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ALEXANDRIA, VA. — A partnership between Artemis Real Estate Partners LLC and American Real Estate Partners has purchased the Carlyle Center, a 161,684-square-foot office building in Alexandria, according to the Washington Business Journal. The purchase price was $78 million, or $485 per square foot. The five-story building is located at 1925 Ballenger Ave. The office property is approximately 90 percent leased. John Kevil of Eastdil Secured represented the seller, Commonfund, in the transaction. Commonfund is an institutional investment firm that was founded in 1969. Commonfund manages more than $24 billion for more than 1,500 institutions. Artemis Real Estate Partners is a private equity real estate investment manager based in Chevy Chase, Md. American Real Estate Partners, based in Herndon, Va., is a privately held, real estate investment company focused on real estate assets in major markets along the Eastern Seaboard. — Brittany Biddy

NEW YORK CITY — The percentage of loans contained in commercial mortgage-backed securities (CMBS) that are paying off on their balloon date has exceeded 60 percent for the fourth time in the last five months, according to the Trepp January Payoff Report. In January, 66.9 percent of loans reaching their balloon date paid off — an increase of more than 12 percentage points from the December reading. The total was also the second highest total over the last four years. Only September's 68.2 percent reading was higher. The January rate of 66.9 percent is well above the 12-month moving average of 49.2 percent. (This number sums the averages of each month and divides by 12. There was no balance weighting across the months.) At the end of the summer, Trepp reported that the payoff rate could move to the upside for the remainder of 2012. The commercial real estate research firm also stated that loans reaching their maturity date would likely be more heavily populated with loans from earlier vintages, and assets from that time frame were made with lower leverage and more reasonable valuations. The result should be better payoff numbers. Data from the past five months has confirmed …

WALTHAM, MASS. — Private equity firm Rubenstein Partners, acting on behalf of Rubenstein Properties Fund II LP, has closed on its acquisition of CenterPoint office park in Waltham for $68 million. The transaction marks the Philadelphia-based firm’s initial investment in its second value-added office real estate fund. The seller was TC Saracen, a joint venture between Saracen Properties LLC and Trammell Crow Co. The approximate 500,000-square-foot office complex is located on 24 acres in Waltham, about 10 miles northwest of Boston. CenterPoint was originally built in the 1950s and used as a research and development facility. The property includes two office buildings: 41 Seyon Place and 43 Foundry Ave. The complex was significantly renovated and redeveloped in 2008 and now includes dramatic and engaging “creative class” office space, according to Rubenstein Partners. CenterPoint is currently 84 percent occupied. Rubenstein Partners purchased CenterPoint through a joint-venture partnership with developer and operator Saracen Properties, which designed and carried out the recent renovations. In addition to efficient floor plates, CenterPoint features high ceilings with an abundance of natural light, feature that are unique to the Waltham market, according to Rubenstein Partners. The office space has seen increased tenant demand from a variety of …

TORONTO — Brookfield Asset Management Inc. (NYSE: BAM), a global alternative asset management firm headquartered in Toronto, has purchased a portfolio of 19 apartment communities in North Carolina, South Carolina and Virginia for $414 million. The portfolio totals 4,892 units and is 92 percent occupied. The acquisition will bring Brookfield’s portfolio to approximately 20,000 units throughout the country. “The acquisition of this attractive portfolio adds to Brookfield’s significant multi-family platform and positions us for continued growth in this property sector,” says David Arthur, managing partner at Brookfield Asset Management. The 19 multifamily properties include: Bridges at Chapel Hill in Carrboro, N.C. Chason Ridge in Fayetteville, N.C. Fairington in Charlotte, N.C. Hamptons at South Park in Charlotte Latitudes in Virginia Beach, Va. Mallard Creek I in Charlotte Mallard Creek II in Charlotte Marina Shores Waterfront in Cornelius, N.C. Oak Hollow in Cary, N.C. Oakbrook in Charlotte Paces Commons in Charlotte Paces Watch Apartments in Mt. Pleasant, S.C. Quail Hollow in Charlotte Bridges at South Point in Durham, N.C. The Timbers in Richmond, Va. Waterford Place in Greensboro, N.C. Waverly Place Apartments in N. Charleston, S.C. Bridges at Wind River in Morrisville, N.C. Woods Edge in Durham Fairfield Residential, an affiliate of …

NEW YORK CITY — Norway’s vast oil fund has made its first investment in U.S. real estate as part of a $1.2 billion joint venture with locally based financial services firm TIAA-CREF. Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund, and TIAA-CREF will invest in five office properties in Boston, New York and Washington, D.C., marking NBIM’s first foray into U.S. real estate. “This is the fund’s first real estate investment outside Europe and is in line with our strategy to build a high-quality, global property portfolio,” says Karsten Kallevig, chief investment officer for real estate at NBIM. “We are very pleased to team up with a partner that has TIAA-CREF’s knowledge and capabilities and look forward to jointly developing the venture.” The properties, which total 1.9 million square feet, are located at 33 Arch St. in Boston; 470 Park Ave. S. and 475 Fifth Ave. in New York City; and 1300 I Street in Washington D.C. TIAA-CREF owns a 50.1 percent share and will manage the joint venture, while NBIM holds the remaining 49.9 percent share. “NBIM is an excellent partner for us as we share a similar approach to real estate investing — a …

