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HAMPTON ROADS, VA. — Lingerfelt CommonWealth Partners has acquired a 1.3 million-square-foot office portfolio in Hampton Roads. According to Nasdaq.com, the purchase price was $110 million and the portfolio was 89.1 percent leased at closing. The portfolio, comprised of 20 office buildings and two office/flex buildings, is spread across six major submarkets in the Hampton Roads region including Hampton, Virginia Beach, Norfolk and Chesapeake. The Hampton Roads Portfolio includes; five properties in the Greenbrier submarket located at 1301, 1305, 1309, 1313 and 1317 Executive Blvd.; six properties in the Battlefield submarket located at 500, 501, 505, 510, 676 and 700 Independence Parkway; five properties in the Lynnhaven submarket located at 200 and 208 Golden Oak Court, 2809 S. Lynnhaven Road, 484 Viking Drive and 629 Phoenix Drive; and six properties in the Hampton Roads Center/Airport Industrial/Coliseum Center submarkets located 1, 21 and 22 Enterprise Parkway, 1457 Miller Store Road, 5 Manhattan Square and 521 Butler Farm Road. Lingerfelt will provide leasing, property management and asset management services in-house via its operating platform. Its property management affiliate, Commonwealth Commercial Partners, will handle all aspects of the day-to-day property management. Commonwealth Commercial Partners has retained many of the existing leasing and property …

NEW YORK — New Senior Investment Group Inc. (NYSE: SNR) has entered into an agreement to acquire a 28-property portfolio of private-pay, independent living senior housing properties from affiliates of Holiday Retirement for approximately $640 million. New Senior expects to invest approximately $190 million of equity and incur approximately $450 million of debt to purchase the portfolio. New Senior anticipates the closing of the acquisition by the third quarter. “We are excited to add 28 independent living properties to our portfolio through this accretive acquisition,” says New Senior CEO Susan Givens. “This transaction further increases our private-pay seniors housing NOI (net operating income) exposure to 91 percent of our portfolio.” The portfolio is 100 percent private pay and contains 3,298 independent living units located across 21 states, which as of May had an average occupancy rate of 88 percent. The portfolio is currently operated by Holiday, and New Senior expects Holiday will continue to operate the portfolio following the closing of the acquisition under new property management agreements. New Senior also expects the portfolio to generate an initial cash NOI of approximately 6.4 percent after property management fees. The transaction is the second large sale of properties Lake Oswego, Ore.-based …

GREENVILLE, N.C. — For much of the last 15 years, Mayfaire Town Center in Wilmington, North Carolina, was the focal point of Greenville-based BrodyCo and for its president, H.J. Brody. Brody, along with the Zimmer family, developed Mayfaire on the site of a former farmstead outside Wilmington and lured many national retailers to the market for the first time. Built over three phases, Mayfaire Town Center ultimately became 610,000 square feet; Brody also developed a neighboring grocery-anchored center that was over 200,000 square feet. On June 18, it was announced that CBL & Associates — the Chattanooga, Tennessee-based REIT and a dominant owner of regional centers in North Carolina — had purchased Mayfaire Towne Center for $192 million. “For where we were and what we could do with our resources for the project, the timing made sense for us to sell,” said H.J. Brody in an interview with Shopping Center Business. “CBL was a strategic buyer for the property because of its presence in the market.” Brody saw CBL as a strong choice because of the company’s position in the Southeast and Carolinas, and for what the company had done with Friendly Center in Greensboro, North Carolina. At 1.2 million …

TOLEDO, OHIO, AND TORONTO — Health Care REIT Inc. (NYSE: HCN) and Revera Inc. (Revera) have entered into a definitive agreement to acquire Regal Lifestyle Communities Inc. (Regal) (TSX: RLC) through an existing 75/25 joint venture for a total value of approximately CA$766 million, or US$623 million. Toronto-based Regal is a publicly traded corporation that owns and operates 23 seniors housing communities with over 3,600 units. The private-pay portfolio includes 13 communities in Ontario, seven in Quebec, and one each in British Columbia, Saskatchewan and Newfoundland. Approximately 83 percent of the portfolio’s net operating income is derived from Toronto, Montreal, Ottawa and Vancouver. HCN will have a 75 percent stake in the portfolio and Revera will own 25 percent. “Together with our partner, Revera, we continue to deliver compelling housing and care settings for Canada’s growing senior population,” says Tom DeRosa, CEO of Toledo-based HCN. “The acquisition of Regal is a rare opportunity to add a large, high-quality, private-pay portfolio concentrated in Canada’s largest metropolitan markets, where there is strong underlying demand.” The acquisition price represents a per-share cost of CA$12. The initial cash yield is expected to be 6.1 percent and to be immediately accretive to funds from operations …

San Francisco — Gap Inc. is streamlining its retail business by slimming its store count to 800 Gap stores in North America, the company outlined in a statement ahead of an investor meeting scheduled today. The company plans to close 175 stores in North America over the next few years, with 140 of those store closings occurring in Gap’s current fiscal year. (Gap’s fiscal year runs February through January.) When complete, Gap will have 500 Gap stores and 300 outlet and factory stores in North America. As part of the process, Gap will also shed about 250 employees in its corporate workforce. It is a move that Global President Jeff Kirwan, who was appointed to the position in December 2014, says will enhance the customer experience across all of the retailer’s channels: online and in-store. “Our customers and employees want Gap to win,” said Kirwan in the statement. “We’re focused on offering consistent, on-brand product collections and enhancing the customer experience across all of our channels, including a smaller, more vibrant fleet of stores.” The move comes as Gap has struggled to find its footing in the marketplace. Gap must right-size its portfolio, as well as recapture its customer base. In recent …

TORONTO — Sun Life Financial Inc. (NYSE: SLF), a Toronto-based life insurer, has announced its acquisition of Bentall Kennedy Group for a purchase price of USD$454 million. Bentall Kennedy is a real estate investment manager operating in Canada and the U.S., with corporate offices in Toronto, Vancouver and Seattle. The acquisition is part of Sun Life’s strategy to broaden its asset management pillar by expanding and diversifying the capabilities of Sun Life Investment Management, the company’s real estate investment management arm that services third parties and manages Sun Life’s general account. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions, including regulatory approvals. “The acquisition of Bentall Kennedy is a perfect fit with Sun Life’s four-pillar strategy,” says Dean Connor, CEO of Sun Life Financial. “It expands and diversifies our asset management pillar, with one of the most respected names in real estate.” The two firms will combine their real estate investment management teams and Bentall Kennedy will be a unit of Sun Life Investment Management. Bentall Kennedy will retain its brand name and be Sun Life’s exclusive real estate investment management platform. Bentall Kennedy will also have the ability to offer …