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INDIANAPOLIS — Kite Realty Group Trust (NYSE: KRG ) has reached an agreement to acquire a portfolio of nine retail properties that total approximately 2 million square feet for $307 million in cash. Seven of the properties to be purchased are situated in the firm's existing markets of Florida, Georgia and Texas, while two are in a new market, Birmingham, Ala. Indianapolis-based Kite Realty says expansion in these markets enables it to build on its presence and operating experience. As of Sept. 30, the portfolio was 93.2 percent leased. “These properties will complement those in our existing portfolio and provide us with an opportunity to strategically increase our footprint in our targeted markets,” says John Kite, chairman and CEO of Kite Realty. “We believe there are significant value creation opportunities through the lease-up of vacant space, rollover of below market rents and the pursuit of redevelopment opportunities.” Approximately 1.5 million square feet, or 74 percent of the portfolio, is located in Florida, Georgia and Texas. Two of the properties, which include the 446,484-square-foot Trusville I & II property and the 66,165-square-foot Colonial Shoppes at Clay, are located in the Birmingham, Ala area. Major tenants at the properties include Winn Dixie, …

NEW YORK CITY — Investcorp’s U.S.-based real estate arm has acquired a group of office and retail properties in the greater Chicago, Los Angeles, Minneapolis and New York areas valued at $250 million. “This acquisition adheres to Investcorp's approach of targeting high-quality assets, located in major metropolitan areas characterized by economic growth,” says Herb Myers, managing director in Investcorp's real estate group. “In addition, our approach is to invest in assets that we believe will provide attractive yields soon after they are acquired.” The properties total more than 1.6 million square feet with an average occupancy rate of approximately 92 percent. “We believe that these properties also present an opportunity to improve their operating and leasing performance over a longer time horizon,” says Myers. The Chicago area properties include 1603 & 1629 Orrington Ave in Evanston, a northern suburb. The two-building office complex spans 339,000 square feet and benefits from its close proximity to Northwestern University, according to Investcorp. The company also acquired Mountaingate Plaza in Simi Valley, Calif. Situated on 25 acres in the greater Los Angeles area, the multi-tenant, 246,326-square-foot retail center is anchored by a grocery and drugstore and includes a connecting medical office facility. The Minneapolis …

BOCA RATON, FLA. AND NAPERVILLE, ILL. — Office Depot Inc. and OfficeMax Inc. have completed their merger, creating a global provider of office products, services and solutions. The combined company will use the name Office Depot Inc. and will trade on the New York Stock Exchange under the symbol ODP. In the 12 months ending at Sept. 28, 2013, Office Depot and OfficeMax had a combined revenue of approximately $17 billion. The new company now employs about 66,000 associates worldwide and operates in 59 countries with more than 2,200 retail stores, e-commerce sites and a business-to-business sales organization. The new Office Depot Inc. will utilize a global network of wholly owned operations, joint ventures, franchisees, licensees and alliance partners. Office supply retail is a category in transition, according to Michael Berne, president of MJB Consulting, a retail planning and real estate consulting firm based in New York City and Berkeley, Calif. “Even in the best of times, it was still a question whether the market needed three operators with Office Depot, OfficeMax and Staples,” says Berne. Berne expects that the merged company will shutter some of its existing stores, even though the Federal Trade Commission didn’t mandate the divestiture of …

OAK BROOK, ILL. — Inland American Lodging Group Inc. has acquired three luxury boutique hotels from Kimpton’s Hotel Monaco collection for a total purchase price of $189 million. The properties — Hotel Monaco Chicago, Hotel Monaco Denver and Hotel Monaco Salt Lake City — comprise a total of 605 rooms. With this purchase, Inland American has added 13 hotels to its portfolio in 2013. Kimpton Hotels & Restaurants will continue to manage these three properties. “This acquisition of three market-leading hotels in excellent condition enhanced our portfolio’s geographic diversification and complements our recent acquisitions in the boutique, luxury hotel space,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc., based in Oak Brook, Ill. “We are thrilled to expand our new relationship with Kimpton as we increase our investment in upper-upscale and luxury hotels through the addition of these high-quality assets.” Hotel Monaco Chicago, located in the redeveloped 1912 Fisk Building at the corner of North Wabash Avenue and East Wacker Place in the downtown market, first opened in 1998. The 14-story building features 191 rooms, in-room spa services, a fitness center, the South Water Kitchen restaurant, and 4,100 square feet of meeting space. The six-story, 189-room …

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN) plans to break ground in mid-2014 on the $341 million FMC Tower at Cira Centre South in Philadelphia. The approximately 830,000-square-foot building is the final phase of the company’s mixed-use Cira Centre South, a 2.7 million-square-foot development. The 47-story FMC Tower at Cira Centre South will be the sixth tallest office building in Philadelphia at 650 feet. The property will include 575,000 square feet of Class A office space, 10,000 square feet of retail and 260 apartments. The office component of the project will cost $236 million, while the residential portion will cost $105 million. Brandywine has already executed a 253,000-square-foot, 16-year lease for the global headquarters of FMC Corp., a specialty chemical company. FMC expects to occupy its new corporate headquarters by June 2016. Additionally, Brandywine has executed a 20-year lease with the University of Pennsylvania for four floors totaling approximately 100,000 square feet at the building. FMC Tower at Cira Centre South completes the final phase of Brandywine’s Cira South development, which included the $340 million renovation of the 30th Street Post Office (GSA-Philadelphia Campus) and Cira Garage, and evo at Cira Centre South — the joint venture campus housing project …

