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NEW YORK — The boards of directors of NorthStar Realty Finance Corp. (NYSE: NRF) and Griffin-American Healthcare REIT II Inc. have unanimously approved a definitive merger agreement under which NorthStar Realty will acquire all of the outstanding shares of Griffin-American in a stock and cash transaction valued at $4 billion, including approximately $600 million of debt. “We set out to build a premium portfolio of diversified healthcare real estate in order to provide investors with an opportunity to realize a compelling return on their investment,” says Jeff Hanson, chairman and CEO of Griffin-American. “With this transaction, we have executed on our strategy, validating our investment thesis and delivering a strong result for stockholders.” Griffin-American’s portfolio is comprised of predominantly medical office buildings (43 percent) and seniors housing facilities (30 percent) in the United States and the United Kingdom, and is being acquired at an approximate 6.4 percent capitalization rate. Subject to the terms and conditions of the merger agreement, Griffin-American stockholders will receive $11.50 per Griffin-American share, comprised of $7.75 per share in cash and $3.75 per share in NorthStar Realty common stock. The stock portion will be subject to a collar so that Griffin-American shareholders will receive 0.1859 NorthStar …

FAIRFAX, VA. — Grosvenor Americas, a privately owned commercial property investor and developer, has purchased Avalon Fair Oaks, a 491-unit apartment community in Fairfax, for $108.2 million. The asset is located on 13.5 acres at the corner of West Ox Road and Monument Drive in the Washington, D.C., suburb. “This acquisition expands our residential investment portfolio across the U.S. It fits well with our strategic objective to acquire value-add apartments in strong markets within the Washington, D.C., region, where we continue to seek additional opportunities,” says Scott Brody, senior vice president and general manager of Grosvenor Americas. After renaming the community Wheelhouse of Fair Oaks, the new ownership plans to undertake significant renovations that include upgrades to interior home finishings, the fitness club, leasing office and other public spaces. Grosvenor Americas has tapped Thrive Communities Inc. to oversee renovations, leasing, property management and rebranding for the apartment community. Built in 1987, Avalon Fair Oaks features a swimming pool and sundeck, clubhouse with free Wi-Fi, picnic area, 24-hour fitness center, tennis court, racquetball court and structured parking. In addition to the new multifamily community, Grosvenor’s portfolio includes office, retail and hotel space in the Washington, D.C., metropolitan area. The company is …

HENDERSON, NEV. — A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired The Edge at Traverse Point, a 296-unit apartment community in Henderson for $250 million. The Class A community is located at 1131 Wigwam Parkway in the Las Vegas suburb. The property was built in 2013. It contains a mix of one-, two- and three-bedroom units, though more than half the units come with two bedrooms. Community amenities include a clubhouse, resort-style pool with cabanas, café, business center, and 24-hour fitness center with towel and water service. “The Edge is a high-quality community located in one the best submarkets in Las Vegas,” says Tim Whiting, Bascom’s senior vice president of operations. “We plan to make upgrades to the common areas and interiors to make it best-in-class in its submarket.” Major employers in the area include Zappos, St. Rose Dominican Hospital, Ocean Spray and WinCo Foods, not to mention the casinos, hotels and services located on the Las Vegas Strip, about 15 minutes from The Edge. This is the second multifamily acquisition the JV has closed in the past month. It also acquired The Springs Apartments, a 320-unit, garden-style community in Corona, Calif., …

CHICAGO — The University of Chicago has sold the mixed-use development Harper Court to Clal Insurance Co. and its affiliated companies, for $112 million. The city of Chicago approved the transaction, which closed on July 25. Developed in partnership with the University of Chicago and the City of Chicago, Harper Court is a two-phase, 1.1 million square foot mixed-use development located at 53rd Street and Lake Park Avenue in Chicago's Hyde Park neighborhood. As part of the transaction, the University signed a long-term master lease for all office retail and parking space in Harper Court and will sublease space to the other current and future tenants. Tenants in Harper Court include the University of Chicago, LA Fitness, Starbucks, Chipotle and others. The University and the city, in consultation with residents and local leaders, launched the Harper Court project in 2008. After its completion in November 2013, University officials announced that they intended to seek a long-term owner for Harper Court that would support the community amenities and economic opportunities that motivated the development. Clal is a publicly traded insurance company and pension fund manager. The Israel-based financial institution has more than $40 billion in assets under management. — Danielle Everson

CHARLOTTE, N.C. — Cousins Properties Inc. (NYSE: CUZ) is under contract to buy Fifth Third Center in Charlotte for $215 million from Parmenter Realty Partners. The 30-story, 697,817-square-foot building is located at 201 N. Tryon St. in uptown Charlotte and was purchased by Parmenter Realty Fund IV in 2012. Will Yowell, Jay O’Meara and Patrick Gildea from CBRE represented Parmenter in the sale. “Fifth Third Center is a premier and iconic asset and was a solid performer in Parmenter Fund IV,” says Darryl Parmenter, chairman and chief executive officer of Parmenter Realty Partners. “We accelerated our business plan at the property and felt the time was right to sell. This will be the second asset from Parmenter Realty Fund IV that we have sold.” Parmenter made cosmetic improvements to the building and courtyard, renovated the main lobby, upgraded the elevators and mechanical systems and recommissioned the building’s energy management system. The building has been named one of the top three energy saving buildings for 2013 in Duke Energy’s Smart Energy Now program. Parmenter Realty Partners is a real estate investment, management and development firm headquartered in Miami with regional offices in Dallas, Atlanta and Washington D.C. For more information, visit …

