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DEERFIELD, Ill. — For owners of net leased drugstore properties, one key question resulting from Tuesday’s announcement that Walgreens Boots Alliance Inc. (Nasdaq: WBA) has agreed to acquire Rite Aid Corp. (NYSE: RAD) for $17.2 billion, including debt, is what effect will the transaction have on lease terms and cap rates? Jimmy Goodman, a partner with Northbrook, Ill.-based The Boulder Group, which specializes in the net lease sector, believes the deal is good news for owners of single-tenant assets occupied by Rite Aid. “If you own a Rite Aid it’s a positive for you because now you’ve got a better brand in Walgreens, which is second in market share, as opposed to Rite Aid, which is third,” he says. “Initially, I expect transaction volume to slow down simply because people will want to wait and see what will happen to specific stores. Other owners will be worried about store closure impact.” Goodman also doesn’t foresee a high number of Rite Aid locations closing. “Rite Aid’s market share is relatively low and concentrated on certain geographies,” says Goodman. “This will only affect stores that are literally right across the street from one another.” CVS/Pharmacy controls 58 percent market share in the drugstore sector, …

NEW YORK CITY — Berkadia has secured a $5.1 billion loan for a portfolio of 107 multifamily properties located across nine states that was recently acquired by Lone Star Real Estate Fund. The portfolio consists of more than 36,500 units in Florida, Illinois, Massachusetts, New York, Pennsylvania and four other states. Anthony Cinquini, managing director of Berkadia’s Los Angeles office, worked with the borrower, Lone Star, to originate the seven-year loan through Berkadia’s Freddie Mac Program. Lone Star used the mortgage financing to assist in its acquisition of Home Properties Inc., which included the 36,500 units, on October 7. “This is the largest multifamily transaction Berkadia has executed with Freddie Mac to date, representing an outstanding team effort by everyone involved,” says Cinquini. New York-based Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp., provides capital solutions and investment sales advisory and research services for multifamily and commercial properties. Lone Star is a private equity firm that invests globally in distressed assets and established its first fund in 1995. — Scott Reid

GREENWICH, CONN. — Monument Partners LLC, an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), has entered into an agreement to acquire Landmark Apartment Trust Inc. in an all-cash transaction valued at $1.9 billion, including the assumption of existing debt. Under the terms of the deal, Starwood Global Opportunity Fund X, through a controlled affiliate, will acquire Landmark Apartment Trust’s ownership interest in 19,615 units in 63 apartment communities. The portfolio is located in eight Sunbelt states, with major concentrations in Dallas, Atlanta, Orlando, Tampa, Charlotte and Nashville. Milestone — which will acquire 4,172 units in 15 assets as part of the transaction — will serve as property manager for Starwood’s portion of the portfolio. “This acquisition highlights our confidence in multifamily housing as an asset class that represents an attractive risk-reward proposition for our investors,” says Christopher Graham, senior managing director and head of real estate acquisitions for the Americas at Starwood Capital Group based in Greenwich. “Across the United States, demographic, economic and financial factors are driving apartment vacancy rates lower and rental rates higher — and we believe that these trends will continue into the foreseeable future,” adds …

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner and an S&P 500 company, has sold its interest in two Manhattan properties with an aggregate value of $649 million. In the first transaction, SL Green has agreed to sell its interest in the land underneath 885 Third Ave., also known as the Lipstick Building, for a gross sales price of $453 million. A partnership between Ceruzzi Properties and Shanhai Municipal Investment USA is the buyer, according to the Commercial Observer. In the second deal is an agreement to sell the recently completed Pace University dormitory tower, located at 33 Beekman St., for a gross sales price of $196 million. SL Green owns the property in a joint venture. SL Green acquired the leased fee interest in 885 Third Ave. in a joint venture in 2007 at a gross asset valuation of $317 million and fully consolidated its position in 2010 at a valuation of $352 million. As part of the transaction, SL Green will retain a preferred equity position. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to SL Green of approximately $45 million. The sale …

NEW YORK CITY — The Blackstone Group (NYSE: BX), in partnership with Ivanhoé Cambridge, has acquired Stuyvesant Town-Peter Cooper Village, a 110-building multifamily complex in Manhattan that includes more than 11,000 units. Although the purchase price wasn’t disclosed in a press release issued today by the mayor’s office confirming the deal, the Wall Street Journal lists the sales price at approximately $5.3 billion. Ivanhoé Cambridge is the real estate arm of Canadian pension fund Caisse de dépôt et placement du Québec.Since 2010, a group of creditors led by CWCapital Asset Management, owned by Fortress Investment Group LLC, has controlled the complex, the Journal adds. As part of the deal, Blackstone signed a regulatory agreement with the City of New York to preserve 5,000 units of the complex as affordable housing for the next 20 years. Some 4,500 of the two-bedroom units will be reserved for families of three earning up to $128,210 per year. They will pay rent of $3,205 per month. An additional 500 two-bedroom units will be reserved for families of three earning up to $62,150 per year, who would pay approximately $1,553 per month. The remaining half of the units of the complex would rent at market rate, or more than $4,200 per month for a two-bedroom apartment. “It …