Hines Global REIT, based in Houston, has acquired Fifty South Sixth, a 29-story Class-A office building located on Nicollet Mall in Minneapolis. The seller was KanAm Grund. Designed by Skidmore, Owings & Merril, the building was developed by Hines in 2001. It contains 698,606 sq. ft., a two-story rotunda and parking for 646 cars. The structure is 94% leased. Amenities include restaurants, child care and access to the Skyway System.
Gemini Real Estate Advisors has broken ground for The Gem Hotel Union Square in Manhattan, set to open in 2012. Situated in Greenwich Village, the property will be the fourth in a collection of Gem Hotels, joining locations in Chelsea, Midtown West and SoHo. The 18-story hotel will have 113 guest rooms. It will be the brand's flagship hotel, featuring amenities such as a restaurant and lounge and fitness center.
KBS Legacy Partners Apartment REIT has acquired its first asset since it was launched in March 2010. The REIT purchased Dakota Hill, a 504-unit luxury, garden-style apartment complex in the Dallas submarket of Irving near Las Colinas. Completed in 1999, Dakota Hill consists of 22 three-story buildings of Tuscan-style design on 20.3 acres. The purchase price was $36.1 million. The complex is more than 94% occupied.