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LOS ANGELES — Clarion Partners has acquired Latitude 34, a 301,642-square-foot office campus within the master-planned community of Playa Vista, for a reported $132 million. The two-building campus is located along Millennium Drive in the Westside submarket, minutes from Los Angeles International Airport. Clarion plans to implement a capital improvement program at the property, in addition to new landscaping and creative speculative suites. The design will be handled by Gensler. “This premier property will offer tenants a dynamic, high-performance office environment designed for creativity and collaboration, located within a vital 'live/work/play' setting that is attracting prominent media, advertising and high-tech groups,” says Khalid Rashid, vice president of Clarion. ASB Real Estate Investments was the seller. Lincoln Property Company and L.A. Realty Partners will be retained as the leasing and management entities. “This acquisition gives us a significant position in one of the fastest-growing submarkets in Los Angeles,” says Rick Schaupp, Clarion's director and portfolio manager. “Our intention is to create a new breed of workplace, one where ideas become opportunities and people move fluidly between work spaces — indoors and outdoors — in order to connect and enjoy a sense of community.” — Nellie Day

INDIANAPOLIS — Kite Realty Group Trust (NYSE: KRG) has completed a $2.1 billion merger with Inland Diversified Real Estate Trust Inc. The shareholders of Kite Realty and the stockholders of Inland Diversified approved the transaction at special meetings held on June 24. The combined company will continue to trade under Kite Realty’s existing ticker symbol, KRG, on the New York Stock Exchange. As a result of the merger, each former share of Inland Diversified common stock has been converted into 1.707 newly issued Kite Realty common shares. “We are extremely excited to close the merger with Inland Diversified, which represents a transformative event in the history of our company. This transaction creates a $4 billion company and provides a number of significant financial and operational benefits,” says John Kite, chairman and CEO of Kite Realty. “We expect to realize numerous financial benefits from the merger, including a substantial increase in cash flow and liquidity, a lower cost of capital, and a strengthened balance sheet. Operational opportunities include improved synergies from an expanded platform and the leveraging of Inland Diversified’s high-quality portfolio with strong demographic profiles in dynamic new markets. This will provide profitable redevelopment opportunities and the ability to enhance …

LOS ANGELES — Rexford Industrial Realty Inc. (NYSE: REXR), a real estate investment trust (REIT) focused on owning and operating industrial properties in Southern California, has acquired an industrial portfolio for $88.5 million, or approximately $108 per square foot. The nine properties, all located in Southern California, total 817,166 square feet. The portfolio is currently 87 percent leased. “The properties are strategically located within Los Angeles County, Orange County and San Diego County with convenient access to key regional, interstate, rail, and airport infrastructure to support local and regional distribution. We plan to execute on a range of opportunities to drive occupancy while enhancing functionality, cash flow and value through strategic repositioning,” said Howard Schwimmer and Michael Frankel, co-CEOs of Rexford Industrial Realty, in a company statement of the transaction. Eight of the nine properties are 96 percent leased on average, with the remaining property at 40 percent occupancy. Collectively, the nine properties contain 24 units leased to 17 tenants with staggered lease expirations. The nine properties include: Salt Lake, a 126,036-square-foot building located in City of Industry. The asset was built in 1979 and includes clear heights of 24 to 30 feet, as well as dock-high loading. The property …

NEW YORK CITY — A joint venture between Ivanhoé Cambridge and Callahan Capital Properties (CCP) has acquired a 49 percent interest in a 467,000-square-foot Manhattan office building for $150 million. The Class A building is located at 330 Hudson St. in Midtown South on Manhattan’s west side. The 16-story property recently underwent a major redevelopment that included the addition of eight new floors. It is pre-certified LEED-Gold. The building is particularly attractive among technology and creative users, according to Ivanhoé. “330 Hudson is a leading example of the creative work environment that is increasingly desirable to the growing technology and media industries in Hudson Square, which is one of New York’s most promising urban live/work neighborhoods,” says Adam Adamakakis, the firm’s executive vice president of U.S. investments. “We hope to capitalize on more opportunities in key U.S. markets soon.” This is the fifth transaction Ivanhoé has executed with CCP. The joint venture now has more than $2.1 billion invested in U.S. office properties. The majority owner of 330 Hudson is an affiliate of Beacon Capital Partners. “We are delighted with the addition of 330 Hudson to the Ivanhoé Cambridge/Callahan portfolio as it exemplifies our strategy to build a high-quality office …

