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NEEDHAM, MASS. — Mortgage banking firm HFF has arranged an $85 million construction loan for TripAdvisor Inc.'s corporate headquarters in Needham, a southwest suburb of Boston. HFF secured the floating-rate loan on behalf of the borrower, a joint venture that includes investment manager Normandy Real Estate Partners and private investment capital firm Greenfield Partners. “Normandy and Greenfield had the vision and persistence to transform an underutilized group of 1950s-era R&D buildings into an amenity-rich corporate office location,” says Riaz Cassum, senior managing director at HFF. Cassum, along with Porter Terry and Brett Paulsrud of HFF, represented the borrower in the transaction. The money will fund the construction of a six-story, 280,000-square-foot corporate headquarters for TripAdvisor. It will be a LEED-certified building, and will include an employee cafeteria, a fitness center and a 1,100-space parking garage. The new corporate headquarters for the travel website operator will be completed in 2015. The property is about eight miles west of downtown Boston and is situated on 4.7 acres. Morristown, N.J.-based Normandy and South Norwalk, Conn.-based Greenfield announced in June 2013 their plans to secure a corporate headquarters for TripAdvisor. “Today's leading technology companies are seeking high-performance workplaces designed to support their culture, their …

NEW YORK — The shareholders of both American Realty Capital Properties Inc. (NASDAQ: ARCP) and Cole Real Estate Investments Inc. (NYSE: COLE) have approved the $11.2 billion merger announced in October. The deal, subject to customary closing conditions, will merge Cole with, and into, a wholly owned subsidiary of ARCP. Together the trusts will create the world’s largest net lease REIT with a value of $21.5 billion. A press release issued by Cole stated that the transaction was expected to close “promptly.” At ARCP’s stockholder meeting, approximately 98.2 percent of voting shares approved the transaction, representing 58.8 percent of all shares eligible to vote. At Cole’s stockholder meeting, approximately 94.9 percent of voting shares approved the transaction, representing 65.2 percent of all shares eligible to vote. “We are thrilled that stockholders from both companies have voted overwhelmingly to approve the proposals related to the ARCP-Cole merger,” says Nicholas Schorsch, chairman and CEO of ARCP. “[Due to] the two companies’ shared disciplined investment philosophy and systematic investment evaluation process that looks closely at credit as well as real estate, we are positioned to provide durable income to our stockholders through growth in property rents and asset appreciation.” Approximately 2 percent of …

MIAMI — Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) has sold the 207-room St. Regis Bal Harbour Resort in Miami for $213 million. The buyer, Al Rayyan Tourism Investment Co. (ARTIC), is the international hospitality subsidiary of Al Faisal Holding Co., a private diversified industry group based in Qatar. The 27-story hotel, located at 9703 Collins Ave., features three dining outlets, including Jean-Georges Vongerichten’s J & G Grill; a 14,000-square-foot spa; two ocean-view pools; and 11,200 square feet of indoor function space, as well as several outdoor venues. The property also includes the St. Regis Bal Harbour Residences, which are branded private residences and condo-hotel units. “We are proud to add this iconic resort to our growing property portfolio,” says Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC. “The St. Regis brand represents a symbol of uncompromising elegance and bespoke service. This acquisition complements our investment focus on world-class assets in prime locations as we continue to expand our presence around the globe.” Starwood Hotels will continue to manage the property, which will remain under the St. Regis brand. “The sale of this trophy asset marks another step forward in Starwood’s pursuit of an asset-light strategy as we …

MIAMI — Wood Partners LLC, a privately held multifamily developer based in Atlanta, has broken ground on Alta Dadeland, a $128 million mixed-use development featuring 431 apartment units and 2,000 square feet of retail space in Miami. The community is located within two miles of South Florida’s largest employers, the University of Miami and Baptist Health South Florida. “There are two Metrorail stations in close proximity as well,” says David Thompson, Florida development director for Wood Partners. The two-acre community, located on Southwest 72nd Avenue in Miami, will include 477,117 square feet of residential space, retail space and 663 parking spaces. EDI International designed the mixed-use development, which will include two towers connected by a pedestrian bridge. Building One will be a nine- to 12-story courtyard building with 312 residential units. Building Two will be a nine-story, 119-unit building. The development will include a six-story parking structure that will be hidden behind the tower residences and will feature a resort-style pool deck above it. Coastal Construction is the general contractor, and construction is expected to be complete in the fourth quarter of 2015. Apartment units are expected to be available for lease in the second quarter of 2015. Invesco Real …

CINCINNATI — Federal regulators have granted Cincinnati-based Kroger (NYSE: KR) clearance to close on its $2.5 billion acquisition of North Carolina-based grocer Harris Teeter. The Federal Trade Commission (FTC) granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 — a federal law that requires parties of certain transactions (such as mergers and acquisitions) to file with FTC and wait a specified time period. Harris Teeter differentiates itself from traditional grocery stores by occupying a niche at the higher end of the market, near Whole Foods Market and privately owned Trader Joe's, say analysts. Under the deal, Harris Teeter shareholders will receive $49.38 in cash for each share of Harris Teeter common stock they own. Already the nation’s largest supermarket chain with 2,400 stores and $96 billion in annual sales, the deal extends Kroger’s reach into the Southeast and Mid-Atlantic states. The 212 stores added to Kroger’s brand are located primarily in high-growth markets, vacation destinations and university communities in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia. Kroger officials say they expect the deal will close by the end January. The deal was first announced July 9, …

