Insurance firms are on a commercial realty buying spree, according to an article by Ben Johnson on OKCReview.com. Major deals include:
1. Metropolitan Life purchase of Reynolds Plantation 70 miles east of Atlanta, which includes The Ritz-Carlton Lodge, six golf courses, four marinas and nearly 5,000 acres of undeveloped golf and waterfront property.
2. Prudential Real Estate Investors, in a joint venture with Lodging Capital Partners, acquired the 291-room Austin Four Seasons hotel in Austin. In April, PREI purchased the Axis apartment development on Atlanta’s perimeter for $53.5 million. PREI also is expectd to buy the 20-story Ten Peachtree Place in midtown Atlanta from a partnership between Cousins Properties and Coca-Cola.
3. USAA Real Estate Co. and GlenStar Properties LLC purchased the landmark Chicago Board of Trade Building, a 1.3 million sf project.
For the full story: http://www.okcreview.com/nationalnews.php?nationalnews_id=357&page=1