DENVER — Carey Watermark Investors Inc. (CWI) has acquired the 302-room, dual-branded Hampton Inn & Suites/Homewood Suites by Hilton at the Denver Downtown-Convention Center for $81.5 million from Englewood, Colo.-based Stonebridge Cos. The hotel is located at 550 15th St. in the heart of Denver’s central business district (CBD). CWI’s total investment in the property is approximately $85 million, which includes the $81.5 million purchase plus acquisition-related costs and planned capital expenditures. The acquisition was financed with $53 million of debt. The Hampton Inn & Suites and Homewood Suites brands represent Hilton Worldwide’s upper mid-scale select-service and upscale extended-stay brands. Opened in 2013, the building is an adaptive re-use redevelopment of a 1960s-era office building. As a result, the dual-branded hotel affords more open expansive lobby areas and larger guestrooms and public spaces compared to the select-service hotel supply in the market, according to CWI officials. Primary demand generators include major corporations and businesses within the CBD, the Colorado Convention Center and Denver’s major leisure attractions, including the 16th Street Mall, Coors Field and Pepsi Center. Since 2003, the CBD has benefitted from approximately $4.6 billion of public and private sector investment. The 302 rooms include 120 Hampton Inn & …

MEMPHIS, TENN. — EdR (NYSE: EDR), a developer, owner and manager of collegiate housing, will use $171 million in proceeds from a recent equity offering to fund one acquisition and two new developments at Arizona State University, the University of Connecticut and the University of Louisville. EdR has agreed to purchase The District on Apache, a student housing community serving Arizona State University, for approximately $92 million. In addition, the REIT will own and manage the $45 million The Oaks on The Square student housing property at the University of Connecticut, and has executed joint venture agreements with Georgia-based Landmark Properties Inc. to develop, own and manage The Retreat at Louisville, a student housing property at the University of Louisville. “Each of these communities will strengthen our portfolio, bring additional value to our shareholders and further our company’s growth plan,” says Randy Churchey, president and CEO of Memphis-based EdR. The District on Apache is a 900-bed community within walking distance of the Arizona State University Tempe campus. The property, which opened in August 2013, is fully occupied and 90 percent pre-leased for the coming academic year. EdR anticipates the property to be 95 percent pre-leased upon opening in fall 2014. …

BOSTON — HFF (NYSE: HF) has secured a $97 million construction loan for the development of a 330-room Aloft Hotel and a 180-room Element Hotel adjacent to the Boston Convention and Exhibition Center in Boston’s Seaport District. “The development of the Aloft and Element Hotels will add more than 500 hotel rooms to the immediate area,” says Anthony Cutone, HFF managing director, “providing a degree of relief to the undersupplied Boston hotel market and allowing the Boston Exhibition and Convention Center to more effectively compete for convention business.” HFF worked on behalf of a venture between Ares Management LLC and CV Properties LLC to place the 42-month construction loan with RBS Citizens and Santander Bank N.A. Cutone and senior real estate analyst Alan Suzuki led HFF’s debt placement team. Kevin Boyle, Chris Robie and John Fahy led Citizens’ team. George Brockman, director of commercial real estate, and Pete Olivier, senior commercial real estate banker, led Santander’s team. The two hotels will be situated on a 3.1-acre site at 371-401 D Street in Boston’s Seaport District, leased from the Massachusetts Convention Center Authority. The Aloft Hotel will be a 13-story hotel with 325 guestrooms and five one-bedroom suites. Hotel amenities will …

COLLEGE STATION, TEXAS — Balfour Beatty has closed on the financing for a $104 million student housing project at Texas A&M University’s main campus in College Station. Balfour Beatty Campus Solutions LLC, a developer and operator for the college and university market, is the lead developer for the development, and Balfour Beatty Construction, based in Dallas, is the design/build partner on the project. The development, which is Phase I of the project’s two planned phases, will feature 1,274 beds and community areas that will house residence life offices and other amenities for Texas A&M’s undergraduates. Construction is expected to begin this summer, and the development is expected to be ready for occupancy in August 2015. “This is an exciting project that harnesses the significant capabilities of both Balfour Beatty’s investments and construction teams to deliver a creative development and financing solution that meets the university’s specific goals,” says Jim Short, senior vice president for Balfour Beatty Campus Solutions. “We’ve worked closely with university representatives and are very pleased with the ultimate design which will result in an exceptional living environment for the students at Texas A&M.” Developed through a public-private partnership on a long-term ground lease with the university, the …

NEW YORK CITY — A partnership led by Thor Equities has purchased a 26-story office building in New York for $595 million. The property, 530 Fifth Avenue, occupies the entire block of Fifth Avenue between 44th and 45th streets. The structure contains about 480,000 square feet of prime office space and another 55,000 square feet of retail space. Notable retail tenants include Desigual, JPMorgan Chase and Fossil. Office tenants include Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital. The sellers, which purchased the building in 2011 and have invested more than $10 million to modernize its infrastructure, included Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions. Eastdil represented the sellers in the transaction. The deal is expected to close in mid-September. “530 Fifth’s dynamic location and architectural features have provided a strong foundation from which to reposition this building as a top-tier asset,” says Joe Gorin, Rockwood’s managing director. “This property epitomizes Rockwood’s strategy of investing in well-located real estate that provides an opportunity to outperform over the long term.” Fifth Avenue will always serve as an iconic location in New York City for retail and office space, says Michael Phillips of Jamestown. “Once we repositioned the …