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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 …

RICHMOND, VA. — Starwood Retail Partners will upgrade and redevelop the 668,000-square-foot Stony Point Fashion Park, a popular retail center in Richmond, at a cost of $50 million. The retail center, which opened in 2003, currently includes about 75 stores. Starwood Retail Partners acquired Stony Point Fashion Park last fall as part of a $1.4 billion, seven-mall deal with Taubman Centers. The renovation work on Stony Point is scheduled to begin in the summer of 2016. Both the center’s east and west courts will undergo enhancements to modernize the space. The West End will feature a bocce ball court, fountains, tables, a courtyard, rocking chairs and fire pits interspersed throughout the area. The renovated west court will appeal to people seeking entertainment and a place for social interaction. The East Side will include an expansive green space. Triangle Park, as part of the green space, will feature fountains, experiential art and whimsical seating such as heated benches. Plans also include a stage for summer performances that will transform into an ice-skating rink in the cooler months. The East Side will also undergo a retail expansion, adding boutiques and retailers that will complement the current mix of tenants in the center. …

LAKE OSWEGO, ORE. — Multi-Employer Property Trust (MEPT) has entered into a joint venture with PHK Development Inc. to build a $103 million project that will include 200 apartment units, more than 40,000 square feet of commercial space and 430 parking spaces at Block 137 (330 1st St.) in Lake Oswego, Ore. Block 137 will be the first mixed-use development to be built in downtown Lake Oswego, located about 10 miles south of Portland, Ore., in more than 15 years. The joint venture team will work in collaboration with Lake Oswego community leaders in the development process. The apartment community will be designed to appeal to a broad base of residents, including Baby Boomers seeking relocation to an amenity-rich community; families attracted to the school system in Lake Oswego; and young affluent individuals and couples that value walkability in a neighborhood setting. “We are very pleased to partner with PHK, a local firm with expertise in mixed-use developments, for this joint venture project. For MEPT, this investment will contribute to fund performance and give MEPT exposure to one of the most desirable residential locations in the Portland metropolitan area,” says David Antonelli, executive vice president and MEPT portfolio manager at …