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CHATTANOOGA, TENN. — CBL & Associates Properties Inc. (NYSE: CBL), a Chattanooga, Tenn.-based shopping center owner and developer, has sold three malls and related associated centers in a deal worth $176 million in cash. An offshore investor purchased the properties with an Atlanta-based partner, Hendon Properties, which will also oversee management and leasing at the malls. The properties include Georgia Square Mall and Georgia Square Plaza in Athens, Ga.; Panama City Mall and The Shoppes at Panama City in Panama City, Fla.; and Rivergate Mall and Village at Rivergate in Nashville. “We are pleased to complete the disposition of these assets, generating substantial equity and demonstrating our continued ability to effectively execute our capital plan,” says Stephen Lebovitz, president and CEO of CBL. Lebovitz says when combined with the $209 million in at-the-market proceeds generated through mid-year, as well as $44 million from the sale of office buildings completed earlier this year, CBL has raised more than $425 million in equity year-to-date. “This deliberate approach has allowed us to significantly reduce debt while minimizing dilution and strengthening our core portfolio.” Rivergate Mall and Village at Rivergate are located in Goodlettsville, Tenn., along Interstate 65 just north of Nashville. The 1.1 …

ALCOA, TENN. — Alcoa (NYSE: AA), a leading producer of fabricated and primary aluminum, has broken ground on a $275 million expansion to its Tennessee Operations, a 2,000-acre complex in the city of Alcoa, Tenn., approximately 15 miles south of Knoxville. The company states the expansion will create 200 permanent full-time jobs when completed in mid-2015. In addition, construction will create approximately 400 temporary jobs. Physical specifications of the expansion have not been disclosed, but new facilities for the production of high-strength automotive aluminum have been confirmed, as well as conversion of some existing can sheet capacity to automotive capacity. “This investment will help auto manufacturers make safe, fuel-efficient vehicles that consumers want,” says Klaus Kleinfeld, Alcoa chairman and CEO. “At the same time, we’re bringing jobs to Tennessee and growing our value-added businesses. It’s a great day all around.” Previously, the Tennessee Operations site has been devoted to the production of can sheet aluminum for beverage cans. The complex currently includes a can reclamation plant and smelter for production of ingots (large solid aluminum bars); hot rolling facilities that reduce ingots to 1/8-inch thick coil; and a continuous cold mill which reduces the aluminum to the width used for …

NEW YORK — Time Equities has secured nearly $400 million in construction financing for the planned 63-story, retail/residential mixed-use tower in Lower Manhattan. The ambitious mixed-use project at 50 West Street was put on hold in 2008 in the wake of the financial crisis on Wall Street. Construction is set to begin this fall with completion expected in 2016. The firm is ready to move forward in part because the local market is so active. “Lower Manhattan has and will continue to outperform expectations,” says Francis Greenburger, chairman of Time Equities. “Given all that is happening in Lower Manhattan right now, we see demand for high-quality condos in the neighborhood continuing to grow in the years ahead.” Time Equities first purchased the 50 West Street site in 1983. Since the project stalled five years ago, plans for the building’s interiors have been redesigned and the hotel component originally included has been scrapped. The key piece fell in place when $398 million in total funding was secured. Elliott Management, a New York-based global investment fund led by Paul Singer with more than $21 billion in assets under management, has formed a joint venture with Time Equities and will invest $110 million. …

CHICAGO — The AFL-CIO Housing Investment Trust (HIT) has provided $32 million in financing toward a $42 million renovation of the 250-unit, 26-story apartment tower at 2101 S. Michigan Ave. in Chicago’s Near South Side. Built in 1971 with financial assistance from the Federal Housing Administration's grant program for affordable housing, the rehabilitation will include major upgrades to improve its energy efficiency. The renovation will include a new lobby, community room and on-site laundry facility, as well as energy-efficient appliances and new heating and cooling in the individual units. Rehabilitation work on the aging property will generate approximately 245 union construction jobs. “As older downtown neighborhoods experience growth with the corresponding demand for housing, it's very important to preserve and update existing units whenever possible,” says Stephanie Wiggins, executive vice president and chief investment officer for Washington, D.C.-based HIT. “The HIT's investment in 2101 South Michigan will help ensure that quality housing near Chicago's downtown Loop, with its employment opportunities and other amenities.” The apartment building, which is located in Chicago's South Loop neighborhood, includes a mix of studio to three-bedroom apartments with beginning rents ranging from $696 to $1,064 per month, according to Metroplex Inc., the property’s manager. A …

MILWAUKEE — Northwestern Mutual, a private life insurance company and real estate investor, has provided $233 million in loan refinancing for 19 apartment communities in four states across the Sun Belt and West Coast. The loan is a tranche of a $460 million portfolio, the remainder of which matures at a later date. Northwestern Mutual provided the loan to Atlanta-based Gables Residential, a real estate firm engaged in apartment community management, development, construction, acquisition and disposition. The 19 communities include three communities with 1,086 apartment homes in Atlanta; two communities with 512 apartment homes in Austin, Texas; three communities with 481 apartment homes in Dallas; four communities with 1,050 apartment homes in Houston; four communities with 1,114 apartment homes in South Florida; and three communities with 412 apartment homes in Southern California. “The strength of our general account portfolio allows us the flexibility to execute such a complex transaction, which will provide long-term value for our policyowners,” says Felix Figueroa, director of Northwestern Mutual Real Estate Investments. “The communities included in this transaction are diversified, well-located and have proven historical success.” Northwestern Mutual has the highest total cash value rate of return among major insurance companies, according to a statement …

