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Retail Properties of America rebrands Illinois towers; UMH buys 4 communities

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Retail Properties of America rebrands Illinois towers; UMH buys 4 communities

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* Retail Properties of America Inc. renamed its roughly 895,000-square-foot, 20-story Zurich Towers in Schaumburg, Ill., to Schaumburg Towers and agreed to lease roughly 44,000 square feet to Great American Insurance Group and about 34,000 square feet to Swiss Re, with move-in expected during the fourth quarter and the second quarter, respectively.

* UMH Properties Inc. acquired the Boardwalk and Parke Place communities, which comprise a total of 559 sites on about 155 acres in Indiana, for roughly $24.4 million. The company secured a roughly $14.3 million, 10-year mortgage with Wells Fargo/Freddie Mac on the assets.

The company also purchased two all-age communities consisting of 532 total sites on approximately 149 acres in Ohio. The purchase price for the two properties was about $9.6 million.

* Choice Hotels International Inc. and franchise partner Stratus Development Partners LLC agreed to develop a four-story 132-room Cambria hotel & suites in Sonoma County, Calif., with a projected launch in 2019.

Additional coverage

Paramount Group closes $975M refinancing of San Francisco property: The new seven-year interest-only loan bears interest at a 4.03% fixed rate and matures in January 2024.

Macerich sheds 2 malls for $170M: The transaction generated roughly $100 million in net proceeds for the company.

Condor Hospitality Trust buying 4-hotel portfolio for $73.8M: The company executed an agreement to acquire a portfolio of Home2 Suites hotels.

Marriott taps Boston Properties, Bernstein to develop new Md. HQ: The developers have proposed to reconfigure Bethesda Center at 7550 Wisconsin Ave. for the project, the Washington Business Journal reported.

Meritage Homes, iStar partner up for Scottsdale, Ariz., project: The mixed-use project was begun in 2005 but was put off due to the recession.