Starwood-led partnership paid $178M for South Florida offices in Duke Realty deal

A partnership led by Starwood Capital Group paid $178.3 million for the Broward County office buildings and land in its $1.1 billion purchase from Duke Realty Corp., according to county records.

Duke Realty (NYSE: DRE) previously announced that it closed the sale of 62 suburban office properties, including nine in Broward, to the partnership of Starwood, Trinity Capital Advisors and Vanderbilt Partners. Duke still owns additional properties in South Florida.

Here’s how the individual building…

Exclusive: Memorial Hermann acquires Galleria-area hospital

Memorial Hermann Health System announced April 13 it acquired the Houston Orthopedic and Spine Hospital, located near the Galleria.

Memorial Hermann is using the acquisition to expand its orthopedic and spine services in the greater Houston area, according to a statement. Currently, it has three Ironman Sports Medicine Institutes and seven joint centers around Houston.

The hospital will now be known as Memorial Hermann Orthopedic & Spine Hospital, according to a statement. Business is expected…

Leo Ries leaving LISC's Milwaukee office, prompting search for new director

Leo Ries, the longtime executive director of Local Initiatives Support Corp.’s Milwaukee office, will be leaving the job April 30, spurring a search for a new leader for the local nonprofit community development group.

Ries has led the organization for 15 years, becoming a go-to person for neighborhood development initiatives in Milwaukee. Most recently, he helped spearhead a safety partnership program with the Milwaukee Police Department and revived the Associates in Commercial Real Estate, or…

50-story 33 South Sixth and City Center to be sold in $280M deal

A Los Angeles investment company is buying 33 South Sixth tower and the attached City Center in downtown Minneapolis for $280 million.

CIM Group signed a purchase agreement for the 50-story office building and adjacent retail center owned by Shorenstein Properties, according to sources who declined to be named to protect client relationships.

It’s not clear whether the buyer has any partners in the deal. CIM Group couldn’t be reached for comment. San Francisco-based Shorenstein declined to comment.

Founded…

A Frederick company is betting $100 million on warehouses

Matan Cos. has closed on its newest real estate fund, Matan Fund V, and says it will invest in the warehouse and industrial sectors in the Washington, D.C., area.

The new fund has $100 million in equity and the ability to expand up to $150 million. Frederick-based Matan says the fund will grow to as much as 4 million square feet over the next 24 to 36 months.

The fund already has two pending deals totaling 250,000 square feet and a 120,000-square-foot building expected to start construction this…