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PHILADELPHIA — Keystone Property Group and Mack-Cali Realty Corp. (NYSE: CLI) have jointly purchased Curtis Center, a Class A office and retail building overlooking Independence Hall and Washington Square Park in Philadelphia’s Center City, for $125 million. The companies acquired the building in an all-cash transaction, and plan to redevelop the property into a mixed-use development consisting of luxury rental apartments, office space and an outdoor pedestrian experience. Curtis Center totals approximately 885,000 square feet and comprises a city block. Current tenants include the General Services Administration and several ground-floor retailers. Keystone and Mack-Cali plan to convert approximately 90,000 square feet of office space in the building into 90 luxury rental apartments. “Not only is Curtis Center rich with cultural importance, but it's also perfectly aligned with our company's overarching goal to expand our regional footprint by creating exciting live-work-play spaces in dynamic markets,” says Bill Glazer, president of Keystone Property Group. “We're thrilled to have the chance to transform this icon into a vibrant mixed-use environment, while maintaining the historical significance of one of Philadelphia's most recognizable buildings.” A redeveloped Curtis Center will also feature new corner restaurant spaces with frontage on Walnut and Sixth streets, as well as …

ORLANDO, FLA. — The owners of Mango’s Tropical Café Orlando and Mango’s Tropical Café South Beach, David and Joshua Wallack, plan to develop the world’s tallest roller coaster, The Skyscraper, and the SKYPLEX indoor entertainment complex at International Drive and Sand Lake Road in Orlando. The $200 million SKYPLEX will comprise approximately 495,000 square feet located on 12 acres. The development will break ground in 2015 and is expected to open in 2016. The Skyscraper at SKYPLEX, to be built near the soon-to-open Orlando Eye 425-foot Ferris wheel, will be a unique addition to Orlando’s skyline. “Next to our theme parks, International Drive is one of the most recognized icons of Orlando,” says George Aguel, president and CEO of Visit Orlando. “It’s exciting for our tourism community to see this type of investment being made to continuously raise the bar on the dining and entertainment experiences we offer across our destination.” The Skyscraper at SKYPLEX is 570 feet tall and will feature the first “Polercoaster” built. The structure is a vertical roller coaster created with coaster-length tracks featuring “all the other thrilling mayhem” but “in a very small footprint,” according to Michael Kitchen, president of US Thrill Rides, the Orlando-based …

BOSTON — Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) is developing a dual-branded hotel complex in Boston, which will feature its Aloft and Element brands. The 330-room Aloft Boston Waterfront and 180-room Element Boston Waterfront will be located on D Street directly across the street from the Boston Convention & Exhibition Center. “We look forward to opening this dual-branded Aloft and Element hotel complex as part of the ongoing redevelopment of the South Boston Waterfront, the city’s fast-growing business and innovation district,” says Brian McGuinness, senior vice president of specialty select brands for Starwood. Aloft Boston Waterfront will include more than 10,000 square feet of meeting space, a pool, fitness center and Re:fuel by Aloft, a grab and go food and beverage area. Element Boston Waterfront will offer extended stay lodging, with studios featuring fully equipped kitchens and spa-inspired bathrooms. Facilities will include a fitness center, a pool and approximately 1,000 square feet of meeting space. The 13-story Aloft Boston Waterfront will be separated from the eight-story Element Boston Waterfront by a hotel drive that runs perpendicular to D Street. The Aloft and Element will share a 120-space parking lot and each hotel will include more than 8,000 square …

CHARLESTON, S.C. — Greystar Real Estate Partners has acquired Riverstone Residential Group, in effect uniting the two largest multifamily property management companies in the country. The companies’ combined portfolio totals more than 385,000 units. Earlier this year, Greystar and Riverstone were ranked No. 1 and No. 2, respectively, on the National Multifamily Housing Council’s “NMHC 50 Largest U.S. Apartment Managers” list. The companies’ combined total assets under management more than doubles that of the No. 3 ranked management company, Lincoln Property Co. Greystar purchased Riverstone from London-based CAS Capital Limited, a wholly owned subsidiary of Regis Group PLC. “Riverstone is one of the nation’s most highly respected multifamily firms, and we are proud to have them join our Greystar family,” says Bob Faith, chairman and CEO of Greystar. “Combining forces makes us even stronger, especially in local markets where we are bringing together some of the most talented and experienced multifamily professionals in the industry.” Prior to the acquisition, Greystar’s management included units in 35 states and Washington, D.C., while Riverstone’s management portfolio included units in 36 states and Washington D.C. The combined portfolio will cover 41 states and the nation’s capital. “We are excited to complete this transaction with …

