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SAN FRANCISCO — Clarion Partners has acquired a 155,000-square-foot office building in San Francisco for $107 million. The 11-story building is located at 60 Spear St. in the South Financial District. The property was built in 1967. It has undergone substantial upgrading, which has included improvements to thelobby, the addition of creative office space and 14-foot ceilings. Notable tenants include Starbucks, France Telecom and Rodan & Fields. Clarion expects rent growth to average 4.9 percent annually between 2014 and 2018, according to the firm’s proprietary research. “There’s a great deal of both investor and tenant demand in San Francisco for a property of this quality,” says Richard Pink, a managing director at Clarion Partners. “60 Spear’s central location south of Market Street coupled with strong market fundamentals make this an excellent addition to our portfolio in San Francisco.” New York-based Clarion Partners is a U.S. real estate investment manager. The company has about $30 billion worth of total assets under management. — Nellie Day

BOCA RATON, FLA. — Affiliates of The Herrick Co. Inc., a commercial real estate investor based in Boca Raton, recently closed on the purchase of 29 pharmacy/retail properties throughout the United States. The properties, all of which are occupied under long-term triple net leases with The Walgreens Co., were acquired for approximately $100 million. The transaction is a continuation of The Herrick Co.’s strategy to invest in single-tenant, long-term net leased assets that are occupied by credit tenants. Earlier this year, the company acquired a portfolio of 63 pharmacy/retail properties, each occupied under long-term triple net leases with CVS Caremark Co. The Walgreens leases in the recently acquired portfolio each have 25 years remaining on the term. “We continue to be successful in identifying and executing on opportunities to strategically expand our portfolio of single-tenant, long-term net leased assets,” says Herrick. “With significant competition in the market, our ability to move quickly to closing positions us strongly for these types of highly desirable investments.” Affiliates of The Herrick Co. purchased the Walgreens portfolio with financing provided by Prudential Insurance. Herrick has completed more than $5 billion in transactions throughout its history. The company focuses on single-tenant, net-leased office, industrial and …

MIAMI BEACH, FLA. — In one of the largest deals in South Florida history, Miami Beach-based Terranova Corp. has sold its six-building portfolio of Lincoln Road area assets for $342 million. The properties were assembled over the past three-and-a-half years at a cost of $191 million. Morgan Stanley Real Estate Investing, along with affiliates of Terranova, purchased the property. As operating partner, Terranova will continue to be responsible for the management, leasing and further development of the properties. “The new partnership with Morgan Stanley Real Estate Investing will continue to seek opportunities in the market for this kind of unique asset of enduring generational value. This long-term investment strategy focused on high street retail properties reflects the continuing trend of residents and tourists alike to be drawn to the top urban shopping streets, of which Lincoln Road is the absolute best, south of Madison Avenue in New York City,” says Stephen Bittel, chairman of Terranova. Lincoln Road includes retailers such as Armani, H&M, Zara, John Varvatos, Zadig and Voltaire, Anthropologie, and Apple. Restaurants include Sushi Samba, Khong River House, Laduree, Meat Market, Sosta, and Havana 1957. “Two of the properties have already received Historic Preservation Board approval for expansions enabling …

SHELBURNE AND MIDDLEBURY, VT. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $82.4 million of acquisition financing and joint venture equity capital for LCB Senior Living LLC for the acquisition of a two-property portfolio. The properties are located in Shelburne and Middlebury, Vt., and are comprised of 322 units. Virtus Real Estate Capital, a real estate private equity firm based in Austin, Texas, provided $25.4 million in joint venture equity, while PNC Bank provided $57 million in first mortgage acquisition financing. The Cushman & Wakefield team that directed the capital placement efforts for the transaction included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, director; and Stuart Kim, associate. “These two properties are among the finest acquisitions that LCB has made,” says Michael Stoller, CEO of LCB Senior Living. “They are high-performing assets that have tremendous upside, and we’re very fortunate to have attained them.” The Lodge at Shelburne Bay consists of 191 independent living, assisted living and memory care units situated on Lake Champlain in Shelburne, four miles south of Burlington. The property was built in 1999 and expanded in 2011 to include an additional residential building. LCB will rebrand the community as …

GOODLETTSVILLE, TENN. AND MATTHEWS, N.C. — Dollar General (NYSE: DG) has made a proposal to acquire Family Dollar Stores Inc. (NYSE: FDO) for $78.50 per share in cash, in a transaction valued at $9.7 billion. The combination would make Dollar General the largest small-box discount retailer in the United States with nearly 20,000 stores in 46 states and sales of more than $28 billion. Dollar General's all-cash proposal would provide Family Dollar shareholders with a superior valuation to the $74.50 per share cash/stock offer announced by Dollar Tree Inc. (NASDAQ: DLTR) on July 28, 2014. “For Family Dollar shareholders, our proposal is financially superior to the current transaction agreement with Dollar Tree and would provide Family Dollar shareholders with a substantial premium and immediate liquidity for their shares,” says Rick Dreiling, Dollar General's chairman and CEO. “For Dollar General shareholders, the proposed combination of Dollar General and Family Dollar would be a significant strategic opportunity to create immediate and lasting shareholder value. For both Dollar General and Family Dollar customers, we would be able to provide better value and greater selection.” Dreiling continues, “We have the utmost respect for Family Dollar, its leadership and its employees. We look forward to …

