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TORONTO AND NEW YORK — Hudson’s Bay Co. (HBC) will acquire Saks Inc. (NYSE: SKS) for $16 per share in an all-cash transaction valued at approximately $2.9 billion, including debt. The acquisition has been approved by the board of directors for both companies and is expected to close before the end of 2013. The transaction will bring together three retail brands — Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue. The combined company will operate 320 stores, including 179 full-line department stores, 72 outlets and 69 home stores throughout the United States and Canada. HBC will continue to build upon the Saks brand and identity as a luxury retailer, introducing the company to Canada through full-line, outlet and online formats. “This exciting portfolio of three iconic brands creates one of North America’s premier fashion retailers,” says Richard Baker, chairman and CEO of Toronto-based HBC. “With the addition of Saks, HBC will offer consumers an unprecedented range of retailing categories and shopping experiences. This acquisition will increase our growth potential both in the U.S. and Canada, generate significant efficiencies of scale, add to our powerful real estate portfolio and deliver substantial value to our shareholders.” The $16 per share price …

FRAMINGHAM, MASS. — As part of an ongoing effort to expand its retail platform, Jones Lang LaSalle has acquired Surge Retail International, a specialty retail tenant representation firm based in suburban Boston. The acquisition will enable the firm to respond to the increase in client demand for tenant representation expertise in the retail sector, according to JLL. The price was undisclosed. Steve Ferris and Michael Hirschfeld, Surge Retail’s co-founders, will join the firm as senior vice presidents and co-lead JLL’s national retail tenant services practice. They will work closely with Lew Kornberg to expand the firm’s retail tenant representation capabilities, targeting premium and high-end retailers occupying space in enclosed malls, outlet centers and dense, urban retail markets across the United States, as well as international retailers wanting to expand throughout North America. “The addition of Surge Retail strategically advances our quest to provide unparalleled service to a full spectrum of national retailers by utilizing JLL’s local market knowledge and expertise to execute the ever more demanding real estate mandates of those clients,” says Greg Maloney, CEO and president of Jones Lang LaSalle Retail. “Michael and Steve are seasoned veterans who know the nuances specific to main street retail, enclosed mall …

RICHMOND, VA. — Landmark Apartment Trust of America Inc. (LATA) has acquired three multifamily properties located in Texas and Tennessee for a combined purchase price of $98.9 million. Collectively, the properties include 1,334 units and were 94 percent occupied at the time of sale.Mission Residential of Vienna, Va., sold the properties. “We continue to invest in multifamily properties located in southern U.S. markets we believe will benefit from our proven repositioning program and sophisticated operating platform,” says Stanley Olander, CEO of Richmond, Va.-based Landmark Apartment Trust of America. “With this transaction, we are expanding our presence in Dallas, which remains an attractive market given that the Texas economy is outpacing most of the nation. We are also pleased to be entering Tennessee where we’ve identified strong market fundamentals and an opportunity to grow our portfolio.” The properties LATA has acquired in the transaction include Landmark at Prescott Woods, with 364 units at 2915 Aftonshire Way in Austin, Texas; Landmark at Gleneagles, with 590 units at 4909 Haverwood Lane in Dallas; and Landmark at Wynton Pointe with 380 units at 1000 Enclave Circle in Nashville, Tenn. This acquisition comes shortly after the non-traded REIT announced July 8, that it acquired eight …

WASHINGTON, D.C. — Principal Real Estate Investors (PREI) has acquired Washington Harbour, a 557,961-square-foot, mixed-use project in Washington, D.C.’s Georgetown submarket. The Washington Business Journal reports that the asset sold for approximately $370 million. PREI purchased the property, which is situated along the Potomac River, on behalf of a consortium of South Korean investors. Simone Investment acted as the managing member of the consortium. Jim Meisel, Dek Potts and Andrew Weir, senior managing directors of HFF’s investment sales group, led the HFF team in representing the seller, a joint venture between Rockpoint Group LLC and MidAtlantic Realty Partners (MRP Realty). Other members of the HFF’s sales team include executive managing director Stephen Conley and senior real estate analyst Matt Nicholson. Washington Harbour includes two freestanding, Class A office towers that recently underwent a $50 million renovation. The office space is 96 percent leased to 26 tenants, including the law firms of Foley & Lardner and Kelley Drye & Warren, as well as communications and advertising firm GMMB Inc. As part of the renovations, the property features a fountain with programmable light and water shows in the spring and summer months. In the fall and winter, the fountain is converted into …

NEW YORK CITY — St. John’s University has sold a residential development site located at 101 Murray St. in the Tribeca section of Manhattan for $223 million. A partnership between New York-based Fisher Brothers and The Witkoff Group purchased the property. “101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” says Helen Hwang, executive vice president at Cushman & Wakefield, which represented St. John’s University in the transaction. “We are privileged to have helped St. John’s University successfully realize such an important transaction for its academic mission.” Located on the northeast corner of Murray and West streets, 101 Murray Street is slated for a residential development totaling 310,028 square feet, with the potential to increase to 372,336 square feet through floor area bonuses. The underlying zoning provides no height restriction, allowing the developer to maximize ceiling heights. “This is yet another exciting new project for Fisher Brothers and we couldn’t be happier,” says Winston Fisher, partner at Fisher Brothers. “Lower Manhattan continues to evolve at a record-setting pace and we are proud to be a part of it, along with The Witkoff Group. We’d also like to thank …

