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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 …

PORTLAND, ORE. AND IRVINE, CALIF. — RLJ Lodging Trust (NYSE: RLJ) has acquired two hotels on the West Coast, the 256-room Courtyard Portland City Center in Portland, Ore., and the 293-room Embassy Suites Irvine Orange County in Irvine, Calif., in an off-market transaction for $120 million. The purchase price, which equals approximately $219,000 per key, represents a 7.4 percent cap rate on the hotels’ projected 2015 net operating income. “Both assets benefit from prime central locations, strong brand affiliations and strong operating performance,” says Thomas Baltimore Jr., president and CEO of RLJ Lodging Trust. “With the acquisition of these two hotels, we continue to expand our West Coast presence and upgrade our portfolio’s overall quality.” The custom-designed Courtyard Portland City Center’s location in downtown Portland enables the hotel to benefit from corporate, group and leisure demand throughout the city. According to RLJ, downtown Portland’s relatively high barriers to entry are expected to limit new hotel supply. The all-suite Embassy Suites Irvine Orange County hotel is located less than one mile from the John Wayne Airport. According to RLJ, the hotel is located in the largest office submarket in Orange County, with more than 22 million square feet of office space …

HUNTINGTON BEACH, CALIF. — Prudential Real Estate Investors has acquired One Pacific Plaza, a 384,303-square-foot office campus in Huntington Beach, for $93.6 million. The three-building plaza is located at 7755 Center Ave., just off Interstate 405. Lincoln Property Company and GEM Realty Capital acquired the Class A plaza in October 2011 through a receivership sale. That sale included the 193,081-square-foot office tower and two mid-rise office buildings, in addition to the adjacent 24-Hour Fitness center and Buca Di Beppo restaurant. The retail assets have since been sold. Many other retail outlets are also nearby, as the Bella Terra shopping center is just steps away from One Pacific Plaza. The joint venture has made significant upgrades to the property over the past three years. The lobby, elevators and common areas were all remodeled, while new outdoor courtyards with seating areas were added to the exterior. “This was a strategic acquisition of a ‘broken’ and distressed asset that we were able to stabilize in less than three years,” says Kevin Hayes, Lincoln’s senior vice president. “We focused on driving premium lease rates in a location-driven market, which required a nuanced understanding of our leverage in each situation. We accomplished this while addressing …

NEW YORK CITY — Bank of New York (BNY) Mellon has agreed to sell its 1.1 million-square-foot One Wall Street office tower in Manhattan to a joint venture led by Macklowe Properties for $585 million. CBRE is brokering the deal, which is expected to close in the third quarter. Completed in 1931, the art deco building stands 50 stories. Investment services provider BNY Mellon has occupied the property since 1989, when The Bank of New York acquired Irving Trust Co. “We’re pleased to have reached this agreement,” says Gerald Hassell, chairman and CEO of BNY Mellon. “Once finalized, it will advance our plan to consolidate office space in New York City, lead to a more functional and efficient work environment for our employees and deliver a solid financial gain to the company.” Hassell adds that BNY Mellon expects to announce a new lease for space elsewhere in the New York region within the next two months. The company’s headquarters moved from 48 Wall Street to One Wall Street in 1998. Irving Trust Co. purchased the original lot in 1927 for $14.5 million. Voorhees, Gmelin and Walker designed the skyscraper, which was constructed with a base of Maine granite and Indiana …

NEW YORK — American Realty Capital Properties Inc. (NASDAQ: ARCP) intends to sell its multi-tenant shopping center portfolio for approximately $2 billion in cash to affiliates of Blackstone Real Estate Partners VII. ARCP plans to use the capital from its multi-tenant business to fund the purchase of a previously announced Red Lobster portfolio. ARCP has entered into a letter of intent to sell its multi-tenant shopping center portfolio to Blackstone and expects to finalize definitive documentation with Blackstone with respect to the sale in the next 30 days. The New-York based REIT would then use the proceeds from the sale to fund its Red Lobster sale-leaseback transaction. The properties included in this portfolio are the same properties that ARCP previously announced would be spun off into American Realty Capital Centers Inc. “We continued to look at options to create stockholder value through a disposition of our multi-tenant assets, and we believe that through the sale to Blackstone of the multi-tenant shopping center portfolio, we have accomplished this,” says David Kay, president of ARCP. “This sale will allow us to acquire what in our view are the 500 best Red Lobster stores profitably by selling our multi-tenant portfolio at a cap …

CINCINNATI — The Port of Greater Cincinnati Development Authority has begun the planning and development of the MidPointe Crossing mixed-use development in Cincinnati’s Bond Hill neighborhood. The project is valued at $80 million. MidPointe Crossing will be located within one mile of Interstate 75, and has the potential for up to 500,000 square feet of office and retail. The nearby intersection of Reading Road and Seymour Avenue sees more than 37,000 vehicles each day. “MidPointe Crossing is Cincinnati’s next great office and retail location,” says Laura Brunner, Port Authority president and CEO. “The Port Authority and City of Cincinnati have teamed up on making a significant investment in this location that complements all of the other momentum nearby. We now expect the market will respond favorably, because there are only a handful of development-ready city sites of this caliber.” The site of MidPointe Crossing was the former home of Swifton Commons, the region's first shopping mall. The 400,000-square-foot Swifton Commons opened in 1956 and was demolished in December 2013. The development authority has selected Cassidy Turley senior vice president Scott Abernethy and associate Joshua Smitherman to lead office land sales for the 25-acre development, as well as vice president Andrew …