HONOLULU — The Hawaii Community Development Authority (HCDA) has approved The Howard Hughes Corp.’s (NYSE: HHC) plans for two mixed-use towers as part of Phase I of the master-planned Ward Village in Honolulu. Ward Village, which is located in the heart of Kaka‘ako, is a 60-acre, 9.3 million-square-foot project. The development will include more than 4,000 residential units, along with more than 1 million square feet of retail and commercial space. Phase I is scheduled for a 2016 completion. “Our vision for Ward Village is to create an urban, master-planned community, which offers an exceptional living environment while honoring the area’s rich history and culture,” says David Weinreb, chief executive officer for The Howard Hughes Corp. “Beyond being one of our most significant assets, this redevelopment is already serving as a catalyst for the revitalization of Kaka‘ako.” The two towers will be located on land blocks 2 and 3. Land block 2 will contain approximately 171 one-, two- and three-bedroom units, in addition to 10 townhomes. Land block 3 will consist of approximately 312 units ranging from one- to three-bedroom floor plans. The building will also include 82 flats and townhomes. The Howard Hughes Corp. is seeking to achieve Leadership …

RICHMOND, VA. — Landmark Apartment Trust of America Inc., a non-traded REIT, has acquired three multifamily properties valued at $42.1 million from Elco Landmark Residential Holdings LLC, MB Equity Holdings Inc. and Legacy Partners. Collectively, the apartment complexes contain 703 units and are 94 percent occupied. In exchange for the properties, Elco, MB Equity Holdings and Legacy Partners received a combination of cash and operating partnership units valued at approximately $14.9 million. Two of the three newly acquired properties are located in Florida, and the other is in North Carolina. The newest of the three apartment properties was built in the mid-1980s. • Landmark at Savoy Square is located at 2065 N. Highland Ave. in Clearwater, Fla. The property was built in 1970 and contains 182 units. • Landmark at Ocean Breeze is located at Palm Bay Road N.E. in Melbourne, Fla. The property was built in 1985 and contains 224 units. • Landmark at Grand Arbors Reserve is located at 2419 Wycliff Road in Raleigh, N.C. The property was built in 1969 and contains 297 units. Based in Richmond, Landmark Apartment Trust of America owns and operates more than 16,000 apartment units and provides management services for an additional …

Jones Lang LaSalle (JLL) has closed the sale of 139 SunTrust Bank locations in the United States for $240 million on behalf of Inland American REIT. The portfolio encompasses 715,000 square feet, 100 percent net-leased, throughout the Mid-Atlantic and Southeast. The name of the buyer was not disclosed. “The sale marked a prime opportunity for the investor to acquire a large portfolio absolute net leased to one of the nation’s leading financial institutions,” says Guy Ponticiello, JLL managing director. “The secure, growing cash flow of the SunTrust portfolio enables them to provide consistent returns for investors. JLL has closed more than $500 million of single-tenant, net-leased bank properties across the country in the past 12 months. With another $500 million in bank credit offerings currently on the market, Ponticiello anticipates more of the same in the future. “This is far from the only large-scale portfolio sale of triple-net-leased properties we expect to see this year as portfolio acquisitions of this size allow investors to deploy capital quickly and efficiently, making them a formidable force in the market,” he says. What’s more, supply will be able to match the quick pace of purchase, Ponticiello predicts. “The ability for sellers and occupiers …

AUSTIN, TEXAS — W. P. Carey Inc. (NYSE: WPC), a publicly traded REIT that owns and manages an investment portfolio totaling approximately $15.4 billion, has acquired the State Farm Operation Center in Austin from State Farm Mutual Automobile Insurance Co. for $110 million, plus transaction costs. The 448,898-square-foot property is leased to State Farm for an initial term of 15 years. The property has served as the State Farm Operation Center since 1994. The facility is situated on 83.5 acres in AmberOaks Corporate Center, a 263-acre master-planned office park 10 miles northwest of Austin’s central business district. W. P. Carey purchased the property through two of its publicly held, non-traded REIT affiliates — CPA:17 – Global and CPA:18 – Global. The acquisition is the first made by CPA:18 – Global. “In addition to being a Class A office building with a prime location in one of the nation's top performing metro areas, the property is leased to State Farm, which is an AA credit rated tenant,” says Gino Sabatini, managing director and co-head of global investments at W. P. Carey. “Given these characteristics, the asset is a strong addition to the portfolios of CPA:17 – Global and CPA:18 – Global, …

ATLANTA — Highwoods Properties Inc. (NYSE: HIW) has acquired its joint venture partner’s 57 percent interest in Glenlake North and South Towers, two Class A, 10-story office buildings with structured parking in Atlanta for $45.4 million. The Raleigh, N.C.-based REIT now fully owns the properties and is planning to invest an additional $1 million in building improvements. As a result, Highwoods' total incremental investment is expected to be $46 million. Located in Atlanta's Central Perimeter submarket with access to GA 400, the properties span 505,000 square feet and are valued at $80.6 million. The total asset value equates to $159 per square foot, which is at least a 30 percent discount to estimated replacement cost. “These are solid assets in the Central Perimeter submarket, one of Atlanta's best business districts, which has absorbed over two million square feet during the past 18 months,” says Ed Fritsch, president and CEO of Highwoods. The properties are 82 percent leased and are expected to generate full-year cash and net operating income of $5.1 million and $6 million, respectively. “Owning 100 percent of these Atlanta properties will materially enhance our leasing process, fortify our position in the submarket, provide value enhancement through occupancy growth …