WEST NEW YORK, N.J. — Continuing its strategy to expand in the multifamily sector, Mack-Cali Realty Corp. (NYSE: CLI) and its wholly owned subsidiary, Roseland, have opened a new 316-unit luxury rental community in West New York. Developed by Roseland and financed by Switzerland-based UBS, the $120 million RiverTrace at Port Imperial is located along the Hudson River waterfront facing Midtown Manhattan. “This is one of the most spectacular waterfront locations in the region,” says Mitchell Hersh, president and CEO of New Jersey-based Mack-Cali. “We believe RiverTrace, with its high level of design, remarkable amenity offering and innovative approach to environmental sensitivity, will allow residents to enjoy it to the fullest.” RiverTrace was designed to the standards of the U.S. Green Building Council that would achieve LEED for new construction. Green features at the property include an exterior wall thermal insulation system, Energy Star appliances, low-VOC paints and building materials that contained recycled content. Roseland tapped feng shui expert Alex Stark to help incorporate concepts and elements of the system into the design features of the building. “To me this is fantastic because it means our town is growing,” says Felix Roque, mayor of West New York. “As you all …

NEW YORK CITY — The New York City Council has approved plans for the $260 million Empire Outlets and the 630-foot New York Wheel, which will be the world’s largest ferris wheel and the only one of its kind in New York City. The city council’s vote marks the final step in the public approval process for the two projects. “Together, the New York Wheel and Empire Outlets are a transformative project for Staten Island, generating hundreds of millions of dollars of private investment and thousands of jobs while creating a new iconic attraction for New Yorkers and visitors alike,” says Robert Steel, New York City deputy mayor for economic development. The Empire Outlets project, which BFC Partners is building adjacent to the St. George Ferry Terminal, will transform a municipal parking lot into a 1 million-square-foot mixed-use destination. The development, designed by SHoP Architects, will include 340,000 square feet of prime retail space with up to 125 designer outlet retailers; a 200-room hotel; and a 40,000-square-foot food and beverage deck that will provide views of the Manhattan skyline. In addition, BFC Partners will also build a 1,250-space structured parking garage below the retail and hotel components to accommodate commuters …

HOUSTON AND CONROE, TEXAS — Real estate investment company Abbey Residential LLC has purchased a five-property multifamily portfolio totaling 1,222 units in Houston and nearby Conroe, Texas. CBRE represented the Irving, Texas-based seller, a foreign limited liability company known as MLQ BK REO LLC. Founded in 1984, the Birmingham, Ala.-based Abbey owns and operates properties in Alabama, Georgia and Texas. Major metros in North Carolina, South Carolina, Florida and Tennessee are among the company’s other target markets. “This portfolio was a great opportunity to make a diversified investment in the Houston market,” says Ryan Epstein, senior vice president in the Houston office of CBRE. “These assets are located within rapidly growing locations in the Houston metropolitan area.” The acquired assets include Ridge at Willowbrook, Woodedge Apartment Homes and Aston Brook Apartment Homes in Houston and Stone Ridge Apartment Homes and Cimarron Park in Conroe. Abbey plans capital improvements for each of the properties. Ridge at Willowbrook is located at 8330 Willow Place South. The apartment complex offers a total of 12 floor plans in one- and two-bedroom configurations and also includes amenities such as a swimming pool and 24-hour emergency maintenance. Woodedge, located at 10802 Greencreek Drive, consists of one- …

SANTA CLARA, CALIF. — Montana Property Group (MPG) and Lowe Enterprises have formed a joint venture to develop Santa Clara Centennial Gateway, a $400 million hotel, office and entertainment complex adjacent to Levi’s Stadium, the future home of the San Francisco 49ers. Situated on three city-owned parcels at the intersection of Tasman Drive and Centennial Boulevard, the property will total approximately 860,000 square feet of commercial real estate. MPG is the real estate investment and development company of famed 49ers quarterback Joe Montana. Lowe Enterprises, based in Los Angeles, is a real estate investment, development and management firm currently responsible for a portfolio of more than $5 billion in assets. “This unique property offers an unparalleled opportunity to combine the energy and excitement of a professional sports venue with the innovation and vision of the technology industry that drives Silicon Valley,” says Montana. “Centennial Gateway and the new 49ers stadium will create a thriving entertainment district that will continue the dramatic transformation underway in Santa Clara.” Design firm NBBJ has been retained as the master planner, and Turner Construction will serve as general contractor. The project is expected to create 600 permanent jobs and 300 temporary construction jobs. Plans call …

NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has signed a purchase and sale agreement to acquire a 24-property retail portfolio in New England for $270 million. The portfolio includes 17 assets in metro Boston, four other centers in Massachusetts, two grocery-anchored properties in northern New Jersey and one Walmart-anchored shopping center in Danbury, Conn. “This acquisition is in line with our communicated strategy of focusing on key territories that boast solid demographics and growth potential,” says David Henry, president and CEO of New Hyde Park-based Kimco. “The assets are largely located in the high-barrier-to-entry Boston market with attractive infill locations and a large consumer base.” The 1.4 million-square-foot portfolio is 96 percent occupied. Anchor tenants include Whole Foods Market, Trader Joe’s, Lowes, Kohl’s, Petco, Pier 1 Imports and Aldi Supermarket. The transaction, which is expected to close during the first quarter of 2014, includes the assumption of $121.5 million of mortgage debt. Jim Koury with HFF marketed the portfolio on behalf of the seller, a private, non-institutional owner. Kimco is a real estate investment trust that focuses on the acquisition, development and management of neighborhood and community shopping centers. As of June 30, the company owned interests …