NEW YORK CITY — American Realty Capital New York City REIT (NYCR) has acquired three commercial condominium units at the Laurel in Manhattan for $76 million. The property is located at 400 E. 67th St. on Manhattan’s Upper East Side. The Laurel is a 31-story, mixed-use tower that contains 129 residential condos, as well as office, retail and parking garage components. NYCR’s acquisition includes a 3,000-square-foot retail space that is leased to TD Bank; a 29,000-square-foot, four-story office space that is leased to Cornell University; and a 142-space parking garage that is leased to Quik Park. The commercial condo units total 58,750 square feet. The capital transactions group at Savills Studley represented the seller. NYCR also recently agreed to purchase the 284-space Trump Place Parking Garage in Manhattan for $9 million. Trump Place is a residential condominium property located at 200 Riverside Blvd. on the Upper West Side. The 61,475-square-foot parking garage features three sub-grade levels. It is fully leased to Hudson River Garage LLC. “We are pleased to announce these two acquisitions as they are both consistent with our strategy of purchasing high-quality New York City properties that will generate durable income and appreciation potential for our shareholders,” says …

SURFSIDE, FLA. — HFF has arranged a $290 million construction loan for the development of The Surf Club Four Seasons private residences and Four Seasons Hotel in in Surfside, Fla, just north of Miami Beach. When completed, the development will include 151 condominiums, 77 hotel rooms, luxury retail and restaurant space. HFF worked on behalf of the borrower, SC Property Acquisitions LLC, an entity controlled by Fort Capital Management, to secure the construction loan. The loan was secured through The Blackstone Group’s debt strategies fund. The Surf Club is located at 9011 Collins Ave. with more than 900 linear feet of Atlantic Ocean frontage and is within walking distance of the Bal Harbour Shops. Situated on three parcels of land totaling 8.7 acres, the resort will be centered around the Mediterranean building, which has housed The Surf Club since its inception in 1930, playing as home to celebrities and politicians ranging from actress Elizabeth Taylor to Prime Minister Winston Churchill. Complementing the clubhouse will be three 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier. The project will be completed in 2016. Hotel amenities will include a restaurant, 15,000-square-fot spa, a swimming pool, fitness centers and lounge areas. The …

TOLEDO, OHIO — Health Care REIT Inc. (NYSE: HCN) has agreed to acquire HealthLease Properties REIT (HLP), a publicly traded Canadian company, in a transaction valued at $950 million. HCN has also entered into a partnership with Mainstreet Property Group, the external management company of HealthLease, to acquire 17 of its Next Generation properties currently under construction. In addition, HCN will also enter into a development partnership with Mainstreet with respect to 45 future properties, for a combined value of approximately $1.4 billion. In total, the transaction represents a potential $2.3 billion investment. The geographic footprint of this transaction reaches as far north as Canada, as far west as Arizona and Utah and as far east as New Jersey and Pennsylvania. The closing of HCN’s purchase of HLP remains subject to the approval of the REIT’s unit holders as well as other customary closing conditions. That transaction, as well as the closing of HCN’s partnership with Mainstreet, is expected to occur in the fourth quarter of this year. “Throughout HCN’s history, our strategy has been to fuel its growth by forming mutually beneficial partnerships with leading seniors housing and post-acute operators,” says Tom DeRosa, CEO of HCN. “We’re excited to …

DALLAS — HFF has arranged a $111.5 million refinancing for a seven-property portfolio across five states that totals approximately 1.4 million square feet. The properties include multifamily, industrial and mixed-use assets. HFF worked exclusively on behalf of the borrower, Madison Core Property Fund, a real estate fund managed by New York Life Real Estate Investors, to secure the fixed-rate loan that an HFF-correspondent life insurance company split into a five- and seven-year tranche. HFF is also servicing the loan. Senior Managing Director Trey Morsbach and Associate Director De’On Collins led the HFF team representing the borrower. The portfolio is 96 percent leased. The properties in the portfolio include two in California, the 156,880-square-foot office/retail property Centerstone Plaza, in Irvine, which was built in 1988; and the 136-unit multifamily property Pointe at Warner Center in Woodland Hills, built in 2004. Other assets in the portfolio include the industrial properties Bolingbrook in Bolingbrook, Ill., built in 2001 and 283,630 square feet; Auburn Park in Auburn, Wash., built in 2008 and 141,970 square feet; and Sumner North in Sumner, Wash., built in 2007 and 132,935 square feet. Multifamily properties are the remaining assets in the portfolio, including the 137-unit Wellington Place in Medford, …

OAK BROOK, ILL. — Inland American Real Estate Trust Inc. has announced its plan to spin off a significant portion of its lodging portfolio into a standalone, publicly traded company to be called Xenia Hotels & Resorts Inc. The new real estate investment trust (REIT) intends to list its shares of common stock on the New York Stock Exchange (NYSE) under the symbol “XHR.” Xenia Hotels & Resorts was formerly known as Inland American Lodging Group Inc. Upon completion of the proposed spin-off, Xenia will be headquartered in Orlando, Fla., and focus solely on the lodging sector. It is expected to own 46 hotels, comprising 12,636 rooms, across 19 states and the District of Columbia, and a majority interest in two hotels under development. Xenia will own and continue to invest primarily in premium full-service, lifestyle and urban upscale hotels in the top 25 U.S. lodging markets throughout the United States, focusing on urban and densely populated suburban markets with multiple demand generators and high barriers to entry. The company’s portfolio will include premium brands such as Marriott, Hilton, Hyatt, Starwood, Kimpton, Aston, Fairmont and Loews. “We are pleased to announce our intent to spin off Xenia Hotels & Resorts …