WEST HILLS, CALIF. — Retail Opportunity Investments Corp. (ROI Corp.) has entered into an agreement to purchase Fallbrook Center in the West San Fernando Valley of the Los Angeles area for $210 million. The seller is General Growth properties, which has owned the center since 1983. The transaction is expected to close this quarter. Fallbrook Center has approximately 1.1 million square feet of gross leasable area. Tenants of the center include Ralph's, Trader Joe's and Sprouts, as well as Walmart, Home Depot, Target and Kohl's. The center is 98 percent leased, and 87 percent of the tenants are anchors with an average remaining lease term of 12 years. “Fallbrook is one of the strongest shopping centers in the San Fernando Valley and is an excellent strategic fit with our existing portfolio given its location and market position, as well as its diverse mix of tenants, many of which are necessity-based retailers,” says Stuart Tanz, president and CEO of Retail Opportunity Investments (NASDAQ: ROIC). “In addition to the strategic attributes, we expect that the transaction will be immediately accretive and enhance our long-term, stable cash flow.” Fallbrook Center’s trade area demographics include a population of 474,000 and an annual household income …

CHICAGO AND NEW YORK — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire all of the outstanding shares of American Realty Capital Healthcare Trust Inc. (NASDAQ: HCT) in a stock and cash transaction valued at $2.6 billion. The board of directors for both companies unanimously approved the agreement, which would transfer 143 properties and a pipeline of more than $250 million in potential investments to Ventas. The transaction is expected to close in the fourth quarter of this year. “[This transaction provides our shareholders] the opportunity to participate in the future growth of what will become the largest, and in my view, best managed healthcare REIT and sixth largest overall REIT in the country,” says Nicholas Schorsch, executive chairman of ARC Healthcare, a New York-based REIT focused on acquiring and owning a portfolio of medical office buildings, seniors housing and select hospital and post-acute care properties. ARC Healthcare’s portfolio consists mostly of medical office buildings (MOBs) and seniors housing assets, comprising more than 80 percent of net operating income (NOI) for the fiscal year ended Dec. 31, 2013. The properties are located in attractive markets with home values and senior growth rates higher than the …

WEST VALLEY CITY, UTAH — Freeport West has broken ground on a 2.3 million-square-foot industrial storage, warehousing and distribution development in West Valley City, about 10 miles southwest of Salt Lake City. The 130-acre project, made possible through a public-private partnership, has been named ARA. “The origin of the name ARA means ‘brings rain,’” says Bradley Ross, Freeport’s executive managing director. “It describes the remarkable opportunity the property affords for attracting the world’s largest manufacturers and distributors to our state and creating thousands of new jobs locally.” The initial structures will total 500,000 square feet and are slate for completion in winter 2015. They will be located at 6755 West and the 2100 South Frontage Road, just off Utah State Route 201 and west of Rocky Mountain Raceway. “With this new industrial campus enterprise, we are adding capacity for new large-scale storage, warehousing, distribution, office and showroom space within the Wasatch Front, where it has been tapped out,” Ross continues. The remainder of the campus is scheduled for completion by 2019, though development will depend on tenant occupancy and market conditions, according to Freeport West. The project should create about 3,000 new jobs for the region. Hilton Williams Architects is …

NEW YORK — A partnership between Megalith Capital Management, Urban Realty Partners and The Carlyle Group has secured construction financing from Bank Leumi USA for the more than $100 million development of 200 Water St. and 177 Front St. in New York. The partnership is planning a six-story condominium building at 200 Water St. and a 105-unit apartment building at 177 Front St. Tel Aviv-based Bank Leumi is providing $72.5 million in financing for the development, according to business news website CommercialObserver.com. The partnership has not announced the source of the remaining funds, but it is known that The Carlyle Group will commit equity to the projects. “We are pleased to have a new equity partner and construction lender as we move forward with our continued goal to create new condominium residences and rental apartments within the context of this emerging New York City neighborhood,” says Sam Sidhu, CEO of Megalith. Megalith acquired three contiguous parcels — the 200 Water St. and 177 Front St. lots, as well as a third at 173 Front St., all located in the Down Under the Manhattan Bridge Overpass (DUMBO) neighborhood — from the Jehovah’s Witnesses organization in 2013 for $30.6 million. Earlier this …

NEW YORK — Carey Watermark Investors Inc. has acquired Courtyard Times Square West, a 224-room select-service hotel, for $95 million. The 27-story hotel is located at 307 W. 37th St. in the Times Square area of midtown Manhattan. The $95 million investment includes the purchase price, acquisition-related costs and planned capital expenditures. The acquisition was financed with $56 million of debt. “The acquisition of the Courtyard Times Square West represented the opportunity to invest in a newly built, high-quality, select-service property with strong brand affiliation in one of the strongest domestic hotel markets,” says Michael Medzigian, chief executive officer of ?Carey Watermark Investors. “Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio.” Courtyard Times Square West is within walking distance of Madison Square Garden, the Fashion District, the Theater District and the Jacob Javits Convention Center. Midtown Manhattan also houses more than 75 percent of New York City's 389 million square feet of office space. Built in 2013, the hotel was designed with a more open, expansive lobby and larger guestrooms and public spaces when compared to the select-service supply in the market. The hotel includes 655 square feet of …