CHICAGO — The University of Chicago has sold the mixed-use development Harper Court to Clal Insurance Co. and its affiliated companies for $112 million. The city of Chicago approved the transaction, which closed on July 25. Developed in partnership with the University of Chicago and the City of Chicago, Harper Court is a two-phase, 1.1 million square foot mixed-use development located at 53rd Street and Lake Park Avenue in Chicago's Hyde Park neighborhood. As part of the transaction, the University signed a long-term master lease for all office retail and parking space in Harper Court and will sublease space to the other current and future tenants. Tenants in Harper Court include the University of Chicago, LA Fitness, Starbucks, Chipotle and others. The University and the city, in consultation with residents and local leaders, launched the Harper Court project in 2008. After its completion in November 2013, University officials announced that they intended to seek a long-term owner for Harper Court that would support the community amenities and economic opportunities that motivated the development. Clal is a publicly traded insurance company and pension fund manager. The Israel-based financial institution has more than $40 billion in assets under management. — Danielle Everson

BOSTON — MetLife Inc. (NYSE: MET) and Norges Bank Investment Management have purchased the One Beacon Street office tower in Boston for approximately $561 million. This is the joint venture’s second property investment in Boston and its fourth overall. “One Beacon Street in Boston adds a high-quality asset in a core market to our joint portfolio with Norges Bank Investment Management,” says Robert Merck, MetLife’s senior managing director and global head of real estate investments. MetLife and Norges Bank Investment Management acquired the 34-story office tower from a joint venture between Beacon Capital Partners and insurer Allianz. MetLife will own 52.5 percent of One Beacon Street and be the managing member, while Norges Bank Investment Management will own the remaining 47.5 percent. Located in Boston’s financial district, One Beacon Street is LEED Platinum-certified and offers more than 1 million square feet of office space. Built in 1973, One Beacon Street is currently about 85 percent leased to tenants such as the Massachusetts Housing Finance Agency, the University of Massachusetts, the University of Massachusetts Building Authority, Standard Life Investments (USA) Limited and JPMorgan Chase Bank, NA. The joint venture between MetLife and Norges Bank Investment Management now has a real estate …

LOS ANGELES — Capri Capital Partners and TruAmerica Multifamily LLC have acquired the newly built Vermont, a 464-unit high-rise apartment complex in the Koreatown area of Los Angeles, for $283 million. Capri and TruAmerica purchased the property that opened in May from a partnership that includes Washington Capital Management and JH Snyder Development. Javier Rivera, Joe Leon, David Young and David Doupe of JLL represented the seller. “Capri’s investment strategy is to acquire high-quality Class A properties in urban markets with supply-demand imbalances and strong demographic, economic and income trends,” says Quintin Primo III, chairman and CEO of Capri. “The Vermont is a model for transit-oriented development in a city that is increasingly placing a high value on density in the urban core.” The Vermont is a multifamily property that consists of two towers, one 29 stories, the other 23. The apartment community features amenities including a shared, 16,500-square-foot sky lobby and lounge; 3,300-square-foot FIT360 gym and luxury spa; skydeck pool and garden; business center; 24-hour doormen; and club party room. The Vermont/Wilshire Metro station is located across the street. Rents for a 640-square-foot, one-bedroom unit at The Vermont begin at $1,815, according to the property’s website. The team of …

ATLANTA AND LEXINGTON, KY. — Real estate investment firm Lubert-Adler Partners has sold two suburban shopping centers in the Southeast for a combined $336 million. One center is located just outside Atlanta and the other is in Lexington. AEW acquired Forum Peachtree Parkway, a 500,000-square-foot shopping center in Norcross, Ga., for $150 million. Forum at 5151 Peachtree Parkway opened in 2002. It is leased to tenants including Trader Joe’s, HomeGoods, Ann Taylor, Barnes & Noble, J. Crew, Williams-Sonoma, Pottery Barn, Old Navy and Banana Republic. Starwood Capital acquired the majority of space at Hamburg Pavilion, a shopping center in Lexington with more than 1 million square feet of retail space, for $186 million. Hamburg Pavilion, which opened in 2000, is located on 105 acres along Interstate 75. Tenants include Kohl’s, Marshalls, Dick’s Sporting Goods, PetSmart, DSW, Big Lots and Ross Dress for Less. Inline tenants, including nine restaurants, occupy the remaining space. Thomas Enterprises of Newnan, Georgia developed both centers. Lubert-Adler made equity and debt investments in both centers in 2008. Lubert-Adler was co-founded in 1997 by Ira Lubert and Dean Adler. The Philadelphia-based firm has invested $6.5 billion of equity into assets valued at more than $16 billion. — …