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BOSTON — Millennium Partners’ 60-story project, the Millennium Tower Boston, is 70 percent sold. The luxury high-rise residential tower, which is set to open in 2016, has achieved $650 million in condominium sales. Approximately 80 percent of sales have been to local buyers. Construction started in 2013 on the 1.1 million-square-foot project. Designed by Blake Middleton of Handel Architects, the 60-floor Millennium Tower Boston will consist of 442 residences with a mix of one-, two- and three-bedroom units ranging in size from 821 to 12,846 square feet. Units will start at $1.2 million and range in price up to $37.5 million for a 12,846-square-foot penthouse occupying the entire 60th floor. Currently under construction at the site of the former Filene’s Department Store and the Burnham Building, Millennium Tower Boston will offer 360-degree views of Boston’s skyline. “We are thrilled with the initial sales momentum of Millennium Tower Boston and how the project has been embraced by the local community,” says Richard Baumert of Millennium Partners. “Millennium Tower Boston promises to be a significant influence, not only in the evolution of luxury living in Boston, but also in the transformation of one of the oldest established neighborhoods in the country to …

JESSUP BOROUGH AND WILKES-BARRE, PA. — An affiliate of Endurance Real Estate Group LLC has acquired a three-building bulk warehouse/distribution portfolio totaling 544,640 square feet in Northeastern Pennsylvania. The purchase price was not disclosed. The portfolio includes a 166,500-square-foot property at 7 Alberigi Drive and a 129,500-square-foot property located at 15 Alberigi Drive, both in Jessup Borough; and a 248,640-square foot building located at 32 S. Preston Drive in Wilkes-Barre. “This deal represented a rare opportunity to acquire Class-A quality assets below replacement cost in a tightening submarket in one of the strongest warehouse/distribution corridors in the country,” says Benjamin Cohen, president of Endurance. “Two of the buildings suffered from persistent vacancy largely due to the time frame in which they were delivered (2006-2008),” says Cohen. “[But] with leasing market conditions tightening and the inherent appeal of these assets combined with a fresh approach to property leasing and management (with suites in move-in condition), we feel confident that we can step in and stabilize the portfolio quickly.” The portfolio is currently 50 percent occupied. The buildings were constructed in the late 2000s and feature Class A warehouse/distribution specifications, including 30-foot ceiling heights, ESFR sprinkler systems and expandable loading capacity with …

INDIANAPOLIS — Simon Property Group Inc. (NYSE: SPG), the largest mall owner in the United States, has proposed purchasing Santa Monica, California-based real estate investment trust The Macerich Company (NYSE: MAC) by acquiring all of Macerich’s outstanding stock for $91 per share in cash and Simon shares, in a bid valued at more than $22.4 billion. The proposed transaction includes the assumption of Macerich’s approximately $6.4 billion of debt outstanding. Macerich shareholders would receive consideration in the form of 50 percent cash and 50 percent Simon common stock, utilizing a fixed exchange ratio. Indianapolis-based Simon also has reached an agreement in principle to sell selected Macerich assets to General Growth Properties Inc. in connection with the closing of the acquisition. Neither transaction financing nor the sale of assets to General Growth will be a condition to closing the proposed transaction. “We believe Simon’s cash and stock offer would bring compelling value to shareholders of both companies,” said David Simon, Simon’s chairman and CEO. “Macerich shareholders would receive a significant current cash premium as well as the long-term upside potential of an investment in Simon, which is widely recognized for its high-quality portfolio and industry-leading operating performance. “Simon has consistently delivered …

