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PHOENIX — Newquest-Epic Investments LLC has acquired nine retail properties in six states from Phillips-Edison Shopping Center Fund IV REIT LLC, for $150 million. Known as the Phillips-Edison Fund IV portfolio, the properties total more than 1.35 million square feet. Jesse Goldsmith and Steve Julius of CBRE’s Phoenix office, along with Christian Williams and Gleb Lvovich of CBRE’s National Retail Investment Group, negotiated the transaction between Austin-based Newquest-Epic and Cincinnati-based Phillips-Edison. Goldsmith and Julius focused on the portfolio’s Phoenix asset, the Village Center, located at 4304 E. Cactus Road in the Paradise Valley submarket. The 159,425-square-foot retail center is anchored by a Target and sits directly west of Paradise Valley Mall. Goldsmith describes The Village Center, developed in 1986, as a “high-performing property.” “I anticipate that center will only become more successful in the future,” says Goldsmith. “The property is highlighted by a high-performing Target store anchor on a below-market ground lease. Village Center is a Class A asset, as were two other properties in the portfolio, which makes this offering unique as there is a lack of Class A product currently on the market.” — Haisten Willis

CHICAGO — Thor Equities has secured a $420 million refinancing deal for the Palmer House Hilton, a landmark hotel located in the heart of downtown Chicago. Thor acquired the 1,642-room, 23-story luxury hotel, which is located at 17 E. Monroe St., in 2005. JLL represented Thor Equities in refinancing the existing $365 million loan, moving to a more favorable $420 million loan with a lower interest rate. JP Morgan provided the five-year, floating-rate CMBS loan. The refinancing deal provides Thor Equities with a significantly more flexible loan structure. “Taking advantage of attractive interest rates and flexible loan terms is critical to creating a long-term successful business model in today's hyper-competitive real estate market,” says Michael Schurer, CFO of Thor Equities. The Palmer House Hilton is located near the Art Institute of Chicago, Millennium Park and State Street Shopping, a destination shopping strip including retailers such as Puma, H&M, Nordstrom Rack, Urban Outfitters and Forever 21. State Street draws millions of shoppers annually with an annual retail sales volume approaching $1 billion. The hotel was rebuilt in 1873, after it burned down in the Great Chicago Fire days after its grand opening. In recent years, the hotel has undergone a $170 …

LAS VEGAS — SLS Las Vegas, the culmination of the $415 million renovation of the Sahara Hotel and Casino, opened its doors to the public over the weekend at the north end of the iconic Las Vegas Strip. The new property, which is owned by hospitality developer and manager sbe, features more than 1,600 guest rooms and suites in three distinctive towers and more than 80,000 square feet of flexible meeting space. “This is the beginning of a new era for The Strip,” says Sam Nazarian, sbe’s founder, chairman and CEO. “We are thrilled to throw open our doors and show the world what we’ve been working on for the past several years. It feels good to be back in the former Sahara space, and we look forward to creating new, legendary memories as SLS Las Vegas.” SLS is an upscale collaboration between Nazarian, James Beard award-winning chef José Andrés and designer Phillippe Starck in partnership with architectural firm Gensler. Highlights of the property include: · Andres’ new restaurant concept Bazaar Meat · the second location of The Sayers Club, one of Los Angeles’ popular live music venues · restaurants Katsuya by Starck, Umami Burger, Beer Garden & Sports Book, …

SAN FRANCISCO — Clarion Partners has acquired a 155,000-square-foot office building in San Francisco for $107 million. The 11-story building is located at 60 Spear St. in the South Financial District. The property was built in 1967. It has undergone substantial upgrading, which has included improvements to thelobby, the addition of creative office space and 14-foot ceilings. Notable tenants include Starbucks, France Telecom and Rodan & Fields. Clarion expects rent growth to average 4.9 percent annually between 2014 and 2018, according to the firm’s proprietary research. “There’s a great deal of both investor and tenant demand in San Francisco for a property of this quality,” says Richard Pink, a managing director at Clarion Partners. “60 Spear’s central location south of Market Street coupled with strong market fundamentals make this an excellent addition to our portfolio in San Francisco.” New York-based Clarion Partners is a U.S. real estate investment manager. The company has about $30 billion worth of total assets under management. — Nellie Day

BOCA RATON, FLA. — Affiliates of The Herrick Co. Inc., a commercial real estate investor based in Boca Raton, recently closed on the purchase of 29 pharmacy/retail properties throughout the United States. The properties, all of which are occupied under long-term triple net leases with The Walgreens Co., were acquired for approximately $100 million. The transaction is a continuation of The Herrick Co.’s strategy to invest in single-tenant, long-term net leased assets that are occupied by credit tenants. Earlier this year, the company acquired a portfolio of 63 pharmacy/retail properties, each occupied under long-term triple net leases with CVS Caremark Co. The Walgreens leases in the recently acquired portfolio each have 25 years remaining on the term. “We continue to be successful in identifying and executing on opportunities to strategically expand our portfolio of single-tenant, long-term net leased assets,” says Herrick. “With significant competition in the market, our ability to move quickly to closing positions us strongly for these types of highly desirable investments.” Affiliates of The Herrick Co. purchased the Walgreens portfolio with financing provided by Prudential Insurance. Herrick has completed more than $5 billion in transactions throughout its history. The company focuses on single-tenant, net-leased office, industrial and …

