Investment
Scion, Virtus Buy $118M Student-Housing Portfolio from ACC
A joint venture between affiliates of The Scion Group and Virtus Real Estate Capital has acquired, from American Campus Communities, a portfolio of three student-housing properties for $118 million.
Mack-Cali to Sell Suburban Philly Office, Land Assets for $233M
Keeping in line with its diversification strategy into multi-family projects and its retreat from non-core office assets, Mack-Cali has struck a deal to dispose of its nearly 1.7 million-square-foot office portfolio and three land parcels in suburban Philadelphia.
Tilal to Expand Muscat Grand Mall in Oman for $130M
Tilal Development Co., the Sultanate’s leading real estate company, recently announced plans for a massive expansion of Muscat Grand Mall.
Spirit, CCPT II Complete $7.4B Merger
The new bigger Spirit Realty Capital will continue to seek out more growth opportunities as it looks to capitalize on the completion of the $7.4 billion merger with Cole Credit Property Trust II, which doubled its size and made it one of the largest publicly traded net-lease REITs in the United States.
Colliers: Midyear, Uneven U.S. Economy Worrisome, but NYC Enjoys Banner First Half
Halfway through 2013, New York City’s office market continues to transcend the uneven national economy, even as economists limit their expectations for the rest of 2013.
Firm Capital Acquires Stake in Montreal Industrial Portfolio
Firm Capital Property Trust is in contract to purchase 50 percent of a Montreal-area portfolio of 25 industrial buildings.
CPA17 – Global Buys 897 KSF H&M DC in Poland
W.P. Carey, a REIT specializing in single-tenant net-lease properties, paid $85 million for an 896,911-square-foot logistics center in Poznan for international retailer H&M Hennes & Mauritz AB.
CalPERS Fund Buys LA-Area Buildings from Hines for $550M
TechCore, a fund managed by GI Partners, has purchased One Wilshire, a 30-story Class A telecom and office building in downtown Los Angeles, as well as three buildings in the L.A. suburb of El Segundo, for a total of $550 million.
Harrison Street Closes $2.5B Fund
Harrison Street Real Estate Capital originally set its sights on raising $650 million in equity capital for Harrison Street Real Estate Partners IV, and the private equity firm has achieved that goal–and handily surpassed it.
Meridian Arranges $230M Loan for JDS’s Purchase of NYC’s Steinway Hall
Plans for a hotel and luxury condo project on West 57th Street in Manhattan are moving forward now that a joint venture led by JDS Development Group and Property Markets Group has acquired Steinway Hall at 109-113 West 57th St.