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WASHINGTON, D.C. — Republic Properties Corp. has received a $255 million refinancing for Portals III, the company’s 509,935-square-foot office building in Washington, D.C. The Class A property is located at 1201 Maryland Ave. S.W. in the Southwest Riverfront submarket. The 10-story building is situatedin the master-planned Portals development, one of the largest, privately held developments in the area. Portals III is currently 78 percent leased. Korean Exchange Bank provided a $160 million senior debt facility, while Samsung SRA made a $95 million equity investment. The debt and equity facility will extend the capitalization for another five years with sufficient funds for future leasing cost requirements. David Webb and Jamie Butler led the team from CBRE’S Mid-Atlantic Debt and Structured Finance Group, which arranged the refinancing on behalf of Republic Properties Corp. “Samsung SRA’s key management staff approached us expressing an interest in investing in the Portals III building,” says Steven Grigg, president of Republic Properties. “In a remarkably short time, we established a relationship which allowed us to replace and simplify the capital structure of the project to the mutual benefit of all involved. Even though the transaction is about a quarter of a billion dollars, it came down to …

DANVERS, MASS. — The DSF Group, a Waltham, Mass.-based real estate investment and development firm, has purchased Avalon Danvers for $108.5 million, or $250,500 per unit. The sales price is the highest price recorded for a single-property multifamily transaction in Massachusetts so far this year, and is the single-largest transaction that the Southern Essex County Registry of Deeds has ever recorded. The DSF Group purchased the 433-unit asset from AvalonBay Communities Inc., a publicly traded real estate investment trust (REIT) based in Arlington, Va., that develops, manages and acquires multifamily properties. Institutional Property Advisors (IPA), a brokerage division of commercial real estate services firm Marcus & Millichap, has arranged the sale of Avalon Danvers. IPA Boston executive director Richard Robinson, along with associate directors Philip Lamere and Jennifer Athas, brokered the sale. “Avalon provided us with a unique opportunity to identify the right investor for this extraordinary asset,” says Robinson. “Our long experience in the Boston-area marketplace keeps us prepared to provide clients with the data they need to make informed investment decisions and close transactions quickly. These two abilities proved to be key elements in the disposition of Avalon Danvers.” As part of the sale, the asset will be …

LOS ANGELES — Clarion Partners has acquired Latitude 34, a 301,642-square-foot office campus within the master-planned community of Playa Vista, for a reported $132 million. The two-building campus is located along Millennium Drive in the Westside submarket, minutes from Los Angeles International Airport. Clarion plans to implement a capital improvement program at the property, in addition to new landscaping and creative speculative suites. The design will be handled by Gensler. “This premier property will offer tenants a dynamic, high-performance office environment designed for creativity and collaboration, located within a vital 'live/work/play' setting that is attracting prominent media, advertising and high-tech groups,” says Khalid Rashid, vice president of Clarion. ASB Real Estate Investments was the seller. Lincoln Property Company and L.A. Realty Partners will be retained as the leasing and management entities. “This acquisition gives us a significant position in one of the fastest-growing submarkets in Los Angeles,” says Rick Schaupp, Clarion's director and portfolio manager. “Our intention is to create a new breed of workplace, one where ideas become opportunities and people move fluidly between work spaces — indoors and outdoors — in order to connect and enjoy a sense of community.” — Nellie Day

INDIANAPOLIS — Kite Realty Group Trust (NYSE: KRG) has completed a $2.1 billion merger with Inland Diversified Real Estate Trust Inc. The shareholders of Kite Realty and the stockholders of Inland Diversified approved the transaction at special meetings held on June 24. The combined company will continue to trade under Kite Realty’s existing ticker symbol, KRG, on the New York Stock Exchange. As a result of the merger, each former share of Inland Diversified common stock has been converted into 1.707 newly issued Kite Realty common shares. “We are extremely excited to close the merger with Inland Diversified, which represents a transformative event in the history of our company. This transaction creates a $4 billion company and provides a number of significant financial and operational benefits,” says John Kite, chairman and CEO of Kite Realty. “We expect to realize numerous financial benefits from the merger, including a substantial increase in cash flow and liquidity, a lower cost of capital, and a strengthened balance sheet. Operational opportunities include improved synergies from an expanded platform and the leveraging of Inland Diversified’s high-quality portfolio with strong demographic profiles in dynamic new markets. This will provide profitable redevelopment opportunities and the ability to enhance …