ONTARIO, CALIF. — MG Properties Group (MGPG), in partnership with Rockwood Capital LLC, has acquired Terracina, a 736-unit multifamily community, for $95 million. The property is located at the intersection of Riverside Drive and Archibald Avenue in Ontario, approximately 36 miles east of Los Angeles. Built in 1988, Terracina features two common areas, a fitness center, pools, tennis courts and scenic waterways. MGPG plans to invest in the community’s commons areas, grounds and buildings to provide additional amenities for residents. “We have been invested in the Inland Empire for more than a decade and believe in its economic potential to outpace much of California during the next decade,” says Justin Smith, senior vice president of investments for MGPG. “We expect Terracina to benefit from renewed job growth driven by strengthening economic performance, an effect that we are already beginning to see in our regional portfolio.” Bryan Frazier of Walker & Dunlop arranged mortgage financing that was provided with two separate fixed-rate loans from Fannie Mae. Greg Harris and Kevin Green of Institutional Property Investors represented the buyer in the transaction. Ed Rosen and John Chu of Cushman & Wakefield represented the seller. San Diego-based MGPG is a privately owned real …

CHARLOTTE, N.C. — Colonial Properties Trust (NYSE: CLP) has sold the 272,000-square-foot Metropolitan Midtown, a mixed-use property located in the heart of Charlotte, for $94 million in cash. The buyer was an institutional investor advised by JP Morgan Asset Management. The mixed-use asset includes 170,000 square feet of office space and 172,000 square feet of retail. Metropolitan Midtown was 93.5 percent occupied as of Dec. 31, 2012. Office tenants include the Charlotte Mecklenburg Hospital, New Dominion Bank and Pappas Properties. The retail portion features anchor tenants Marshalls, Best Buy and Trader Joe’s. According to the Charlotte Observer, Metropolitan Midtown is the redevelopment of Charlotte’s oldest enclosed mall, Midtown Square. Pappas Properties, Collet & Associates and Colonial Properties Trust developed the property. Ryan Clutter, Chris Decoufle, Mike Burkard and Patrick Gildea of CBRE's Charlotte office represented the seller in the transaction. “For core property acquisitions such as Metropolitan the buyer pool is extremely well-capitalized and typically will close all cash,” says Burkard. “Post-acquisition they may or may not place debt on the asset. Their ability to close without the need for financing helps streamline the acquisition process” Charlotte-based Colonial Properties Trust is a real estate investment trust that owns a portfolio …

CHICAGO — The Hyatt Regency Chicago, the city’s largest hotel, is in its last phase of a $168 million renovation. The Hyatt, which is located at 151 E. Wacker Drive, has undergone renovations for the last three years, which include a new lobby, revamped guest rooms, meeting spaces and an array of new and redesigned dining areas. “We truly listened to our guests, and in turn, several aspects of this renovation were incorporated as a direct result of guest feedback,” says Patrick Donnelly, general manager. “We are excited to provide our guests an even better experience through innovative, top-of-the line guest room accommodations featuring the latest in design and technology.” Phase I of the three-phase project, which was completed in 2010, renovated the guest rooms in the West Tower of the property. Phase II, completed in 2011, overhauled the rooms in the East Tower. Phase III will renovate the East Tower Lobby, as well as meeting and event spaces and dining outlets. The hotel will unveil the renovations to the public in April. The renovation includes an overhaul of guest rooms in the East and West Towers. The new lobby boasts restaurants, bars, an art wall and new modern décor. …

SAN DIEGO — While government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac will continue to dominate the multifamily finance landscape in 2013, Jones Lang LaSalle writes in a newly released report that it expects life companies, national banks, financial institutions and CMBS lenders to further increase their market share this year. “Plentiful capital, ease of execution, and the sweet spot in the seven- and 10-year, fixed-rate, 80 percent loan-to-value financings kept the agencies on top in 2012,” says Faron Thompson, international director and leader of Jones Lang LaSalle’s Freddie Mac Program Plus lending business. Apartment finance was a hot topic this week at the Mortgage Bankers Association’s (MBA) Commercial Real Estate Finance/Multifamily Housing Convention & Expo. Approximately 2,600 industry professionals registered for this year’s event held at the Manchester Grand Hyatt San Diego. Analyzing the numbers Fannie Mae provided $33.8 billion of financing to the multifamily industry in 2012 compared to roughly $29 billion for Freddie Mac. Holly Minter, executive vice president with Chicago-based Jones Lang LaSalle, anticipates even more growth potential for the GSEs in 2013. “We expect those numbers will continue to rise this year by about 10 to 15 percent for both Freddie and Fannie, but life …

SAN DIEGO — It was a banner year for Prudential Mortgage Capital Co. in 2012. The lender provided $12.2 billion in financing for commercial mortgages globally, a 26 percent increase over the prior year and the company’s second highest total ever in yearly production. The highest annual production occurred in 2007 when Prudential provided $14.7 billion globally. The announcement came Monday during the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2013 at the Manchester Grand Hyatt San Diego. Approximately 2,600 industry professionals have registered for the show, which runs through mid-day Wednesday. Prudential Mortgage Capital — the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU) — said that the company has as much as $13 billion available for financing in 2013. The 2012 results, which exceeded the company’s $11.6 billion target, includes more than ¥ 24 billion for new loans in Japan. The total also includes the company’s expansion into Europe with £87.5 million in new loans in the United Kingdom originated by its London operation. “The combination of our diverse platform, international expansion and relationships across the industry led to record production levels in our portfolio and agency lending programs,” said David Durning, …