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NEW YORK CITY — W. P. Carey Inc. (NYSE: WPC), a New York-based REIT, has acquired a portfolio of six Courtyard by Marriott hotels for $52 million. The portfolio is net leased to a wholly owned subsidiary of Marriott International Inc. The leases have a remaining term of approximately 11 years and include fixed rent escalations. The deal was announced just days after Marriott agreed to buy Starwood Hotels & Resorts Worldwide for $12.2 billion. The acquisition will create the world’s largest hotel company with 30 brands under its belt. The portfolio has shown growth in average daily rate, occupancy and revenue per available room (RevPAR), and has generated consistent operating margins and rent coverage, according to Marriott. In addition, the company says each hotel within the portfolio has received high guest satisfaction ratings. “The acquisition of the Courtyard by Marriott portfolio presented the opportunity to acquire six established operating properties with strong performance,” says Jason Fox, president of W. P. Carey. “The steady, predictable cash flows and annual rent escalations, coupled with the strength of Marriott International’s brand and credit, made this an ideal addition to the W. P. Carey portfolio.” In business since 1957, Marriott International Inc. is …

NEW YORK CITY — Northwind Group and Newmark Holdings have acquired 40-42 Exchange Place, a 20-story office building with ground-floor retail in Lower Manhattan’s Financial District. Eastern Consolidated arranged the $115 million sale. The office building was on the market for the first time in 25 years. “This office building is a great value-add opportunity in Lower Manhattan, which is undergoing a significant renaissance and has become a thriving, 24/7 live/work/play neighborhood,” says Jason Marin, director of Eastern Consolidated. Marin and former Eastern broker Lipa Lieberman represented the seller, Weiss Realty, in the transaction. Lieberman and former Eastern broker Abie Kassin represented the buyer. Gary Meese, senior director of financial services at Eastern, was the analyst for the deal. At one point the tallest building in Lower Manhattan, the 250,000-square-foot property is located at the southeast corner of Exchange Place and William Street, one block from Wall Street. The corner property includes 18-foot ceilings on the first floor, 14-foot ceilings on the 2nd floor and more than 11-foot ceilings throughout the rest of the building. Originally built as a neo-Renaissance residential building in 1896 and ultimately converted to office, the building has two primary entrances — one on Exchange Place and one …

SUNNYVALE, CALIF. — Wells Fargo Bank has provided a $256 million loan for the construction of a fourth office building in Moffett Place, a 1.9 million-square-foot office campus under development by Jay Paul Co. in Sunnyvale. The loan includes the cost of constructing the building and land financing for the remaining undeveloped portion of the project now in its second phase. The entire 55-acre Moffett Place campus is leased to Google. The campus is centrally located alongside Silicon Valley’s Highway 237 corridor and near Highway 101 and is a 45-minute drive from San Francisco. Moffett Place will contain a total of six LEED Gold certified buildings when complete. In addition to obtaining the construction loan from Wells Fargo for the second phase of the project, Jay Paul Co. has received a $501 million loan from Barclays and a $149 million mezzanine loan from a Korean sovereign wealth fund for long-term financing on the three completed buildings in the project’s first phase. Each building on the sprawling campus will include energy-efficient, floor-to-ceiling windows, while on-site amenities include a café, outdoor meeting spaces, a rooftop garden, 15 acres of green space with various amenities and a fitness club. The 50,000-square-foot fitness club …

CINCINNATI AND MILWAUKEE — The Kroger Co. (NYSE: KR) and Roundy’s Inc. (NYSE: RNDY) have announced a definitive merger agreement under which Kroger will purchase all outstanding shares of Roundy’s for $3.60 per share in cash. The transaction is valued at approximately $800 million, including debt. The transaction price represents a premium of approximately 65 percent to the Roundy’s closing share price on Nov. 10. “We are delighted to welcome Roundy’s to the Kroger family,” says Rodney McMullen, Kroger’s chairman and CEO. “With a team of 22,000 talented associates, outstanding store locations and a shared commitment to putting customers first, we are excited about Roundy’s future growth.” The merger increases Kroger’s presence in the Midwest with 151 stores and 101 pharmacies in new geographies for Kroger, including Milwaukee, Madison and northern Wisconsin, which are served under the Pick ‘n Save, Copps and Metro Market banners. The merger also expands Kroger’s presence in the Chicagoland area, where Roundy’s operates 34 stores under the Mariano’s banner. “We admire what Bob Mariano has done with the Mariano’s banner in Chicago, where he has created an urban format that is resonating with customers and we expect to apply Roundy’s experience to our stores in …

SANTA CLARITA, CALIF. — Bernards has broken ground on a $110 million, six-story patient tower for Henry Mayo Newhall Hospital in the Santa Clarita Valley, about 33 miles northwest of Los Angeles. Bernards is responsible for all aspects of the design-build project and has teamed with its primary design partner, HMC Architects. The project is scheduled for completion in May of 2018. The 160,000-square-foot tower will connect to the existing 238-bed nonprofit community hospital and trauma center. The expansion initially will add 112 private patient rooms and other hospital services. The facility will feature an entire floor dedicated to obstetrics services, which includes 22 antepartum/postpartum private rooms and seven labor, delivery and recovery rooms, as well as two operating rooms for C-section delivery. The new patient tower also will provide three floors of private rooms for patients, a new kitchen and dining area, and an outside dining garden. The roof of the tower will support primary trauma services with a heliport. One floor of the tower, approximately 21,500 square feet, will be left as an unfinished space, ready for build-out of up to 30 additional patient rooms when needed. Additionally, the project includes a new loading dock and central utility …

PORTLAND, ORE. — Holliday Fenoglio Fowler LP (HFF) has arranged a $177 million loan for Lloyd Center Mall, a 1.27 million-square-foot regional shopping center with office space in Portland’s Lloyd District. Lloyd Center Mall was originally constructed in 1960 and underwent renovations in 1991 and 2006, prior to the current renovations, which began in 2014. The property features more than 130 tenants, including Macy’s, H&M, Marshalls, Barnes & Noble, PacifiCorp, Forever 21 and multiple office tenants. Dallas-based HFF worked on behalf of the borrower, Cypress Acquisition Partners Retail Fund, an affiliate of Cypress Equities, to secure the floating-rate loan through an affiliate of KKR Real Estate Finance Trust Inc. Loan proceeds will be used to finish executing a capital improvement plan and facilitate new leasing. Improvement plans for the center include converting space previously occupied by retail tenants into office space, enhancing connectivity to nearby office and multifamily developments, reconfiguring the ice rink and updating the food court, flooring, entrances and storefronts. Additional improvements to the lighting and mechanical systems will make the property more energy-efficient. Lloyd Center Mall is located in the mixed-use area known as the Lloyd District, a live-work-play neighborhood northeast of central Portland. The center is …