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NEW YORK, N.Y. — Investcorp’s U.S.-based real estate arm, through separate transactions, has acquired a portfolio of residential properties in the metropolitan areas of Washington, D.C., Orlando, San Diego and Baltimore for approximately $300 million. The acquired properties include The Arcadian in Silver Spring, Md., a garden-style townhome apartment property; Orion on Orpington in Orlando, Fla., a Class A, 156-unit, 624-bed, student housing property near the University of Central Florida; Waterleaf Apartment Homes in Vista, Calif., a 456-unit apartment complex; and Fairways at Towson in Baltimore, Md., a 15-story apartment building. The four properties acquired total more than 2.1 million square feet with approximately 1,900 multifamily and student housing units. The properties currently have an average occupancy rate of approximately 96 percent. “We are pleased to enhance our real estate portfolio with the acquisition of these properties, which perfectly align with Investcorp’s strategy of targeting high-quality assets with what we believe to be attractive yields that demonstrate upside potential,” says Brian Kelley, a principal at New York-based Investcorp. “The properties are highly occupied and have the potential to offer stable cash flows from strong, diverse, and growing markets,” adds Kelley. Investcorp completed these acquisitions through joint ventures with four different …

BRENTWOOD, TENN. AND IRVINE, CALIF. — Brookdale Senior Living Inc. (NYSE: BKD) and HCP Inc. (NYSE: HCP) have entered into a definitive agreement to purchase a portfolio of 35 private-pay seniors housing communities from Canadian real estate investment trust Chartwell Retirement Residences for $849 million. Located in eight states including Florida, Texas and Colorado, the portfolio consists of 5,025 units and is comprised of 33 senior housing properties representing 4,792 units, with a mix of 46 percent assisted living, 45 percent independent living, 5 percent memory care and 4 percent skilled nursing. The portfolio also includes leasehold interests in two communities, which are wholly owned by HCP, representing 233 units that include purchase-option rights exercisable in 2017. “This portfolio acquisition provides attractive risk-adjusted returns for our shareholders, and also creates value for our operating partner through a real estate-driven transaction,” says Lauralee Martin, president and CEO of Irvine, Calif.-based HCP. “Brookdale’s familiarity with this portfolio will be a tremendous asset as we avoid any transition issues and immediately implement capital investment plans to generate future growth above traditional triple-net rent escalators,” she adds. The portfolio will be acquired using a RIDEA (REIT Investment Diversification and Empowerment Act) joint-venture structure, with …

LAKE FOREST, CALIF. — Levy Acquisition Corp. (NASDAQ: LEVY) has acquired Del Taco Holdings for about $500 million. Del Taco will now become Levy’s sole direct subsidiary. Del Taco has been a popular choice for Mexican-American fast casual fare in Southern California since 1964. It now operates 547 Mexican-American restaurants in 16 states, making it the second-largest Mexican American quick-service restaurant chain in the U.S. The largest concentration of stores is situated in the Pacific Southwest. Del Taco owns more than 300 of these stores. The remaining stores are owned and operated by franchisees. Levy Acquisition Corp. (LAC) plans to change its name to Del Taco Restaurants Inc. once the merger is complete in June. It will continue to trade on the NASDAQ stock exchange. Del Taco will receive a private equity investment of $120 million from restaurateur Larry Levy’s family and other new investors (operating as LLI) prior to the sale’s closing. Levy will become chairman of the Del Taco board of directors after the equity investment is made, before the merger is complete. He will also partner with management to oversee the company’s growth and brand building. The LLI purchase price is based on a $500 million enterprise …

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 …