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HIALEAH, FLA. — Cronheim Mortgage has arranged a $140 million loan for the refinance of Palm Springs Mile, a 1.3 million-square-foot retail portfolio located in the Miami suburb of Hialeah. Palm Springs Mile includes a group of contiguous shopping and strip centers on Hialeah’s primary commercial corridor along both sides of the street. Anchor tenants include Kohl’s, LA Fitness, Walmart Neighborhood Market, Burlington Coat Factory, Michael’s, Toys ‘R’ Us, Winn-Dixie and Ross Dress for Less. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage placed the loan through one of Cronheim’s insurance company correspondents. The 25-year loan features seven years of interest-only payments followed by a 30-year amortization schedule. The borrower was an entity affiliated with Philips International, a real estate operator and developer based in New York City. The company’s holdings span more than 200 retail and hotel properties throughout the country. Philips International has offices in New York, Delaware, Florida and Texas. “We are pleased to have helped the borrower accomplish its goal of locking in long-term financing while interest rates remain near historical lows,” says Turley. “Palm Springs Mile is one of South Florida’s premier retail assets. Cronheim Mortgage is thrilled to add this loan to …

MIAMI — Stiles has sold 800 Brickell, a 209,122-square-foot office building located on Brickell Avenue in Miami, for $111.6 million. RAR 2-800 Brickell, an affiliate of RREEF Property Trust, purchased the property. The sales price represented $533 per square foot, the highest price in the Brickell submarket, according to Stiles. “This transaction is a testament to the strength of the Brickell submarket as well as our ability to create value for our partners and execute on our asset strategy,” says David Chanon, Stiles vice president of financial services. “Brickell is one of the premier office and residential submarkets in the country.” Stiles purchased the property in partnership with Guggenheim Real Estate in 2004 for $34 million. Over the last decade, the company increased the property’s leasable square footage, upgraded the common areas and elevators, modernized the exterior plaza and office suites, and completely redesigned and activated the ground-floor retail along Eighth Avenue. Stiles received LEED Silver certification for 800 Brickell in 2011. The building is Energy-star rated and has won The Office Building of the Year and Earth awards by the Building Owners and Managers Association. Originally constructed in 1981, 800 Brickell includes a 15-story full glass façade and an …

CHICAGO AND NEW YORK — Global commercial real estate services firms Cushman & Wakefield and DTZ have reached a definitive agreement to merge operations. According to multiple media outlets, DTZ is acquiring Cushman & Wakefield for approximately $2 billion. The new company, which will operate under the Cushman & Wakefield brand, will have revenues exceeding $5.5 billion, more than 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. “DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies — whether in New York, London or Shanghai, this will be a formidable combination,” says Brett White, who will assume the role of chairman and CEO of the combined company. White has more than 30 years of experience in the real estate industry and his previous role was CEO of CBRE. “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward,” adds White. Upon completion of …

NEW YORK — HFZ Capital Group, whose founder and chairman is Ziel Feldman, has secured the acquisition of an $870 million development site after securing $1 billion in financing. The property, known as 76 Eleventh Avenue, is a full city block from 17th to 18th Streets between Tenth and Eleventh Avenues that runs along the High Line Park in Manhattan’s Chelsea neighborhood. High Line Park is an elevated trail built on a section of the former New York Central Railroad. The financing will cover the purchase price for the property, as well as other pre-development expenses, according to media reports. A group including JPMorgan, BlackRock and SL Green provided the money. Carlton Group, owned by Howard Michaels, represented HFZ in the transaction. According to reports, 70 percent of the financing package is a loan and the remainder is equity. Howard Michaels, chairman of Carlton Group, acted as a financial advisor to HFZ in the transaction. HFZ reached an agreement to buy the site last year. The financing will allow the developer to close on the property at a price of $1,100 per square foot. “We have a unique opportunity at 76 Eleventh Avenue to develop an architecturally significant project with unparalleled …

NEW YORK — Monday Properties, in partnership with Dallas-based Invesco Real Estate, has sold 230 Park Avenue to RXR Realty for $1.2 billion. The 34-story, 1.4 million-square-foot property, known as the Helmsley Building, is one of the largest office building sales transactions year to date in New York City. “When we purchased 230 Park Avenue, our vision was to elevate one of the most historic and visible New York City office buildings into an energy-efficient, modern trophy property,” says Anthony Westreich, chairman and CEO of Monday Properties. “We are delighted not only with the return on the investment, but that we had the opportunity to contribute to the building’s iconic status and leave a lasting legacy that will benefit the community.” As an owner and operator of 230 Park Avenue since 2002, Monday managed an extensive capital campaign of approximately $200 million to reposition the building. This program included several interior restoration projects including improvements to the lobby, restrooms, common corridors and custom wall coverings, as well as exterior improvement projects to refurbish the walkways and install a façade lighting system that features 700 LED luminaires. In addition, Monday worked with the Landmarks Preservation Commission to renovate all passenger elevator …

CAMBRIDGE, MASS. — Forest City Enterprises Inc. (NYSE: FCE-A) has entered into a share purchase and redemption agreement to acquire Health Care REIT Inc.’s (NYSE: HCN) 49 percent equity interest in seven life-science office properties and two parking facilities at University Park at the Massachusetts Institute of Technology (MIT) in Cambridge for $573.5 million. University Park is a 27-acre, mixed-use campus developed by Forest City adjacent to MIT. The project includes 10 life-science office buildings (including one under construction) totaling more than 1.7 million square feet, as well as 530 apartment units in four multifamily properties. The two companies entered into a 51/49 equity joint venture for the properties in February 2010. University Park amenities include a landscaped commons, a 210-room hotel, a grocery store, restaurants and neighborhood retail. MIT is the ground lessor for the entire University Park project. The redemption price for the properties is $573.5 million, less Health Care REIT’s 49 percent of the outstanding debt on the properties, or approximately $174 million. The purchase price represents a projected 5 percent cap rate based on forward 12 months net operating income. At closing, which is expected to occur by October, the net redemption price net of debt …