NEW YORK AND DALLAS — MCR Development LLC, the seventh-largest hotel owner/operator in the United States, has acquired a portfolio of 18 Marriott and Hilton hotels for approximately $206 million. Collectively, the portfolio spans 1,787 rooms across 11 states in cities including Charlotte, N.C.; Savannah, Ga.; Cincinnati; Tulsa, Okla.; and San Antonio. The properties in the portfolio have an average age of less than 10 years and are unencumbered by management agreements. “This acquisition significantly enhances the size and scale of our premium branded select-service hotel portfolio in the United States. Adding this collection of high-quality assets further strengthens our relationship with Marriott and Hilton as our portfolio will now include 50 Marriott and 31 Hilton hotels,” says Tyler Morse, CEO and managing partner of MCR Development. “This investment meets our strict underwriting criteria of selectively acquiring high-yielding premium-branded hotels in high-growth business and leisure markets with multiple demand generators. Given the properties’ attractive locations and unencumbered management agreements, the hotels are well positioned to deliver strong returns.” MCR will own and manage the portfolio. The properties will continue to operate under their respective Marriott or Hilton brand affiliations, with long-term franchise agreements in place. The portfolio comprises multiple brands, …

ISSAQUAH, WASH. — Life Care Services (LCS) has commenced construction on Phase II of Timber Ridge at Talus in Issaquah. The 10-acre retirement community is located at 100 Timber Ridge Way N.W., at the base of Cougar Mountain. It is situated within the 630-acre, master-planned community of Talus. Phase I of the project contains a 184-residence retirement community. Existing units feature large windows that promote natural light, wrap-around terraces and large stone fireplaces. Timber Ridge also contains the Briarwood Health Center, which provides a continuum of care that includes routine wellness checks, short- and long-term skilled nursing, memory care and recuperative care services. Phase II of the project will add 145 independent living apartment homes to the community. The new supply will feature 15 different floor plans ranging in size from 700 square feet to 2,273 square feet in a variety of one-bedroom and two-bedroom units. All residences will also feature patios or balconies. Briarwood Health Center will also be expanded to include 26 assisted living/memory care apartments and nine private transitional care suites. The Medicare-certified center also offers physical and occupational therapies. The Type A LifeCare senior living community provides unlimited days of long-term healthcare services. The community will …

NEW YORK — Meridian Capital Group has arranged a $310 million CMBS loan for the refinancing of two adjacent office and retail properties spanning a full block on Fifth Avenue in New York. The Moinian Group is the borrower.
 The 10-year loan features a fixed rate below 4 percent. A national CMBS lender provided the loan. Meridian’s Drew Anderman, who is based in the company’s New York City headquarters, negotiated the transaction.
 The 36- and 13-story properties, located at 535 and 545 Fifth Ave., respectively, total 437,200 square feet of office space and 85,000 square feet of retail space. The properties are situated on Fifth Avenue between 44th and 45th streets, close to Grand Central Station, which provides access to several restaurants and retail stores. “Meridian Capital structured a loan that greatly benefited the ownership of this Class A, New York City property,” says Anderman. “We took advantage of the historically low interest rates and closed the financing prior to the 545 Fifth Avenue corner lease, while the remaining portion of the retail space is being retrofitted and repositioned to be re-tenanted.” Founded in 1991, Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. …

LA JOLLA, CALIF. — McCarthy Building Cos. Inc. has completed construction of the new 383,000-square-foot Prebys Cardiovascular Institute and adjacent 26,000-square-foot central energy plant on the Scripps Memorial Hospital La Jolla campus located at 9888 Genesee Ave., in La Jolla. The Prebys Cardiovascular Institute is the cornerstone of a 25-year master plan unveiled in November 2010 that is transforming the Scripps Memorial Hospital La Jolla campus. The facility will provide cardiovascular patients with the most advanced treatment options available, while also serving as a center for medical research, clinical trials and graduate medical education. As the design-assist general contractor, McCarthy was retained by Scripps Health to perform preconstruction services for the $456 million Prebys Cardiovascular Institute before breaking ground in May 2011. HOK Architects was the project architect, and Jacobs Engineering Group Inc. served as the construction management firm on behalf of Scripps. The health system will begin treating patients at the new facility in mid-March. “This is an exciting achievement for us,” says Bruce Rainey, Scripps Health Corp. vice president of construction and facilities. “The new Prebys Cardiovascular Institute reflects the most advanced healthcare design principles together with remarkably high standards of construction. It stands as a model not …