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NEW YORK CITY AND PHOENIX — American Realty Capital Properties Inc. (NASDAQ: ARCP) and Cole Real Estate Investments Inc. (NYSE: COLE) have signed a definitive agreement to merge the two companies. The transaction is valued at $11.2 billion and will create the largest net lease REIT with an enterprise value of $21.5 billion. (The new REIT’s value is 64 percent larger than the closest comparable net lease REIT, according to a statement from ARCP and Cole). The merger agreement has been unanimously approved by the board of directors of each company and is subject to customary closing conditions, including stockholder votes by both companies. ARCP has secured $2.75 billion of fully committed financing from Barclays in connection with the transaction, which is expected to close in the first half of 2014. “This merger represents a new beginning for former competitors, and we look forward to uniting two of the industry's most talented organizations,” says Nicholas Schorsch, chairman and CEO of ARCP. ““We benefit by uniting not only two exceptional real estate portfolios, but also by joining forces with Cole's world-class management team.” Under the terms of the merger agreement, Cole will merge with and into a wholly owned subsidiary of …

NEW YORK — HFF has arranged $110 million in permanent financing for 25 Broad at the Exchange, a 308-unit, Class A multifamily property in Manhattan’s Financial District. HFF worked on behalf of LCOR, a fully integrated real estate company, to secure the seven-year, fixed-rate loan. Northwestern Mutual Life Co. is the lender. Originally constructed in 1902 and recently renovated, 25 Broad at the Exchange is located adjacent to the New York Stock Exchange. Apartment options include one- and two-bedroom floor plans and 19 penthouse units. The residences are currently 95 percent leased. A fitness center, yoga studio, children’s playroom, resident lounge and billiards room are among the community amenities. The 25 Broad at the Exchange property also includes three retail spaces, leased to Bobby Van’s Steakhouse, men’s formal wear boutique Canali and a dry cleaner. Battery Park, the 9/11 Memorial and Brooklyn Bridge are all in close proximity. LCOR, formed in 1992 to continue the legacy of The Linpro Company, specializes in property management, development and investment. The company’s operating and development business manages a portfolio including approximately 8,500 multifamily units, 7.5 million square feet of commercial space and several mixed-use projects in core markets nationwide. Jon Mikula and Jim …

NEW YORK CITY — JPMorgan Chase & Co. (NYSE: JPM) has sold One Chase Manhattan Plaza, a 60-story office tower in New York City, to Shanghai, China-based Fosun International Ltd. for $725 million. The 2.2 million-square-foot building is located at 16-48 Liberty St. in downtown Manhattan. The transaction is the largest purchase of a New York building by a Chinese buyer, according to Bloomberg. The Class A property had never changed its ownership since the Chase Manhattan Bank built the building in 1961. The New York City Landmarks Preservation Commission designated One Chase Manhattan Plaza as a landmark in 2009. The office building includes a 2.5-acre plaza that connects with seven subway lines. Fosun says that the reconstruction of the World Trade Center and the upgrades to the Fulton Street transportation hub will create a new business section that will enhance the value of the property. Also, according to the agreement between the companies, JP Morgan Chase Bank will remain a tenant at the building. Fosun International Ltd. is a wholly owned subsidiary of Fosun International. On July 16, 2007, Fosun International was listed on the Hong Kong Stock Exchange. JPMorgan Chase & Co. is global financial services firm with …

ROCHESTER, N.Y. — In a major sale-leaseback transaction, Broadstone Net Lease (BNL) has acquired a 382,200-square-foot manufacturing and office facility located in Hoffman Estates, Ill., for $36.3 million. The recently renovated facility, which sits on 46 acres, is net leased to Siemens Corp. through a new 10-year lease, which includes four five-year renewal options and structured annual rent increases. The acquisition is BNL’s largest to date in the Chicago area. The Rochester-based private real estate investment trust now owns 188 properties in 27 states with a total portfolio value of more than $700 million. Siemens AG,headquartered in Berlin and Munich, Germany, is an engineering and electronics company that principally operates in the fields of manufacturing, energy, transportation and healthcare. “We’re delighted to have completed this significant sale-leaseback transaction with Siemens, a new marquee tenant for us,” says Amy Tait, CEO of BNL. “This acquisition adds further diversification to the BNL portfolio in a core U.S. real estate market.” According to Crain’s Chicago Business, Siemens hired the Chicago office of CBRE Inc. this summer to find a buyer for the building in Hoffman Estates, the global headquarters for its molecular imaging business, which sells equipment for MRIs and PET scans. BNL …

