Opal buys office park for $366M; Prudential gets $295M loan for Seattle asset

TOP NEWS IN REAL ESTATE

* Opal Holdings purchased the five-building Normandale Lake Office Park in Bloomington, Minn., in June from MetLife Investment Management and Allstate for $366 million, the Minneapolis/St. Paul Business Journal reported.

* Prudential Real Estate Investors obtained a $295 million green loan backed by the 340-unit West Edge, a 39-story residential tower in the Belltown submarket of Seattle, Multi-Housing News reported.

➤ Partners Group puts hold on several H1 exits due to market volatility

CEO David Layton described the macroeconomic outlook as "far from rosy."

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RETAIL

* Klein Enterprises LLC acquired nine grocery-anchored shopping centers across Maryland, Virginia and Pennsylvania from Cedar Realty Trust Inc. for more than $130 million, The Commercial Observer reported, citing a person close to the deal.

RESIDENTIAL

* UMH Properties Inc. acquired an 88-acre manufactured home community in Erie, Mich., which is 63% occupied and features 351 developed homesites.

INDUSTRIAL

* Invesco Real Estate Ltd. paid $134 million for a single-story, 422,000-square-foot commercial and industrial property at 100 Rustcraft Road in Dedham, Mass., from RJ Kelly Co. Inc. and Independencia Asset Management LLC, the Boston Business Journal reported.

* Front Street Capital divested the 610,000-square-foot logistics facility at 4051 Wallburg Road in Winston-Salem, N.C., to Galaxy Investments LLC/Halle Acquisitions for $64 million, the Triad Business Journal reported.

HOTELS

* VICI Properties Inc. agreed to grant a mezzanine loan of up to $59 million to Great Wolf Resorts Inc. to develop the 500-room Great Wolf Lodge South Florida, an indoor water park family resort in Collier County, Fla.

* Core Spaces LLC bought The DoubleTree by Hilton, known as The Brownstone Hotel, at 1707 Hillsborough St., in Raleigh, N.C., for $42 million, the Triad Business Journal reported. The company plans to demolish the property to develop luxury student apartments, the report said.

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