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MIAMI — The Miami City Commission has unanimously approved Miami Worldcenter’s zoning package and master development agreement. The vote paves the way for construction of the $2 billion mixed-use project to begin in late 2014 or early 2015 in downtown Miami. The project is a collaboration between master developer Miami Worldcenter Associates, Los Angeles-based CIM Group and a team of development firms. “Following the city commission’s approval, we are now a few months away from breaking ground on one of the most important real estate projects that Miami has ever seen,” says Nitin Motwani, managing principal for Miami Worldcenter Associates. “Our master plan for Miami Worldcenter will transform 10 blocks of urban blight into a thriving retail, residential and commercial destination while creating tens of thousands of local jobs and attracting new investment to the city’s urban core.” Phase I of the 27-acre development will include upscale retail, residential towers and an expo center and adjacent hotel. The Forbes Co. and Taubman will deliver a 765,000-square-foot shopping mall at the site anchored by Bloomingdale’s, Macy’s and dining and entertainment options. For the hotel adjacent to the expo center, Miami-based MDM Group will develop a new Marriott Marquis, which will feature …

NEW YORK AND GREENSBORO, N.C. — Lone Star Funds has acquired a multifamily portfolio that includes 20,439 units in 64 communities across the United States for $1.8 billion. The properties were originally acquired by DRA Advisors LLC and Bell Partners in 2008 as part of a deal that included 25,684 units in 86 communities. This acquisition represented the largest multifamily transactions of 2008, according to the joint venture. DRA Advisors and Bell Partners sold 22 communities to other purchasers, with Lone Star ultimately buying the remaining 64 apartment communities in the portfolio. “This portfolio has generated strong cash yields and has benefitted from our active asset management approach throughout the hold period,” says David Luski, DRA’s president. “The end result is a great deal for our clients, with returns well ahead of expectations.” Bell Partners will continue to manage the 64 communities. CBRE represented the joint venture in the transaction. “We are very pleased with the outcome of this investment,” says Jon Bell, president of Bell Partners. “We appreciate the trust that Lone Star has placed in our operating capabilities in keeping Bell on as the manager of these communities. In this respect, this transaction is both a win for …

ATLANTA — Cushman & Wakefield’s equity, debt and structured finance (EDSF) team has arranged $182 million in financing for Peachtree Center, a 2.5 million-square-foot office and retail complex in downtown Atlanta. The financing includes a $147 million floating rate CMBS loan that will be used to refinance an existing loan and a $35 million mezzanine loan that will provide funds for capital improvements and leasing costs. The mixed-use complex features six Class A office towers, The Mall at Peachtree Center and three parking garages. The complex, located in Atlanta’s central business district, is anchored by SunTrust Bank and is home to more than 180 tenants. Mike Ryan, Brian Linnihan, Jeff Walker and Telly Fathaly of Cushman & Wakefield’s EDSF team in Atlanta arranged financing on behalf of Banyan Street Capital and its foreign equity partner, which was represented in the U.S. by EII Realty Corp. Silverpeak Real Estate Financing organized the long-term CMBS loan, and Oaktree Capital Management provided the mezzanine loan. “Peachtree Center is an iconic downtown asset and a key hub for business and visitors. The property provides the lenders an ideal combination of strong cash flow, a highly manageable tenant rollover schedule and upside through enhanced occupancy,” …

BETHESDA, MD. — Walker & Dunlop Inc. (NYSE : WD) has agreed to acquire Johnson Capital’s loan origination and servicing platform. As part of the transaction, approximately $590 million in HUD servicing will be added to Walker & Dunlop’s $40 billion servicing portfolio. The terms of the cash and stock transaction were not disclosed. Completion of the acquisition is subject to certain conditions, consents and approvals. The transaction is expected to close on or around Nov. 1. Walker & Dunlop expects the transaction to be accretive beginning in 2015. Johnson Capital has sourced billions of dollars of Fannie Mae DUS loans as a correspondent to Walker & Dunlop over the past 20 years, and has originated Freddie Mac multifamily loans. Johnson Capital has originated $1.3 billion in commercial loans on average over the past three years. “As one of Walker & Dunlop’s largest mortgage banking correspondents, we know Johnson Capital extremely well and are thrilled to be adding such an exceptional team of real estate finance professionals to our platform,” says Willy Walker, chairman and CEO of Walker & Dunlop. “Johnson Capital has a significant origination presence in the West and Southwest and will grow Walker & Dunlop’s brokered originations …

CHICAGO — John Hancock, the U.S. division of Manulife Financial Corp., has purchased the 55 West Monroe office tower in Chicago’s Central Loop for $244 million. The Hearn Co. and Mount Kellett Capital Management LP had owned the 40-story, approximately 804,000-square-foot building through a joint venture since 2011. “When we purchased 55 West Monroe, we saw a great opportunity to transform the building into a stable, core asset,” says Stephen Hearn, president and CEO of The Hearn Co., “and we’re tremendously proud of the value we have added through renovations and amenity enhancements.” 55 West Monroe was designed by world-renowned architect Helmut Jahn and built in 1981. The building is LEED Gold-certified and located on the southwest corner of Monroe and Dearborn streets, providing access to seven Chicago Transit Authority “L” lines. According to Hearn, when The Hearn Co. and Mount Kellett purchased 55 West Monroe, it was 68 percent occupied. Today, the Class A tower is 91.6 percent leased. 55 West Monroe was renovated in 2003 and named office building of the year by the Chicago Building Owners and Managers Association in 2007. Jones Lang LaSalle served as broker for the transaction. John Hancock’s real estate portfolio consists primarily …

