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HOUSTON AND CONROE, TEXAS — Real estate investment company Abbey Residential LLC has purchased a five-property multifamily portfolio totaling 1,222 units in Houston and nearby Conroe, Texas. CBRE represented the Irving, Texas-based seller, a foreign limited liability company known as MLQ BK REO LLC. Founded in 1984, the Birmingham, Ala.-based Abbey owns and operates properties in Alabama, Georgia and Texas. Major metros in North Carolina, South Carolina, Florida and Tennessee are among the company’s other target markets. “This portfolio was a great opportunity to make a diversified investment in the Houston market,” says Ryan Epstein, senior vice president in the Houston office of CBRE. “These assets are located within rapidly growing locations in the Houston metropolitan area.” The acquired assets include Ridge at Willowbrook, Woodedge Apartment Homes and Aston Brook Apartment Homes in Houston and Stone Ridge Apartment Homes and Cimarron Park in Conroe. Abbey plans capital improvements for each of the properties. Ridge at Willowbrook is located at 8330 Willow Place South. The apartment complex offers a total of 12 floor plans in one- and two-bedroom configurations and also includes amenities such as a swimming pool and 24-hour emergency maintenance. Woodedge, located at 10802 Greencreek Drive, consists of one- …

SANTA CLARA, CALIF. — Montana Property Group (MPG) and Lowe Enterprises have formed a joint venture to develop Santa Clara Centennial Gateway, a $400 million hotel, office and entertainment complex adjacent to Levi’s Stadium, the future home of the San Francisco 49ers. Situated on three city-owned parcels at the intersection of Tasman Drive and Centennial Boulevard, the property will total approximately 860,000 square feet of commercial real estate. MPG is the real estate investment and development company of famed 49ers quarterback Joe Montana. Lowe Enterprises, based in Los Angeles, is a real estate investment, development and management firm currently responsible for a portfolio of more than $5 billion in assets. “This unique property offers an unparalleled opportunity to combine the energy and excitement of a professional sports venue with the innovation and vision of the technology industry that drives Silicon Valley,” says Montana. “Centennial Gateway and the new 49ers stadium will create a thriving entertainment district that will continue the dramatic transformation underway in Santa Clara.” Design firm NBBJ has been retained as the master planner, and Turner Construction will serve as general contractor. The project is expected to create 600 permanent jobs and 300 temporary construction jobs. Plans call …

NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has signed a purchase and sale agreement to acquire a 24-property retail portfolio in New England for $270 million. The portfolio includes 17 assets in metro Boston, four other centers in Massachusetts, two grocery-anchored properties in northern New Jersey and one Walmart-anchored shopping center in Danbury, Conn. “This acquisition is in line with our communicated strategy of focusing on key territories that boast solid demographics and growth potential,” says David Henry, president and CEO of New Hyde Park-based Kimco. “The assets are largely located in the high-barrier-to-entry Boston market with attractive infill locations and a large consumer base.” The 1.4 million-square-foot portfolio is 96 percent occupied. Anchor tenants include Whole Foods Market, Trader Joe’s, Lowes, Kohl’s, Petco, Pier 1 Imports and Aldi Supermarket. The transaction, which is expected to close during the first quarter of 2014, includes the assumption of $121.5 million of mortgage debt. Jim Koury with HFF marketed the portfolio on behalf of the seller, a private, non-institutional owner. Kimco is a real estate investment trust that focuses on the acquisition, development and management of neighborhood and community shopping centers. As of June 30, the company owned interests …

RICHARDSON, TEXAS — Developer KDC Real Estate Development & Investments has revealed plans and a project name for its master-planned, mixed-use development in Richardson, approximately 13 miles north of downtown Dallas. The $600 million first phase of CityLine will total 2.3 million square feet adjacent to the Bush Turnpike Station of the Dallas Area Rapid Transit system. Slated for completion in early 2015, this initial stage of construction will feature three office towers totaling 1.5 million square feet, fully preleased by State Farm Insurance. Also to be included are dense restaurant, retail and entertainment space; a 150-room hotel; 520 multifamily residential units; an 18,000-sqaure-foot wellness and fitness facility; a 41,000-square-foot medical office building; and a 3.5-acre park. The focal point of the first phase will be CityLine Plaza, a centrally located urban plaza designed by Office of James Burnett, the company known for work as the landscape architect of Klyde Warren Park in Dallas. “CityLine has been a team sport, and KDC has been fortunate to work with great designers and development partners to create an outstanding place for the community,” says Steve Van Amburgh, CEO of Dallas-vased KDC. “I can’t think of another development that, upon opening, will completely …

HUDSON, N.Y. — Pace University has broken ground on a $150 million revitalization of the school’s Pleasantville campus. The first phase of the project, “Phase 1A,” is valued at approximately $100 million and includes the construction of two new residential buildings, an expansion of the student center and the relocation of the environmental center and athletic facilities from the Briarcliff campus. The Pleasantville campus, which totals 200 acres, opened in 1963. The 37-acre Briarcliff campus is currently for sale. Pace’s main campus is in New York City. “As we commemorate the 50th anniversary of our Pleasantville campus this year, we now prepare for the next half-century with a major transformation,” says Stephen Friedman, president of the university. “This project, together with new academic programs and related enhancements, represents a significant investment in and commitment to the future.” While no classes are currently taught at the Briarcliff campus, approximately 590 students reside there, necessitating the construction of more housing on the Pleasantville campus as Pace looks to consolidate. Athletic and certain administrative functions are also currently based at Briarcliff and will need facilities on the Pleasantville campus as well. The university has stated that the construction will have minimal impact on …

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, …