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NEW YORK — CIT Group Inc. (NYSE: CIT), a provider of commercial lending and leasing services, will merge with IMB Holdco LLC, the parent company of OneWest Bank N.A., for $3.4 billion in cash and stock. The merger will increase CIT’s total assets to $67 billion. Following the close of the transaction, CIT Bank, CIT’s banking subsidiary, will merge with OneWest Bank under the CIT Bank name and CIT. Under the terms of the agreement, IMB Holdco LLC shareholders will receive $2 billion in cash and 31.3 million shares of CIT Group Inc. common stock currently valued at $1.4 billion, assuming a CIT stock price of $44.33. The boards of directors of both companies have approved the transaction, which is subject to customary closing conditions and regulatory approvals. CIT expects the transaction to be 20 percent accretive to earnings per share in 2016, generating an internal rate of return of 15 percent. John Thain, chairman and CEO of CIT Group, will continue to lead the company. Steven Mnuchin, chairman of IMB Holdco LLC, will join CIT Group Inc. as vice chairman and will also become a member of its board of directors. Alan Frank, an independent director from OneWest Bank …

SACRAMENTO, CALIF. — Encore Restaurants LLC has acquired eight Five Guys Burgers and Fries restaurants in Central California for an undisclosed sum. The restaurants are located in Elk Grove, Fresno, Lodi, Natomas, Roseville, Stockton, Tracy and West Sacramento. Encore plans to develop 45 more locations within the state in the next four years. It will initially focus on the Fresno area. “We have located the first 10 sites and will begin building the restaurants [in the] first quarter of 2015 in Fresno,” says William Ray Bruce, president of Encore Restaurants. “Our guests are asking for more locations in this trade area.” The existing restaurants are located from Fresno to South Lake Tahoe, and as far west as Napa County. “We plan on helping these communities with management personnel and many crew member positions,” says Bharat Sangani, chairman of Encore Enterprises. “By the end of our four-year development stretch we hope to bring upwards of 1,250 jobs to the region.” Encore Restaurants is a subsidiary of Dallas-based Encore Enterprises, a privately owned national real estate company. Encore develops, acquires, and manages hotels, multifamily communities, retail shopping centers, commercial offices and public-private mixed-use developments. Encore Restaurants develops, owns and manages specific territories …

CHICAGO — Hines and Magellan Development Group have broken ground on Wolf Point West Tower, a $160 million, 48-story multifamily project in Chicago being built along the Chicago River. The waterfront development will feature 509 luxury rental units, more than 400 feet of publicly accessible river walk and green space. Initial occupancy is expected in the fall of 2015. “Hines, together with Wolf Point owners, Magellan Development Group and all of our project partners, architects, consultants and contractors, is proud to be breaking ground on this exciting new project,” says Greg Van Schaack, senior managing director of Hines. Representatives at the groundbreaking ceremony on Friday, July 18 included dignitaries from the Illinois AFL-CIO, the Chicago Federation of Labor, the Chicago & Cook County Building & Construction Trades Council, the AFL-CIO Building Investment Trust (BIT), PNC Realty Investors Inc., Hines, Magellan Development Group, the Wolf Point owners and the AFL-CIO Investment Trust Corp. Wolf Point West is the first of three new buildings to be built on the Wolf Point site, which together is estimated to create more than 2,000 construction jobs. The BIT indirectly provided a $34 million equity investment in the project, and BIT's partners and a third-party lender …

PORTLAND, ORE. — Pebblebrook Hotel Trust has acquired The Nines Hotel in Portland for $127 million. The 331-room hotel is located on SW Morrison Street, across from Pioneer Square downtown. The Nines is in close proximity to Pioneer Place Mall, Saks Fifth Avenue, Nordstrom, Nike Town, the Pearl District and the Portland Center for the Performing Arts. Nearby employers include US Bank, Deloitte, NRC, Wells Fargo, Intel and Nike. Pebblebrook acquired a fee simple condominium interest in the hotel. The historic building was originally constructed in 1909. Back then it was the Meier & Frank Building. The property underwent a $140 million adaptive reuse renovation and reopened as The Nines in October 2008. “This hotel represents our third hotel investment in Portland’s central business district, and the property’s desirable location across from Pioneer Square ideally places it near many of downtown Portland’s most notable demand generators,” says Jon Bortz, Pebblebrook’s chairman and CEO. “The hotel’s excellent downtown location and strong operating fundamentals, including its position as the market’s rate leader, make this acquisition an outstanding addition to our high-quality portfolio.” The hotel occupies floors six through 15 of the building, as well as portions of the first floor and basement. …

LOS ANGELES — CBRE Group Inc. and U.S. Equities Realty LLC have announced they will combine their Chicago area operations. U.S. Equities Realty leases and manages 17 million square feet of commercial space in Chicago, including the Willis Tower (formerly Sears Tower) and 2.5 million square feet along Michigan Avenue. It also has completed real estate transactions with companies such as Winston & Strawn, Boston Consulting Group, IBM, Hinshaw & Culbertson, Ventas, Lurie Children’s Hospital, Taft, Stettinus & Hollister, Nike, Verizon Wireless and Crate & Barrel. “Throughout our 36-year history, U.S. Equities has aggressively pursued every opportunity to anticipate the changing needs of our clients,” says Bob Wislow, chairman and CEO of U.S. Equities. “CBRE’s global platform, along with its extensive service offering and broad expertise, will expand and enhance our ability to serve clients — in Chicago and around the world — and to provide additional growth opportunities for our professionals. In turn, the development/program management, owner’s representation and consulting services we provide will strengthen the services CBRE can provide to its clients. Joining CBRE builds upon our solid foundation of success while enabling us to continue our strong, historic commitment to the city of Chicago and its important …

NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has acquired a portfolio of 10 shopping centers from its joint venture with SEB Asset Management for $275.8 million, including the assumption of $193.6 million of mortgage debt. Kimco, which previously held a 15 percent ownership interest in these properties, paid approximately $69.8 million for the remaining 85 percent equity interest held by SEB Asset Management, the group´s specialist real estate manager. The 1.4 million-square-foot portfolio is located in markets in the Mid-Atlantic region. The predominantly grocery-anchored portfolio is 95.4 percent occupied and its anchors include Giant Food, Harris Teeter, Weis Markets, Safeway, Food Lion with Kroger and Sam’s Club as shadow anchors. The properties also feature a well-known lineup of national retailers including Ross Stores, Bed Bath & Beyond, Marshalls, Kohl’s, PetSmart, and Michaels with Target and Lowes as shadow anchors. This transaction represents the third joint venture portfolio acquisition by Kimco in 2014. Year to date, the company has added 25 joint venture properties with a gross value of $776.9 million and 3.2 million square feet to its wholly owned portfolio. These properties boast occupancy and average rent per square foot of 96.3 percent and $16.71, respectively. Kimco …

GRANDVIEW HEIGHTS, OHIO — Nationwide Realty Investors (NRI), the real estate arm of Nationwide Mutual Insurance Co., has proposed to the Grandview Heights City Council development plans for a new corporate campus at Grandview Yard. The Grandview Yard mixed-use development in Grandview Heights outside Columbus currently includes 92,000 square feet of office space, a 42,000-square-foot LA Fitness location, a 126,000-square-foot Hyatt Place hotel and 154 luxury apartment units. Nationwide’s development plans at Grandview Yard include the new 500,000-square-foot campus designed to support more than 3,000 associates, a 135-room hotel and a 13,000-square-foot conference center. The projects proposed represent more than $100 million in private investment. “This proposal represents a great win for our entire community, both the city of Grandview Heights and the overall Grandview area,” said City Council President Anthony Panzera. “We are thrilled that NRI is willing to make this commitment and we look forward to working closely with [them] to finalize the details.” The proposed Nationwide campus, located along Yard Street between Goodale Boulevard and Third Avenue, would include three, four-story interconnected office buildings with three adjacent four-level parking structures. The first building would include 320,000 square feet of space and open in 2016. The second building …

JACKSONVILLE, FLA. — Parmenter Realty Partners has sold the Bank of America Tower in Jacksonville for $88 million. Hertz Investment Group of Santa Monica, Calif., was the buyer, according to The Florida-Times Union. The 42-story, granite-clad, trophy office tower comprises 696,672 square feet and has been Jacksonville’s perennial skyline landmark since its completion in 1990. “During our ownership of the Bank of America Tower, we made significant improvements on the building’s sustainability, and the building became the first office tower in Jacksonville to achieve LEED certification in 2011,” says Darryl Parmenter, chairman and CEO of Parmenter Realty Partners. “Our investment in a number of physical and procedural improvements, and undertaking energy conservation measures, resulted in measurable utility savings for the building.” Parmenter Realty Partners is the managing member of ownership group Jacksonville Tower Associates, which paid $74.7 million for the tower in 1999, according to The Florida-Times Union. At the time of sale, the building was 69 percent occupied. The Building Owners and Managers Association (BOMA) has recognized the tower as “The Outstanding Building of the Year” nine times during the last 15 years, according to Parmenter Realty Partners. The building also received the “Best of the Best” award from …

CHICAGO — Aviv REIT Inc. (NYSE: AVIV) has acquired several seniors housing properties and land parcels in Massachusetts for $94.2 million. The Chicago-based REIT acquired two assisted living facilities and one post-acute and long-term care skilled nursing facility for $82 million. Aviv also purchased two parcels of land and the entitlements for the construction of two new assisted living facilities and a 50-unit addition to an existing assisted living facility for $12.2 million. The acquired properties include a 126-unit assisted living facility and a 72-unit skilled nursing facility located in West Yarmouth; and a 93-unit assisted living facility located in Weston, a suburb of Boston. The new construction projects include two assisted living facilities in West Yarmouth and an assisted living facility in Brewster. “This deal demonstrates our ability to opportunistically acquire high-quality seniors housing properties at attractive valuations, complementing our primary investment strategy of acquiring post-acute and long-term care skilled nursing facilities,” says Craig Bernfield, chairman and CEO of Aviv. The properties will be triple-net leased to existing Aviv operator Maplewood Senior Living, an operator of 12 facilities in three states that are triple-net leased from Aviv. “We further diversified our high-quality portfolio, adding best-in-class private pay healthcare properties …

LOS ANGELES — Vornado Realty Trust (NYSE: VNO) has completed the previously announced sale of Beverly Connection, a power shopping center in Los Angeles, for $260 million. The property’s tenants include Old Navy, Nordstrom Rack, Men’s Wearhouse and Marshalls. The 335,000-square-foot center is located at La Cienega and Beverly boulevards across the street from the Beverly Center, an upscale shopping mall with 160 retailers and dining options. The sales price is comprised of $239 million in cash and $21 million in 10-year seller financing. The sale resulted in a net gain of approximately $44 million for Vornado, which will be recognized in the third quarter. Vornado did not disclose the buyer, but the Los Angeles Times reported that the buyer is Ashkenazy Acquisition Corp., a New York-based private real estate investment firm. Michael Alpert, president of Ashkenazy Acquisition Corp., revealed that the company plans to invest an additional $500 million in the greater Los Angeles area in the near term. The company owns more than 100 retail, office and residential properties in the United States and Canada valued at $5 billion. Vornado Realty Trust is a fully integrated equity real estate investment trust (REIT) based in Paramus, New Jersey. Vornado’s …