MIAMI BEACH, FLA. — In one of the largest deals in South Florida history, Miami Beach-based Terranova Corp. has sold its six-building portfolio of Lincoln Road area assets for $342 million. The properties were assembled over the past three-and-a-half years at a cost of $191 million. Morgan Stanley Real Estate Investing, along with affiliates of Terranova, purchased the property. As operating partner, Terranova will continue to be responsible for the management, leasing and further development of the properties. “The new partnership with Morgan Stanley Real Estate Investing will continue to seek opportunities in the market for this kind of unique asset of enduring generational value. This long-term investment strategy focused on high street retail properties reflects the continuing trend of residents and tourists alike to be drawn to the top urban shopping streets, of which Lincoln Road is the absolute best, south of Madison Avenue in New York City,” says Stephen Bittel, chairman of Terranova. Lincoln Road includes retailers such as Armani, H&M, Zara, John Varvatos, Zadig and Voltaire, Anthropologie, and Apple. Restaurants include Sushi Samba, Khong River House, Laduree, Meat Market, Sosta, and Havana 1957. “Two of the properties have already received Historic Preservation Board approval for expansions enabling …

SHELBURNE AND MIDDLEBURY, VT. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $82.4 million of acquisition financing and joint venture equity capital for LCB Senior Living LLC for the acquisition of a two-property portfolio. The properties are located in Shelburne and Middlebury, Vt., and are comprised of 322 units. Virtus Real Estate Capital, a real estate private equity firm based in Austin, Texas, provided $25.4 million in joint venture equity, while PNC Bank provided $57 million in first mortgage acquisition financing. The Cushman & Wakefield team that directed the capital placement efforts for the transaction included Richard Swartz, executive managing director; Jay Wagner, managing director; Aaron Rosenzweig, director; and Stuart Kim, associate. “These two properties are among the finest acquisitions that LCB has made,” says Michael Stoller, CEO of LCB Senior Living. “They are high-performing assets that have tremendous upside, and we’re very fortunate to have attained them.” The Lodge at Shelburne Bay consists of 191 independent living, assisted living and memory care units situated on Lake Champlain in Shelburne, four miles south of Burlington. The property was built in 1999 and expanded in 2011 to include an additional residential building. LCB will rebrand the community as …

GOODLETTSVILLE, TENN. AND MATTHEWS, N.C. — Dollar General (NYSE: DG) has made a proposal to acquire Family Dollar Stores Inc. (NYSE: FDO) for $78.50 per share in cash, in a transaction valued at $9.7 billion. The combination would make Dollar General the largest small-box discount retailer in the United States with nearly 20,000 stores in 46 states and sales of more than $28 billion. Dollar General's all-cash proposal would provide Family Dollar shareholders with a superior valuation to the $74.50 per share cash/stock offer announced by Dollar Tree Inc. (NASDAQ: DLTR) on July 28, 2014. “For Family Dollar shareholders, our proposal is financially superior to the current transaction agreement with Dollar Tree and would provide Family Dollar shareholders with a substantial premium and immediate liquidity for their shares,” says Rick Dreiling, Dollar General's chairman and CEO. “For Dollar General shareholders, the proposed combination of Dollar General and Family Dollar would be a significant strategic opportunity to create immediate and lasting shareholder value. For both Dollar General and Family Dollar customers, we would be able to provide better value and greater selection.” Dreiling continues, “We have the utmost respect for Family Dollar, its leadership and its employees. We look forward to …

NEW YORK CITY — American Realty Capital New York City REIT (NYCR) has acquired three commercial condominium units at the Laurel in Manhattan for $76 million. The property is located at 400 E. 67th St. on Manhattan’s Upper East Side. The Laurel is a 31-story, mixed-use tower that contains 129 residential condos, as well as office, retail and parking garage components. NYCR’s acquisition includes a 3,000-square-foot retail space that is leased to TD Bank; a 29,000-square-foot, four-story office space that is leased to Cornell University; and a 142-space parking garage that is leased to Quik Park. The commercial condo units total 58,750 square feet. The capital transactions group at Savills Studley represented the seller. NYCR also recently agreed to purchase the 284-space Trump Place Parking Garage in Manhattan for $9 million. Trump Place is a residential condominium property located at 200 Riverside Blvd. on the Upper West Side. The 61,475-square-foot parking garage features three sub-grade levels. It is fully leased to Hudson River Garage LLC. “We are pleased to announce these two acquisitions as they are both consistent with our strategy of purchasing high-quality New York City properties that will generate durable income and appreciation potential for our shareholders,” says …