Top Stories

NEW YORK — A joint venture partnership between NorthStar Healthcare Income Inc. and NorthStar Realty Finance Corp. (NYSE: NRF) has acquired an $875 million portfolio of independent living facilities, following an SEC filing reported in April. NorthStar Healthcare and NorthStar Realty are both real estate investment trusts (REITs) externally managed by NorthStar Asset Management Group Inc. (NYSE: NSAM), a New York-based asset management firm focused on managing real estate and other investment platforms. The portfolio is comprised of 32 independent living communities spanning 3,983 units and is 100 percent private pay. The communities are located in 12 states, with the largest concentration of facilities within California, Texas and Washington. As of March 31, the portfolio’s overall resident occupancy was approximately 93 percent. The joint venture has retained Holiday Retirement Communities, one of the largest operators of independent living communities in North America, to operate the portfolio. Holiday Retirement is the operating name of the portfolio’s seller, Harvest Facility Holdings LP. NorthStar Healthcare acquired a 40 percent interest in the portfolio, and NorthStar Realty acquired the remaining 60 percent interest. “The experience of our healthcare team and its extensive relationships within the healthcare industry have and will continue to play a …

HALLANDALE, FLA. — Beachwalk Resort, a 33-story, $150 million resort developed by Miami-based The Related Group and managed by Gemstone Hotels & Resorts, opened today in South Florida. Beachwalk Resort is comprised of 300 units, 216 of which are two-bedroom suites. Each of the units is a privately owned condominium. The resort’s owners and guests have access to a three-story beach club with pool, lockers, showers, restrooms, an outdoor bar and restaurant with chaise service and beach facilities, all accessible by a complimentary, electric trolley. “Because of their deep understanding of the luxury residential market, The Related Group has developed a vacation resort that speaks to the needs and desires of the modern family,” says Thomas Prins, principal of Gemstone. “With two more similarly positioned resorts coming on line in 2016 and in 2018, I expect that we will dramatically shift the mix of vacation options in this part of South Florida, and perhaps even define a new standard.” Beachwalk features interiors designed by Italian car design firm Pininfarina and contemporary Italian furnishings. The hotel also features original works of art from the collection of Jorge Pérez, patron of the Pérez Art Museum Miami. Other amenities on the property include …

HOUSTON — Moody National REIT I Inc. has signed a contract to acquire a 149-hotel portfolio from a third-party seller for an aggregate purchase price of $1.73 billion, excluding acquisition costs. Multiple media outlets are reporting that Goldman Sachs Group Inc. is selling the portfolio to the non-traded REIT through its Whitehall Street funds. The portfolio includes 14,000 units spread across 32 states, with a large concentration of hotels in California, Arizona, Texas and the Northeast. The majority of the portfolio consists of Marriott and Hilton branded select-service hotels. “This is a great concentration of assets in key states which will benefit from several years remaining in the expanding hotel cycle,” said Brett Moody, Moody National REIT I’s CEO and chairman. “These are well-branded and well-managed assets.” While a bulk of the Marriott and Hilton assets have undergone renovations (Courtyard Refreshing Business, Residence Inn Gatehouse Re-Inventions and Hampton Inn Forever Young Initiative), the REIT plans to accelerate and complete all remaining brand required renovations. The acquisition of the portfolio is subject to substantial conditions to closing, including the REIT’s ability to obtain financing for the acquisition. Houston-based Moody National REIT I owns select-service hotels in major markets across the United …

BASKING RIDGE, N.J. — Cushman & Wakefield has closed a sale-leaseback transaction valued at $650 million for the 1.4 million-square-foot Verizon operations center in Basking Ridge. Cushman & Wakefield’s real estate investment banking group worked closely with its New York brokerage and New Jersey investment sales teams to arrange the transaction. Cushman & Wakefield acted as financial advisor and exclusive placement agent for Verizon on the transaction, which represents the largest sale-leaseback ever completed in suburban New Jersey. The sale value represents one of the highest sales prices per square foot of any suburban sale-leaseback in the United States, according to media reports. Mesirow Realty Sale-Leaseback Inc., a division of Mesirow Financial, a financial services firm headquartered in Chicago, acquired the facility, which employs 3,900 full-time employees. “This real estate deal provides our company with immediate financial benefits and allows us to extract significant value from this asset while continuing to occupy the entirety of its office space,” says John Vazquez, senior vice president and head of global real estate for Verizon. “Cushman & Wakefield achieved our strategic objectives by maximizing value and flexibility through the best possible deal structure.” As part of the transaction, Verizon will lease back the entire facility …

NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has entered into a definitive agreement to acquire Eleven Madison Avenue in New York City for $2.29 billion, plus approximately $300 million in costs associated with lease-stipulated improvements to the property. The building is being sold by a joint venture between The Sapir Organization and CIM Group. The transaction is expected to close in the third quarter of 2015. Built in 1929 as the original headquarters of Metropolitan Life Insurance Co., Eleven Madison Avenue is a 29-story, 2.3 million-square-foot office tower located in New York’s Midtown South submarket. After a $700 million modernization in the 1990s, it became the North American headquarters of Credit Suisse, which continues to be the largest tenant in the building today. It also will serve as the new headquarters for Sony Corp. of America. Yelp, Young & Rubicam, William Morris Endeavor Entertainment and Fidelity Investments occupy the balance of the building, along with the Eleven Madison Park restaurant, which earned Three Stars from the Michelin Guide. The property features an art-deco design highlighted by an Alabama limestone exterior. It is also on the National Register of Historic Places. “Eleven …