Top Stories

CHARLOTTE, N.C. — Cousins Properties Inc. (NYSE: CUZ) is under contract to buy Fifth Third Center in Charlotte for $215 million from Parmenter Realty Partners. The 30-story, 697,817-square-foot building is located at 201 N. Tryon St. in uptown Charlotte and was purchased by Parmenter Realty Fund IV in 2012. Will Yowell, Jay O’Meara and Patrick Gildea from CBRE represented Parmenter in the sale. “Fifth Third Center is a premier and iconic asset and was a solid performer in Parmenter Fund IV,” says Darryl Parmenter, chairman and chief executive officer of Parmenter Realty Partners. “We accelerated our business plan at the property and felt the time was right to sell. This will be the second asset from Parmenter Realty Fund IV that we have sold.” Parmenter made cosmetic improvements to the building and courtyard, renovated the main lobby, upgraded the elevators and mechanical systems and recommissioned the building’s energy management system. The building has been named one of the top three energy saving buildings for 2013 in Duke Energy’s Smart Energy Now program. Parmenter Realty Partners is a real estate investment, management and development firm headquartered in Miami with regional offices in Dallas, Atlanta and Washington D.C. For more information, visit …

CHICAGO — The University of Chicago has sold the mixed-use development Harper Court to Clal Insurance Co. and its affiliated companies for $112 million. The city of Chicago approved the transaction, which closed on July 25. Developed in partnership with the University of Chicago and the City of Chicago, Harper Court is a two-phase, 1.1 million square foot mixed-use development located at 53rd Street and Lake Park Avenue in Chicago's Hyde Park neighborhood. As part of the transaction, the University signed a long-term master lease for all office retail and parking space in Harper Court and will sublease space to the other current and future tenants. Tenants in Harper Court include the University of Chicago, LA Fitness, Starbucks, Chipotle and others. The University and the city, in consultation with residents and local leaders, launched the Harper Court project in 2008. After its completion in November 2013, University officials announced that they intended to seek a long-term owner for Harper Court that would support the community amenities and economic opportunities that motivated the development. Clal is a publicly traded insurance company and pension fund manager. The Israel-based financial institution has more than $40 billion in assets under management. — Danielle Everson

BOSTON — MetLife Inc. (NYSE: MET) and Norges Bank Investment Management have purchased the One Beacon Street office tower in Boston for approximately $561 million. This is the joint venture’s second property investment in Boston and its fourth overall. “One Beacon Street in Boston adds a high-quality asset in a core market to our joint portfolio with Norges Bank Investment Management,” says Robert Merck, MetLife’s senior managing director and global head of real estate investments. MetLife and Norges Bank Investment Management acquired the 34-story office tower from a joint venture between Beacon Capital Partners and insurer Allianz. MetLife will own 52.5 percent of One Beacon Street and be the managing member, while Norges Bank Investment Management will own the remaining 47.5 percent. Located in Boston’s financial district, One Beacon Street is LEED Platinum-certified and offers more than 1 million square feet of office space. Built in 1973, One Beacon Street is currently about 85 percent leased to tenants such as the Massachusetts Housing Finance Agency, the University of Massachusetts, the University of Massachusetts Building Authority, Standard Life Investments (USA) Limited and JPMorgan Chase Bank, NA. The joint venture between MetLife and Norges Bank Investment Management now has a real estate …

LOS ANGELES — Capri Capital Partners and TruAmerica Multifamily LLC have acquired the newly built Vermont, a 464-unit high-rise apartment complex in the Koreatown area of Los Angeles, for $283 million. Capri and TruAmerica purchased the property that opened in May from a partnership that includes Washington Capital Management and JH Snyder Development. Javier Rivera, Joe Leon, David Young and David Doupe of JLL represented the seller. “Capri’s investment strategy is to acquire high-quality Class A properties in urban markets with supply-demand imbalances and strong demographic, economic and income trends,” says Quintin Primo III, chairman and CEO of Capri. “The Vermont is a model for transit-oriented development in a city that is increasingly placing a high value on density in the urban core.” The Vermont is a multifamily property that consists of two towers, one 29 stories, the other 23. The apartment community features amenities including a shared, 16,500-square-foot sky lobby and lounge; 3,300-square-foot FIT360 gym and luxury spa; skydeck pool and garden; business center; 24-hour doormen; and club party room. The Vermont/Wilshire Metro station is located across the street. Rents for a 640-square-foot, one-bedroom unit at The Vermont begin at $1,815, according to the property’s website. The team of …

ATLANTA AND LEXINGTON, KY. — Real estate investment firm Lubert-Adler Partners has sold two suburban shopping centers in the Southeast for a combined $336 million. One center is located just outside Atlanta and the other is in Lexington. AEW acquired Forum Peachtree Parkway, a 500,000-square-foot shopping center in Norcross, Ga., for $150 million. Forum at 5151 Peachtree Parkway opened in 2002. It is leased to tenants including Trader Joe’s, HomeGoods, Ann Taylor, Barnes & Noble, J. Crew, Williams-Sonoma, Pottery Barn, Old Navy and Banana Republic. Starwood Capital acquired the majority of space at Hamburg Pavilion, a shopping center in Lexington with more than 1 million square feet of retail space, for $186 million. Hamburg Pavilion, which opened in 2000, is located on 105 acres along Interstate 75. Tenants include Kohl’s, Marshalls, Dick’s Sporting Goods, PetSmart, DSW, Big Lots and Ross Dress for Less. Inline tenants, including nine restaurants, occupy the remaining space. Thomas Enterprises of Newnan, Georgia developed both centers. Lubert-Adler made equity and debt investments in both centers in 2008. Lubert-Adler was co-founded in 1997 by Ira Lubert and Dean Adler. The Philadelphia-based firm has invested $6.5 billion of equity into assets valued at more than $16 billion. — …

