buy the REIT for $2.24 billion.
It was good if you were the Rabsky Group, too. The developer nabbed $450 million from Madison Realty Capital to help them finish their mixed-use colossus, 625 Fulton Street in Downtown Brooklyn, which will be 35 stories and contain 1,098 units when complete.
It was good if you like nibbling on sponge cake, watching the sun bake or seeing all of those tourists covered with oil. TPI Hospitality secured a $104 million construction loan from Peachtree Hotel Group to finish the Margaritaville Resort in Fort Myers Beach, Fla.