ANDOVER, MASS. — An affiliate of The General Investment & Development Cos. (GID) has sold Windsor Green at Andover, a 193-unit multifamily community, for $62.5 million. The Hamilton Co. Inc. acquired the property, which is located at 311 Lowell St. in Andover, a northern Boston suburb. Built in 2006, the development is 98 percent occupied. Property amenities include a heated swimming pool, sport court, private garages, barbeque grills and a playground. Michael Coyne and Travis D’Amato, senior vice presidents with Jones Lang LaSalle’s capital markets team, along with associates Kevin Gleason and Brendan Shields, represented the seller in the transaction. “This offering provided a rare opportunity to acquire a luxury asset located in one of Boston’s most sought after suburbs,” says Coyne. “Boston is one of the top performing markets in the country, but has very few core properties on the market. Windsor Green at Andover received robust investor interest and was closed within three months of the initial launch.” Boston-based GID is a privately held real estate organization with a portfolio that includes 87 properties in 15 states totaling more than 22 million square feet. Additionally, GID has 12 multifamily properties under development totaling 3,390 residential units. Founded in …

SAN FRANCISCO — Starwood Property Trust (NYSE: STWD) has originated a $140 million first mortgage loan on the Phelan Building, an 11-story, 300,000-square-foot mixed-use building located in San Francisco's Union Square area. Thor Equities was the borrower. Built in 1908 by former San Francisco Mayor James Phelan, the historic structure is one of the city's original flatiron buildings, standing as an architecturally distinct landmark at the junction of Market and O'Farrell streets and Grant Avenue. The Phelan Building is located in the heart of the city’s premier retail shopping district, one block from Westfield San Francisco Centre, an upscale urban shopping center, and across the street from the Four Seasons Hotel. “We are pleased to provide this transitional capital to help further the sponsor's plan to reposition one of San Francisco's most historic buildings to meet the needs of the city's high-profile technology firms and other businesses seeking truly creative office space,” says Boyd Fellows, president of Greenwich, Conn.-based Starwood Property Trust. The property encompasses approximately 250,000 square feet of office space and 50,000 square feet of retail space. Marshalls recently signed a lease to occupy a large, corner retail space at the Phelan Building. Thor Equities has continued to …

PHOENIX — Six months after announcing their merger, Spirit Realty Capital Inc. and Cole Credit Property Trust II Inc. (CCPT II) have finalized the $7.4 billion agreement, with the new company operating under the Spirit Realty Capital brand name. The stock, operating under the ticker symbol SRC, trades on the New York Stock Exchange. The stockholders of the companies approved the transaction at meetings that took place on June 12. The combined company is one of the largest publicly traded net-lease real estate investment trusts (REITs) in the United States, owning approximately 1,900 properties in 48 states. “The successful completion of this transformative merger establishes us as one of the leaders in the dynamic and attractive net-lease sector of the REIT market, which continues to be an area of increasing focus for institutional investors,” says Thomas H. Nolan Jr., chairman and CEO of Spirit Realty Capital. “By combining with CCPT II, we have made significant progress on the strategic objectives we articulated at the time of our IPO less than one year ago.” The management team of Spirit Realty Capital will lead the combined company, along with a nine-member board of directors, seven of whom are existing board members of …

NEW YORK CITY — Meridian Capital Group LLC has secured $230 million in acquisition financing for the purchase of Steinway Hall building, a 247,000-square-foot, 16-story office building on West 57th St. in Midtown Manhattan. The commercial real estate finance and advisory firm arranged the one-year, interest-only loan on behalf of the borrower, a partnership led by JDS Development Group. Aaron Appel and Moshe Majeski, managing directors of Meridian Capital, originated and executed the fixed-rate financing, which features two six-month extension options. According to the Wall Street Journal, Steinway Musical Instruments Inc. (NYSE: LVB) sold its interest in the Steinway Hall building to the partnership led by JDS Development Group in June. In the transaction, Steinway received a cash purchase price of $46.3 million. Steinway Hall, built in 1924, was designated and registered as a historic and cultural landmark in 2001. Since its construction, the building has been either fully or partially occupied by Steinway & Sons, the famous piano-maker. The façade of the building features an ornate carving above the grand window, and the main room of the building is a two-story rotunda with a domed ceiling. The property is situated between Sixth and Seventh avenues in Manhattan, with direct …

WASHINGTON, D.C. — The District of Columbia can say goodbye to a potential 4,000 new jobs — 3,000 permanent positions and 1,000 construction jobs — if the city council’s vote to pass the Large Retailer Accountability Act is approved by the mayor. The act, which imposes a $12.50 hourly living wage on businesses that have annual revenues of $1 billion or more and spaces greater than 75,000 square feet, has Walmart reconsidering its expansion plans in the city. The living wage is a 50 percent premium over Washington, D.C.’s current minimum wage of $8.25 an hour. The city council approved the bill last week by a vote of 8 to 5 despite threats from Walmart that the company would cancel plans for all six stores it had initially agreed to develop in the district. While three stores have yet to begin construction, Walmart is moving ahead with the three locations that are already under development. Two of the stores are expected to open this fall. Victor Hoskins, deputy mayor for planning and economic development in the District of Columbia, projects that a significant portion of the 4,000 jobs potentially lost would have been filled by residents of the district. Most …