NEW YORK — CIT Group Inc. (NYSE: CIT), a provider of commercial lending and leasing services, will merge with IMB Holdco LLC, the parent company of OneWest Bank N.A., for $3.4 billion in cash and stock. The merger will increase CIT’s total assets to $67 billion. Following the close of the transaction, CIT Bank, CIT’s banking subsidiary, will merge with OneWest Bank under the CIT Bank name and CIT. Under the terms of the agreement, IMB Holdco LLC shareholders will receive $2 billion in cash and 31.3 million shares of CIT Group Inc. common stock currently valued at $1.4 billion, assuming a CIT stock price of $44.33. The boards of directors of both companies have approved the transaction, which is subject to customary closing conditions and regulatory approvals. CIT expects the transaction to be 20 percent accretive to earnings per share in 2016, generating an internal rate of return of 15 percent. John Thain, chairman and CEO of CIT Group, will continue to lead the company. Steven Mnuchin, chairman of IMB Holdco LLC, will join CIT Group Inc. as vice chairman and will also become a member of its board of directors. Alan Frank, an independent director from OneWest Bank …

SACRAMENTO, CALIF. — Encore Restaurants LLC has acquired eight Five Guys Burgers and Fries restaurants in Central California for an undisclosed sum. The restaurants are located in Elk Grove, Fresno, Lodi, Natomas, Roseville, Stockton, Tracy and West Sacramento. Encore plans to develop 45 more locations within the state in the next four years. It will initially focus on the Fresno area. “We have located the first 10 sites and will begin building the restaurants [in the] first quarter of 2015 in Fresno,” says William Ray Bruce, president of Encore Restaurants. “Our guests are asking for more locations in this trade area.” The existing restaurants are located from Fresno to South Lake Tahoe, and as far west as Napa County. “We plan on helping these communities with management personnel and many crew member positions,” says Bharat Sangani, chairman of Encore Enterprises. “By the end of our four-year development stretch we hope to bring upwards of 1,250 jobs to the region.” Encore Restaurants is a subsidiary of Dallas-based Encore Enterprises, a privately owned national real estate company. Encore develops, acquires, and manages hotels, multifamily communities, retail shopping centers, commercial offices and public-private mixed-use developments. Encore Restaurants develops, owns and manages specific territories …

CHICAGO — Hines and Magellan Development Group have broken ground on Wolf Point West Tower, a $160 million, 48-story multifamily project in Chicago being built along the Chicago River. The waterfront development will feature 509 luxury rental units, more than 400 feet of publicly accessible river walk and green space. Initial occupancy is expected in the fall of 2015. “Hines, together with Wolf Point owners, Magellan Development Group and all of our project partners, architects, consultants and contractors, is proud to be breaking ground on this exciting new project,” says Greg Van Schaack, senior managing director of Hines. Representatives at the groundbreaking ceremony on Friday, July 18 included dignitaries from the Illinois AFL-CIO, the Chicago Federation of Labor, the Chicago & Cook County Building & Construction Trades Council, the AFL-CIO Building Investment Trust (BIT), PNC Realty Investors Inc., Hines, Magellan Development Group, the Wolf Point owners and the AFL-CIO Investment Trust Corp. Wolf Point West is the first of three new buildings to be built on the Wolf Point site, which together is estimated to create more than 2,000 construction jobs. The BIT indirectly provided a $34 million equity investment in the project, and BIT's partners and a third-party lender …

PORTLAND, ORE. — Pebblebrook Hotel Trust has acquired The Nines Hotel in Portland for $127 million. The 331-room hotel is located on SW Morrison Street, across from Pioneer Square downtown. The Nines is in close proximity to Pioneer Place Mall, Saks Fifth Avenue, Nordstrom, Nike Town, the Pearl District and the Portland Center for the Performing Arts. Nearby employers include US Bank, Deloitte, NRC, Wells Fargo, Intel and Nike. Pebblebrook acquired a fee simple condominium interest in the hotel. The historic building was originally constructed in 1909. Back then it was the Meier & Frank Building. The property underwent a $140 million adaptive reuse renovation and reopened as The Nines in October 2008. “This hotel represents our third hotel investment in Portland’s central business district, and the property’s desirable location across from Pioneer Square ideally places it near many of downtown Portland’s most notable demand generators,” says Jon Bortz, Pebblebrook’s chairman and CEO. “The hotel’s excellent downtown location and strong operating fundamentals, including its position as the market’s rate leader, make this acquisition an outstanding addition to our high-quality portfolio.” The hotel occupies floors six through 15 of the building, as well as portions of the first floor and basement. …