SALT LAKE CITY — Excel Trust Inc. (NYSE: EXL), a retail real estate investment trust (REIT), has purchased three shopping centers in the Salt Lake City area from DDR Corp. (NYSE: DDR) for approximately $223 million. The three properties total approximately 1.8 million square feet. “We are pleased to reach an agreement with the team at Excel and appreciate their high level of collaboration to effectuate an off-market transaction that accrues to the benefit of both parties,” says Daniel Hurwitz, CEO of DDR, which is also a retail-focused REIT. According to the two parties, DDR has a desire to exit the Salt Lake City market and Excel wants to expand its presence in a market where it has an established corporate and operating presence. The properties included in the transaction are: · The Family Center at Fort Union · The Family Center at Orem and · The Family Center at Taylorsville As a part of the transaction, Excel Trust has sold The Family Center at Taylorsville to Dallas-based TriGate Capital. LUCESCU REALTY represented Excel in both sale transactions and dealt directly with DDR and TriGate Capital. “We value our relationship with DDR and are pleased to announce this transaction. Utah …

WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has acquired a 155,713-square-foot office building in Washington, D.C., for $89 million. The nine-story building is located at 11 Dupont Circle NW in the city’s Dupont Circle neighborhood. The fully leased property houses 15 tenants and 11,692 square feet of ground-floor retail space. Notable tenants include Fresenius Medical Care – Dupont Circle Dialysis, Maggio + Kattar law firm and Books-A-Million. Dupont Circle is known as one of the more vibrant neighborhoods of Washington, D.C., with numerous retail, dining, entertainment and hospitality options. These services are joined by many of the world’s embassies on Embassy Row, including Morocco, Indonesia, Zimbabwe, Uzbekistan, Jamaica and the Republic of Namibia. The office building is also one block from the Dupont Circle Metro station on the Red Line. First Potomac now owns seven high-quality office buildings within the District for a total of more than 1 million square feet. The seller of 11 Dupont Circle was not named. “The acquisition of 11 Dupont Circle continues First Potomac’s strategic initiative to acquire, own and operate high-quality office properties in the Washington, D.C., metropolitan area,” says Nicholas Smith, First Potomac’s chief investment officer. “The property has a diverse …

NEW YORK — Post Properties Inc. (NYSE: PPS) has closed the sale of its Post Luminaria and Post Toscana apartment communities in New York City for a total price of $270 million. Post Luminaria was completed in 2002. The property consists of 138 apartment units and approximately 9,400 square feet of retail space. The property was owned in a consolidated joint venture in which Post held a 68 percent interest. Post Toscana was completed in 2003. The property includes 199 apartment units and approximately 11,700 square feet of retail space. The name of the buyer was not released. Eastdil Secured acted as broker in the transaction. A portion of the net proceeds from the sales was used to prepay $82.6 million of secured mortgage indebtedness encumbering the assets and related prepayment premiums totaling $13 million. After expenses, Post expects to retain $141 million of net cash proceeds from the sales. In the third quarter of this year, Post expects to report a net gain on the sale of the assets of approximately $127 million, or $2.33 per share, and a loss on the early extinguishment of debt of $12.3 million, or $0.23 per share. The loss related to debt prepayment …

SUNNY ISLES, FLA. — Cohen Financial has secured a $167.6 million construction loan for Muse, a planned high-end, multifamily property in Sunny Isles, located in northeast Miami. The condominiums will be located at 17141 Collins Ave. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial secured the loan with Delaware Life Holdings, a life insurance company owned by shareholders of Guggenheim Partners, a global investment and advisory firm. Property Markets Group (PMG) and S2 Development are the developers for the project. “We are very pleased to have arranged this loan on behalf of PMG,” says O’Grady. “PMG is an extremely sophisticated and experienced developer, and Muse is very much a reflection of that expertise. Muse is already demonstrating success in sales, and we can’t wait to see what it looks like when completed. We are also pleased to further the construction lending program we have structured with Delaware Life Holdings.” The 50-story Muse property will feature 60 feet of ocean frontage and unobstructed views. The condominiums will include 68 units with a variety of floor plans, which range from two to five bedrooms starting at 2,360 square feet. In addition, Muse will consist of two-full floor penthouse units with …

WASHINGTON, D.C. — Real estate services provider Cassidy Turley has entered into an agreement to be purchased by an affiliate of DTZ Investment Holdings, an investment consortium backed by TPG, PAG Asia Capital and the Ontario Teachers’ Pension Plan, for an undisclosed price. The combination of Cassidy Turley and DTZ, which will retain the DTZ brand, will create a company with revenues of more than $2.9 billion and more than 28,200 total employees. The acquisition of Cassidy Turley is expected to close on Dec. 31. TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan are in the process of purchasing DTZ Investment Holdings, and that acquisition is expected to close around Oct. 31. “We are confident that this combination is an excellent cultural fit, as well as an opportunity to partner with a global brand,” says Cassidy Turley CEO Joseph Stettinius Jr. Brett White, former CEO of CBRE Group, is investing in the acquisition alongside the consortium and will be joining the board of directors once the DTZ transaction is completed. White will then become executive chairman of the new company in March 2015. Tod Lickerman will continue in his current role as Global CEO of DTZ, while Joe Stettinius …