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IRVINE, CALIF. — Irvine Co., a private real estate investor and master planner, has announced a $150 million reinvestment in Irvine Spectrum Center, a high-profile shopping center in Southern California. Irvine Co. will build 20 new stores within two buildings on the current site of Macy’s, which earlier this week announced the closure of 40 stores nationwide, including the one at Irvine Spectrum Center. “The Macy’s closing has been contemplated for months and has provided us with a unique opportunity to rebalance Irvine Spectrum Center with additional retail stores to ensure that it continues as one of Southern California’s premier shopping, dining and entertainment lifestyle destinations,” says Easther Liu, chief marketing officer for Irvine Co. Retail Properties. “As a master-planning company and long-term owner, we are always exploring how we evolve Irvine Spectrum Center’s vibrancy and relevancy to marry with our customers’ evolving tastes.” In addition to the new stores, Irvine Co. will upgrade the shopping center’s landscaping, add outdoor seating and shade areas, improve the parking garage and implement new amenities. The new retailers joining the shopping center haven’t been announced, but Irvine Spectrum Center’s current tenant mix includes Nordstrom, Target, H&M, Apple Store, Anthropologie, lululemon athletica, Forever 21, …

KANSAS CITY, MO. — Highwoods Properties Inc. (NYSE: HIW) has agreed to sell the historic, 1.3 million-square-foot Country Club Plaza in Kansas City. A joint venture of Taubman Centers Inc. (NYSE: TCO) and The Macerich Co. (NYSE: MAC) will buy the mixed-use center for $660 million. Originally constructed in 1922, Country Club Plaza is a 15-block, 55-acre mixed-use retail and office property in downtown Kansas City. The retail portion of the property includes 804,000 square feet of gross leasable area, and features 45 retailers such as Apple, H&M, Coach, Burberry and Lululemon, as well as restaurants including The Capital Grille and The Cheesecake Factory. The 468,000-square-foot office portion of the property is comprised of the 10-story Valencia tower, which serves as the worldwide headquarters of Lockton Cos., an insurance brokerage firm, and additional office space located above the ground-level retail. Eastdil Secured is the agent for the sale of the property, which is 94 percent occupied. Highwoods acquired Country Club Plaza in 1998 when it purchased the J.C. Nichols Co. for $544 million. Annual attendance at the plaza is 15 million, according to Visit KC, an economic development organization. The Taubman and Macerich joint venture is known as Country Club Plaza …

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN), a Radnor, Pa.-based REIT, has entered into an agreement to dispose of its interests in Cira Square, a 29-story, 862,700-square-foot office tower in Philadelphia, for $354 million. The former U.S. Post Office complex is located in the University City submarket and was fully leased at the time of sale to the U.S. General Services Administration. The primary tenant is the Internal Revenue Service. “The sale of Cira Square reflects our ability to both create and harvest value and will generate a significant gain to our shareholders,” says Gerard Sweeney, president and CEO of Brandywine Realty Trust. The buyer is a South Korean fund sponsored by Seoul-based Korea Investment Management Co., according to the Philadelphia Daily News. Brandywine expects to close the transaction in the first half of the first quarter 2016. In connection with the anticipated sale, the REIT plans to prepay the current mortgage totaling $177.4 million. After the transaction, Brandywine will continue to provide management services at the property. In addition to the sale, the company anticipates prepaying the Cira Centre South Garage mortgage totaling $35.5 million, which will unencumber the 1,662-space facility. The REIT acquired the office building in 2007 …

NEW YORK CITY — Blank Rome LLP represented Wells Fargo Bank, N.A., in the closing of a $2.7 billion loan under the Fannie Mae DUS program for the acquisition of Stuyvesant Town-Peter Cooper Village, the largest apartment complex in New York City. The mixed-use apartment complex includes more than 11,000 units and was acquired by The Blackstone Group, in partnership with Ivanhoe Cambridge Inc., from CWCapital Asset Management for a total purchase price of $5.3 billion. As part of the financing structure, the City of New York and the purchaser agreed that 5,000 apartments be designated as affordable housing units for a period of no less than 20 years. Under the binding regulatory agreement entered into by the parties at closing, the majority of these units will be allocated to middle-income families. The transaction is part of the City of New York’s plan to build and/or preserve 200,000 affordable housing units over a 10-year period. It is the largest single transaction to support the preservation of affordable housing in New York City’s history, according to Blank Rome. Deborah Franzblau and Carmen Pagan led the Blank Rome team, and were assisted by Toni Jordan, Krishana Pleasant and Rhina Roberts. — Haisten Willis …

ATLANTA — WellStar Health System, a Marietta, Ga.-based healthcare provider, has agreed to purchase five Atlanta-area hospitals and related operations from Tenet Healthcare Corp. (NYSE: THC). The purchase price is $575 million, according to the Atlanta Business Chronicle. The five hospitals are North Fulton Hospital, Spalding Regional Hospital, Sylvan Grove Hospital, Atlanta Medical Center and its South Campus, as well as complementary physician practices and businesses. The transaction also includes 26 physician clinic locations. The facilities comprise 1,192 beds, 4,300 employees and 1,390 doctors, according to the Business Chronicle. Cain Brothers served as Dallas-based Tenet’s financial advisor to negotiate the terms of the transaction. In addition to the purchase price, WellStar will assume $86 million in debt related to the lease of North Fulton Hospital, the Business Chronicle reports. Earlier this year, Tenet detailed its plans to exit the Georgia market. The transaction is subject to customary regulatory approvals and other closing conditions and is expected to be completed the first quarter of 2016. Tenet’s stock price closed on Monday, Dec. 21, at $30.59 per share, down from $51.85 per share a year ago. — Scott Reid