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ALEXANDRIA, VA. — A joint venture between American Real Estate Partners and Investcorp has acquired Canal Center, a 540,000-square-foot office complex in Alexandria, for $176 million. The Class A complex is located at 44 Canal Center Plaza. Tishman Speyer was the seller. The four-building complex is situated on the banks of the Potomac River, just minutes from downtown Washington, D.C., and Reagan National Airport. “This acquisition adheres to Investcorp’s approach of targeting properties located in major metropolitan areas with attractive yields and near-and long-term upside potential,” says Herb Myers, managing director in Investcorp’s real estate group. Canal Center was originally built in 1987. It is currently 83 percent leased. No major leases expire until 2018. “The northern Old Town Alexandria submarket has been going through a dramatic redevelopment in the last several years and is one of the few urban mixed-use markets outside of Washington, D.C.,” says Brian Katz, president of American Real Estate Partners. “Alexandria is one of the strongest markets in the Washington metropolitan area and Canal Center enjoys an unparalleled location within the city and the Washington, D.C., region. Couple this with the extensive capital improvement projects we have planned, and we believe that Canal Center will …

YONKERS, N.Y. — Ginsburg Development Cos. (GDC) has begun construction on the $100 million River Tides at Greystone, a 330-unit luxury apartment complex. The apartment complex is one of the largest residential developments to be built in Yonkers in recent years. Located a short walk from the Greystone Metro-North station, the complex will include Manhattan-style finishes and amenities as well as views of the Hudson River and the Palisades. River Tides at Greystone marks the launch of the Ginsburg’s new GDC Rentals brand of luxury rental apartment buildings. “Set against the backdrop of one of the most spectacular views in North America, we are extremely excited to break ground on River Tides, which will become a flagship property of the new GDC Rentals brand,” says Martin Ginsburg, principal of GDC. Designed in a contemporary architecture with expansive exterior corner walls of glass, the 10-story River Tides at Greystone will feature a mix of studio, one-, two- and three-bedroom units, many with views of the Hudson. Amenities include full concierge service, two-story lobby, club lounge, fitness and wellness center with available personal trainers, yoga classes and spa treatments, and a resort-style swimming pool and deck with cabana seating, seven barbeque stations, …

IRVINE, CALIF. — American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT III Inc., have entered into an agreement to acquire the Independence Medical Office Building Portfolio for $135 million. The portfolio is comprised of five buildings totaling approximately 461,000 square feet in New York, N.Y.; Verona and Morristown, N.J.; Somerville, Mass.; and Southgate, Ky. The portfolio is more than 96 percent leased, according to Griffin-American Healthcare REIT III. “The acquisition of Independence Medical Office Building Portfolio will significantly expand Griffin-American Healthcare REIT III in core urban areas located near major academic and healthcare institutions,” says Danny Prosky, president and CEO of Griffin-American Healthcare REIT III. Earlier this month, Griffin-American Healthcare REIT III entered agreements to acquire Premier Medical Office Building, a 45,000-square-foot medical office building in Novi, Mich. for approximately $12 million; The Merion Building, a 73,000-square-foot medical office building in King of Prussia, Penn. for approximately $19 million; and the Mount Olympia Medical Office Building Portfolio, comprised of three medical office buildings in Columbus, Ohio, Mount Dora, Fla., and Olympia Fields, Ill., for approximately $16 million. Griffin-American has also completed a number of acquisitions since the beginning of September 2014, acquiring five healthcare-related buildings …

ORLANDO, FLA. — CBRE Capital Markets has represented the undisclosed owner-operator seller in the $150 million sale of a 1,024-unit multifamily portfolio in Orlando. The buyer was Addison, Texas-based Atlas Residential. The portfolio, according to CBRE, represents the largest apartment complex sale in the metropolitan Orlando area in 2014 to date. The properties included in the sale were Crowntree Lakes, located at 5759 Crowntree Lane, and Alexandria Parc Vue, located at 10649 Bastille Lane. “This transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here,” says Shelton Granade, executive vice president of CBRE Capital Markets, Multifamily. “Rent growth is continuing to beat the expectations of property owners and managers. Rents in Orlando are forecasted to increase 3.5 percent to 4 percent each year for the next five years, and average occupancy should hold very strong in the 94 percent to 95 percent range.” The 352-unit Crowntree Lakes community is located between East Orlando’s two largest employment centers, Medical City at Lake Nona and the University of Central Florida. The property features a resort-style pool and sundeck; Wi-Fi in resident common areas; 24-hour fitness center; stadium-seating theater room; billiards …