LOS ANGELES — Rexford Industrial Realty Inc. (NYSE: REXR), a real estate investment trust (REIT) focused on owning and operating industrial properties in Southern California, has acquired an industrial portfolio for $88.5 million, or approximately $108 per square foot. The nine properties, all located in Southern California, total 817,166 square feet. The portfolio is currently 87 percent leased. “The properties are strategically located within Los Angeles County, Orange County and San Diego County with convenient access to key regional, interstate, rail, and airport infrastructure to support local and regional distribution. We plan to execute on a range of opportunities to drive occupancy while enhancing functionality, cash flow and value through strategic repositioning,” said Howard Schwimmer and Michael Frankel, co-CEOs of Rexford Industrial Realty, in a company statement of the transaction. Eight of the nine properties are 96 percent leased on average, with the remaining property at 40 percent occupancy. Collectively, the nine properties contain 24 units leased to 17 tenants with staggered lease expirations. The nine properties include: Salt Lake, a 126,036-square-foot building located in City of Industry. The asset was built in 1979 and includes clear heights of 24 to 30 feet, as well as dock-high loading. The property …

NEW YORK CITY — A joint venture between Ivanhoé Cambridge and Callahan Capital Properties (CCP) has acquired a 49 percent interest in a 467,000-square-foot Manhattan office building for $150 million. The Class A building is located at 330 Hudson St. in Midtown South on Manhattan’s west side. The 16-story property recently underwent a major redevelopment that included the addition of eight new floors. It is pre-certified LEED-Gold. The building is particularly attractive among technology and creative users, according to Ivanhoé. “330 Hudson is a leading example of the creative work environment that is increasingly desirable to the growing technology and media industries in Hudson Square, which is one of New York’s most promising urban live/work neighborhoods,” says Adam Adamakakis, the firm’s executive vice president of U.S. investments. “We hope to capitalize on more opportunities in key U.S. markets soon.” This is the fifth transaction Ivanhoé has executed with CCP. The joint venture now has more than $2.1 billion invested in U.S. office properties. The majority owner of 330 Hudson is an affiliate of Beacon Capital Partners. “We are delighted with the addition of 330 Hudson to the Ivanhoé Cambridge/Callahan portfolio as it exemplifies our strategy to build a high-quality office …

DENVER — Carey Watermark Investors Inc. (CWI) has acquired the 302-room, dual-branded Hampton Inn & Suites/Homewood Suites by Hilton at the Denver Downtown-Convention Center for $81.5 million from Englewood, Colo.-based Stonebridge Cos. The hotel is located at 550 15th St. in the heart of Denver’s central business district (CBD). CWI’s total investment in the property is approximately $85 million, which includes the $81.5 million purchase plus acquisition-related costs and planned capital expenditures. The acquisition was financed with $53 million of debt. The Hampton Inn & Suites and Homewood Suites brands represent Hilton Worldwide’s upper mid-scale select-service and upscale extended-stay brands. Opened in 2013, the building is an adaptive re-use redevelopment of a 1960s-era office building. As a result, the dual-branded hotel affords more open expansive lobby areas and larger guestrooms and public spaces compared to the select-service hotel supply in the market, according to CWI officials. Primary demand generators include major corporations and businesses within the CBD, the Colorado Convention Center and Denver’s major leisure attractions, including the 16th Street Mall, Coors Field and Pepsi Center. Since 2003, the CBD has benefitted from approximately $4.6 billion of public and private sector investment. The 302 rooms include 120 Hampton Inn & …

MEMPHIS, TENN. — EdR (NYSE: EDR), a developer, owner and manager of collegiate housing, will use $171 million in proceeds from a recent equity offering to fund one acquisition and two new developments at Arizona State University, the University of Connecticut and the University of Louisville. EdR has agreed to purchase The District on Apache, a student housing community serving Arizona State University, for approximately $92 million. In addition, the REIT will own and manage the $45 million The Oaks on The Square student housing property at the University of Connecticut, and has executed joint venture agreements with Georgia-based Landmark Properties Inc. to develop, own and manage The Retreat at Louisville, a student housing property at the University of Louisville. “Each of these communities will strengthen our portfolio, bring additional value to our shareholders and further our company’s growth plan,” says Randy Churchey, president and CEO of Memphis-based EdR. The District on Apache is a 900-bed community within walking distance of the Arizona State University Tempe campus. The property, which opened in August 2013, is fully occupied and 90 percent pre-leased for the coming academic year. EdR anticipates the property to be 95 percent pre-leased upon opening in fall 2014. …