NEW YORK CITY — Brixmor Property Group, a retail landlord owned by private-equity firm Blackstone Group LP, announced today the terms of its initial public offering (IPO). The New York -based company plans to raise $750 million by offering 37.5 million shares at a price range of $19 to $21. At the top end of the expected price range, the REIT would be valued at about $4.61 billion. Brixmor, which first filed for an IPO in July, plans to use proceeds from its offering to repay debt. The company intends to list on the New York Stock Exchange under the symbol “BRX”. Bank of America Merrill Lynch, Citigroup, JP Morgan, Wells Fargo Securities and Barclays are among the lead underwriters for the IPO. To find out more information about Brixmor's portfolio, click here. Brixmor operates the country's largest portfolio of grocery-anchored and neighborhood shopping centers, with 522 properties encompassing 87 million square feet, the company noted its filing with the U.S. Securities and Exchange Commission. The company’s four largest tenants by annualized base rent include Kroger Co., TJX Cos. Inc, Publix Super Markets Inc. and Walmart Stores Inc. Since February 2011, when Blackstone acquired Brixmor for more than $9 billion, …

SEATTLE — Skanska plans to invest $150 million in an approximately 337,000-square-foot office building in the South Lake Union area of Seattle. Skanska USA Building will develop the project, which includes a contract value of $77.5 million. The 13-story office building will feature 17,000 square feet of ground-level retail and will target LEED Gold certification. Construction will begin later this month and is slated for completion in the fourth quarter of 2015. Global retailer Tommy Bahama will relocate its headquarters to occupy more than 118,000 square feet at the property. The company is the first tenant Skanska has secured for the building. New York-based Skanska USA is a development and construction company that consists of four business units — Skanska USA Building, which specializes in building construction; Skanska USA Civil, specializing in civil infrastructure; Skanska Infrastructure Development, which develops public-private partnerships; and Skanska Commercial Development, which develops commercial projects in select U.S. markets. — Brittany Biddy

BETHESDA, MD. — CWCapital Asset Management has announced it is marketing $2.6 billion of predominantly cash-flowing real estate and commercial mortgage loan assets across the U.S. CBRE and Auction.com are overseeing the marketing, with the first round of bidding on the portfolio set for Nov. 13. Office assets make up nearly two-thirds of the portfolio at 8.9 million square feet. The portfolio also includes 3.2 million square feet of retail and 2,129 hotel rooms. The assets are spread across major markets such as New York City, Los Angeles, Chicago, Washington, D.C., and Dallas, with the balance located in emerging secondary markets. Specifics about the portfolio were undisclosed. The sale is structured so that prospective purchasers can submit offers on individual pools, groups of pools, single assets or the portfolio in its entirety. Bethesda, Md.-based CWCapital Asset Management’s expectation is that the market will see the offering as a unique opportunity to acquire a large and diversified portfolio of mortgage loan and real property assets representing trophy, core, core-plus and value-add strategic investments, according to a statement from the company. “Evidenced by recent portfolio transactions, CWCapital feels that the market is in prime position to leverage the fluid capital markets and …

CHICAGO — Debra Cafaro, chairman and CEO of Ventas Inc., the giant healthcare REIT, has observed a troubling trend in the pace of U.S. economic growth since the end of the Great Recession in June 2009. “The last four years, including this year, we’ve had this pattern where people have become more bullish on growth. Everybody thinks things are great, and it turns out to be a head fake. The growth peters out during the end of the year.” Cafaro, whose comments came last Thursday afternoon at the 23rd NIC National Conference for the seniors housing and care industry, turned to prominent economists Austan Goolsbee and Todd Buchholz for some answers. Cafaro moderated a panel focusing on fiscal and monetary policy. The three-day conference at the Sheraton Chicago Hotel & Towers that began Wednesday attracted 2,000 industry professionals, including owners, operators, lenders and brokers. Goolsbee, former chairman of the Council of Economic Advisers under President Barack Obama, is now a professor at the University of Chicago. Buchholz is the former director of economic policy under George H.W. Bush. Shape of recovery The approximate 2 percent annual growth in U.S. gross domestic product is anything but the V-shaped recovery many Americans …

NEW YORK — Boston Properties Inc. (NYSE: BXP) has completed the sale of its 45 percent ownership interest in Times Square Tower for $684 million. An affiliate of Norges Bank acquired the interest on behalf of Norway’s sovereign wealth fund, the Norwegian Government Pension Fund – Global. Times Square Tower is a 1.25 million-square-foot, Class A office tower that includes associated retail space and signage. Developed by Boston Properties and completed in 2004, the building was 99 percent leased at the time of the sale. Mortimer Zuckerman, executive chairman of Boston Properties, told the Wall Street Journal that the company was “extremely pleased to form a new and important relationship with such a strong and reputable organization as Norges Bank, while at the same time once again demonstrating our ability to create and realize value for our shareholders through our development and management expertise.” Boston Properties retains a 55 percent ownership interest, as well as property management and leasing duties following the sale. The REIT formed a joint venture with Norges Bank at the close of the deal. New York City holds the property’s ground lease, the term of which has 76 years remaining. Times Square Tower, which occupies a …