ATLANTA — Hartz Mountain Industries, a real estate owner and manager based in Secaucus, N.J., has acquired a 2.5 million-square-foot portfolio consisting of 35 industrial buildings in north Atlanta. Hartz purchased the portfolio from Clarion Partners, a New York-based real estate investment management firm, for $129 million. Hartz has also recently purchased a pair of industrial assets in metro Charlotte and metro Baltimore. The company is targeting East Coast-based assets due to population growth and increased port traffic in the region’s major metros. “The expansion of the Panama Canal is creating additional transportation options to and from the Orient and the West Coast, making East Coast locations in large and growing areas more relevant,” says Emanuel Stern, CEO and president of Hartz Mountain Industries. “Population growth in cities like Charlotte and Atlanta make Baltimore and other markets in the Southeast more appealing for us and other companies to expand their businesses.” The north Atlanta portfolio consists of three developments: Peachtree Corners I on Jimmy Carter Boulevard, Adriatic Court and Atlantic Boulevard in Norcross; Peachtree Corners II on Kingston Court; and Kennestone Corners on Kennestone Circle in Marietta. The properties have a combined occupancy of more than 93 percent. Hartz found …

NEW YORK CITY — American Realty Capital New York City REIT (NYCR) has acquired a 170,000-square-foot office building in Times Square for $170.3 million. The institutional-quality office property is located at 570 Seventh Ave. NYCR plans to enter into a short-term lease with the seller, Carlyle Investment Management and Capstone Equities, for 33,000 square feet. The property’s occupancy rate will stand at 76 percent once this lease transaction is completed. Other notable tenants include NY Loves Us, Inc. and Klestadt & Winters LLP. The property is situated near a variety of Times Square’s retail and restaurant options. They include H&M, The Gap, Sephora, Duane Reade, Express, AMC Theaters, Aerosoles, Wolfgang’s Steakhouse, Carmine’s, Heartland Brewery, The Counter and Red Lobster, among others. “We are pleased to be purchasing 570 Seventh Avenue, located at the desirable southern edge of the Times Square Bowtie,” says Michael Happel, NYCR’s president. “We see a very significant opportunity to add value to this property through re-tenanting the building at market rates. Moreover, we expect to renovate the lobby, reposition the retail, upgrade the office and maximize the value of the new digital signage. We are very bullish on the Times Square submarket and particularly this asset.” …

HOUSTON — Memorial Hermann Healthcare System (MHHS) has selected Balfour Beatty Construction to provide preconstruction and construction services for a $533 million renovation and expansion of the Texas Medical Center campus in Houston. These improvements are intended to help MHHS provide the latest technology and procedures for the growing healthcare needs of the Houston area. The master-planned project includes construction of the Hermann Pavilion 2, a 17-story hospital spanning more than 1 million square feet, including an expanded emergency room, operating room, intensive care and administrative support capacity. The hospital will include 160 new inpatient beds, 71 replacement beds, 24 new operating rooms and six additional shell space floors for future bed expansion. A helipad on the roof of the hospital will provide space for the Memorial Hermann Life Flight air ambulance. The construction of a new six-story parking and infrastructure building will provide parking, future space for a new kitchen service and the expansion of hospital heating, cooling and emergency generator systems. The building will also include electrical infrastructure. Several projects to reorient or relocate existing services will be completed prior to the start of construction. These projects will include the relocation of the hyperbaric chamber and wound care …

NEW YORK — CIM Group and Macklowe Properties have topped off the iconic 432 Park Avenue at 1,396 feet. The luxury residential condominium tower is now the highest rooftop in New York City, rising above icons of the Manhattan skyline, including the Empire State Building at 1,250 feet and the Chrysler Building at 1,046 feet in height. “The topping out of 432 Park Avenue ahead of schedule is a testament to the efforts of CIM’s internal investment and development resources and the talented project team assembled to reach this important milestone toward the completion of 432 Park Avenue,” says Avi Shemesh, principal and co-founder of CIM Group. Located on Park Avenue between 56th and 57th streets, 432 Park Avenue will offer residents views of New York City, from Central Park to the Atlantic Ocean and Lower Manhattan to Connecticut. The new skyscraper is set to welcome its first residents next year. Remaining residences at 432 Park Avenue range from 3,575 square feet to 8,255 square feet, and include half-floor residences as well as select full-floor penthouse units. Prices range from $16.95 million to $95 million, according to reports. Architect Rafael Vinoly designed the tower, which includes architectural concrete featuring 10-foot-by-10-foot …

LOS ANGELES — Shorenstein Properties LLC has purchased the 62-story Aon Center office tower in downtown Los Angeles. The purchase price was undisclosed, but the Los Angeles Times lists the price at more than $270 million, or approximately $245 to $250 per square foot. Shorenstein purchased the 1.1 million-square-foot building, located at 707 Wilshire Blvd., from an affiliate of Beacon Capital Partners LLC. The sale includes an adjacent parking structure at 637 Wilshire. Shorenstein made the purchase through its 10th real estate investment fund, which was formed in 2010. The fund has $1.2 billion in capital commitments from various investors. Aon Center is currently 59 percent leased. Aon Corp., a British insurance company, is the building’s anchor tenant. Beacon Capital Partners purchased the property in 2007 and subsequently completed $15 million in building renovations, according to Los Angeles Downtown News. The tower is the second tallest building in both Los Angeles and California, and was completed in 1974. Shorenstein Properties is a privately owned real estate firm active in the ownership and management of office properties with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored 10 closed-end investment funds with equity commitments of $6.7 billion, …