AURORA, COLO. — Cole Real Estate Investments (NYSE: COLE) has acquired 430,000 square feet of Cornerstar, a 750,000-square-foot power center in Aurora, for $116.5 million. A joint venture between PCCP LLC and Alberta Development Partners sold the property, which is located at the intersection of East Arapahoe and Parker roads. The acquired portion includes anchors 24 Hour Fitness, Sprouts Farmers Market and Dicks Sporting Goods. Target is also an anchor at the center, which is 97 percent leased, but was not included in the transaction. The PCCP/Alberta joint venture purchased 158 acres for the development of Cornerstar in March 2006. The companies sold a nearly 10-acre site to Target in December 2007, and 18 acres to a multifamily developer in August 2008. The center opened in November 2008. “Although this project made its debut in the midst of the economic downturn, the quality of the development, its prime location, and Alberta Development Partners’ local market knowledge and tenant relationships, were key factors in making Cornerstar a success,” says Philip Russick, principal with PCCP. “With a lack of stabilized, Class A retail real estate in the region, we felt it was a strategic time for this disposition.” Ron Urgitus, Brad Lyons …

SAN FRANCISCO — SOMA Hotel LLC, a privately held hotel development company, has acquired a prime development site in San Francisco’s South of Market area on which it plans to build a 250-room hotel. The announcement marks the city’s first full-service hotel project since 2008. The purchase price of the development site was undisclosed. The site was purchased from Block 1 Associates LLC, a joint venture between Blackrock Real Estate and Strada Investment Group. Block 1 owns the adjacent land and has announced plans to build 350 units of residential condominiums and apartments. Construction on the 15-story hotel is slated to begin in the fourth quarter of this year, with an expected opening in the fourth quarter of 2016. The property will be a four-star, premium-branded lifestyle hotel yet to be named and will feature specialized meeting spaces and food and beverage offerings. The hotel will be environmentally constructed in accordance with LEED Gold standards. Affiliates of SOMA will oversee construction of the hotel and operate it upon opening. The fully entitled 23,000-square-foot site is part of the Mission Bay Redevelopment Plan and is located on Channel Street between 3rd and 4th streets, a block away from AT&T Park, home …

PHILADELPHIA — A joint venture between Comcast Corp. and Liberty Property Trust will develop a 59-story mixed-use tower in Philadelphia for approximately $1.2 billion. The building, to be known as the Comcast Innovation and Technology Center and located on the 1800 block of Arch Street, will total 1.5 million square feet. The development will include office space for Comcast employees and facilities for local broadcast television stations NBC 10/WCAU and Telemundo 62/WWSI, as well as a Four Seasons hotel, restaurant and connections to the Suburban Station of the Southeastern Pennsylvania Transportation Authority (SEPTA). The tower will be the tallest building in the United States outside of New York and Chicago and the largest private development project in the history of Pennsylvania. “This is yet another historic moment for Comcast,” says Brian Roberts, Comcast chairman and CEO. “We continue to be proud to call Philadelphia our home and are thrilled to build a world-class media, technology and innovation center right in the heart of the city; to bring NBC 10 and Telemundo 62 downtown; and to create thousands of jobs and further drive economic activity in the region.” Comcast and Liberty will break ground this summer, with completion slated for the …

IRVINE, CALIF. — Griffin-American Healthcare REIT II Inc., a non-traded real estate investment trust (REIT) based in Irvine, has acquired a portfolio of four seniors housing facilities totaling 1,209 units in Illinois, Ohio and Colorado. The REIT purchased the four communities for $300 million, according to The Wall Street Journal. The four facilities provide the full continuum of care from independent living to skilled nursing for more than 1,300 residents. The assets include Liberty Heights in Colorado Springs, Colo.; Lincolnwood Place in Lincolnwood, Ill.; Seasons in Cincinnati, Ohio; and Evergreen Retirement Community in Cincinnati. The REIT purchased the facilities from West Loop Holdings, a joint venture between GE Capital Healthcare Financial Services, KMF Senior Housing Investors and Senior Lifestyle Corp. Senior Lifestyle Corp. has entered into a long-term agreement to continue operating the communities. Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged the sale of the portfolio on behalf of West Loop Holdings. The Cushman & Wakefield team involved in the transaction includes Richard Swartz, head of Cushman & Wakefield’s Senior Housing Capital Markets team; managing director Jay Wagner; director Aaron Rosenzweig; associate Stuart Kim and associate Timothy Hosmer. “We received strong interest from investors across the seniors …

DALLAS — Woods Capital Management has received $105.8 million in acquisition financing for the 1.4 million-square-foot Thanksgiving Tower, a trophy office property in Dallas. The 50-story tower is located in the city’s central business district at the intersection of Ervay and Elm streets. Ares Commercial Real Estate Corp. provided the three-year, floating-rate loan. Steve Heldenfels, Trey Morsbach and Brian Carlton with HFF secured the financing on behalf of the borrower. The company will use the loan proceeds to fund an extensive capital improvement program to Thanksgiving Tower, which includes improving the property’s infrastructure and amenities. The project is expected to accelerate the ongoing revitalization of downtown Dallas’ Main Street District. The office building features a 745-space, subterranean parking garage, as well as the Tower Club restaurant on the 48th floor. Thanksgiving Tower is 74 percent leased to tenants including Santander Consumer USA, Gardere Wynne Sewell, Looper Reed McGraw and Petro Hunt. Founded in 2007, Dallas-based Woods Capital Management is a real estate investment firm that seeks to make opportunistic equity and debt investments. The company has completed more than $4 billion in real estate acquisition or development transactions for office, retail, industrial and mixed-use properties. Chicago-based Ares Commercial Real Estate …