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BURLINGTON, MASS. — Nordblom Co. is planning a $215 million recapitalization of Network Drive at Northwest Park, a six-building, 805,000-square-foot office complex in Burlington. Nordblom originally acquired the property in partnership with CarVal and now completed the sale to institutional investors advised by JPMorgan Asset Management. “We are delighted with our new partnership and the fact that they also recognize the tremendous value of this world-class office park located in this dynamic Boston suburb,” says Ogden Hunnewell, executive vice president and partner of Nordblom Co. “Burlington continues to emerge as the ‘Capitol City’ of Route 128 and this property is wonderfully situated to benefit from the vibrancy and growth in this leading market area.” Network Drive includes land sufficient to add approximately 330,000 square feet of space. The property is situated on 158 acres adjacent to Northwest Park, a 140-acre office park that has been master-planned and permitted for up to 3.2 million square feet of mixed-use space. Network Drive is 96 percent leased to a variety of tenants, including Exa Corp., eDialog, Memento, Dyax, Veracode and Avid Technology. The campus is also a regional headquarters for Oracle Corp. James McCaffrey, senior managing director of Eastdil Secured, and director Sarah …

NEWPORT BEACH, CALIF. — Griffin-American Healthcare REIT II Inc. has acquired three Los Angeles-area hospitals and three medical office buildings located in Frisco, Texas and Jasper, Georgia for approximately $108.7 million. With the latest acquisitions, the REIT’s portfolio totals 121 buildings valued at approximately $1.1 billion, based onpurchase price, spread across 26 states. The co-sponsors of the non-traded real estate investment trust (REIT) include Newport Beach-based American Healthcare Investors, an investment management specializing in the acquisition and management of healthcare-related real estate, and Los Angeles-based Griffin Capital Corp., a privately owned real estate company. Non-traded REITs are considered public companies, but their shares are not listed on any stock exchange. “Reaching the $1 billion mark in aggregate portfolio value, based on purchase price, is a key milestone for Griffin-American Healthcare REIT II,” says Danny Prosky, a principal of American Healthcare Investors and president and COO of the REIT (pictured at left). “Size and scale can be very important in terms of real estate portfolio operations, efficiency and potential enhanced value of the REIT as a whole,” adds Prosky. “The REIT has now grown to the size where it is one of the largest and most significant owners of healthcare-related real …

NEW YORK CITY — Staten Island's waterfront will be transformed into New York City's first and only outlet center. BFC Partners will construct the 350,000-square-foot center known as Harbor Commons at an estimated cost of $230 million. The development will include approximately 100 designer outlets, a 200-room hotel and a 1,250-space parking garage. Harbor Commons will be located south of the Richmond County Savings Bank Ballpark, just steps away from the St. George Ferry Terminal. “Harbor Commons will be the first outlet center in New York City that offers the retail sector a singular and unique opportunity to expand its brand presence in the most vibrant retail market in the county,” says Donald Capoccia, managing principal and founder of BFC Partners. “We are extremely proud to be leading this development and building what will become one of NYC's most transformative projects.” Casandra Properties, along with EWB Development, will serve as strategic consultants for the project. The two companies will provide competitive positioning, leasing, marketing and management services for Harbor Commons. “Staten Island's waterfront is a treasure. The development of a designer outlet center and hotel will generate nearly 700 permanent jobs and capture a good portion of the $34 billion …

PHOENIX, ARIZ. — Bascom Arizona Ventures has continued its buying spree in Arizona, acquiring its third and fourth multifamily properties in the state in the last two months. The Irvine, Calif.-based company acquired Brookstone at the Foothills Apartments, a 528-unit community near Phoenix for $35.6 million, or $67,367 per unit. Bascom also purchased Madera Point Apartments, a 256-unit community in Mesa, Ariz., for $14.4 million, or $56,000 per unit. The acquisition comes on the heels of the company's two recent deals in the Phoenix metro area. Bascom acquired the Coldwater Spring Apartments for $27.2 million and Estates of Maryland Apartments for $27.9 million. Bascom had previously acquired thousands of units in the Phoenix metropolitan area between 2004 and 2007, but decided to sell a dozen properties in 2007. “We feel now is the best time to get back in the Arizona region,” says Mark Brotherton, asset manager for Bascom Arizona Ventures. He adds that the company is looking to expand even more, and is expecting to close on another property in the next 30 days. “We are continuing to seek and acquire assets that range from 'A' to 'C' quality, preferably with infill location and with a value-added component,” says …

SIOUX FALLS, S.C. — Summit Hotel Properties (NYSE: INN), a real estate investment trust, has entered into three agreements to acquire 10 hotels, including eight properties from Hyatt Hotels Corp., for a total of $114.6 million. Included in the Hyatt portfolio is the 127-room Hyatt Place-Arlington in Arlington, Texas; the 151-room Hyatt Place-Lombard in Lombard, Ill.; the 127-room Hyatt Place-Phoenix in Phoenix; the 127-room Hyatt Place-Scottsdale in Scottsdale, Ariz.; the 123-room Hyatt Place-Owings Mills in Owings Mills, Md.; the 127-room Hyatt Place-Park Meadows in Lone Tree, Colo.; the 126-room Hyatt Place-Denver Tech Center and the 135-room Hyatt House-Denver Tech Center in Englewood, Colo. The sale price of the Hyatt portfolio is $87.4 million. “We continue to see terrific opportunities to grow our portfolio,” says Dan Hansen, president and CEO of Sioux Falls-based Summit Hotel Properties. “This acquisition is a result of our great relationship with Hyatt and we look forward to exploring future opportunities and continuing to grow that relationship.” The company plans to enter into an agreement with Select Hotels Group, a Hyatt affiliate, to operate the hotels. Summit Hotel Properties has also agreed to acquire the 98-room Hilton Garden Inn in Fort Worth, Texas, for $7.2 million, as …

THE COLONY, TEXAS — Nebraska Furniture Mart has broken ground on a 1.86 million-square-foot retail store and distribution center in The Colony, making it the largest home furnishings store in North America. The Nebraska Furniture Mart of Texas will sit on approximately 90 acres along State Highway 121. The store will offer more than 160,000 products, including furniture, flooring, appliances and electronics. The development will include a 560,000-square-foot retail showroom and a 1.3 million-square-foot distribution center. The development is expected to attract more than 8 million visitors and generate $600 million in sales annually. It will also add approximately 2,000 new jobs to the area. “We’re excited about the partnership between The Colony and Nebraska Furniture Mart of Texas,” says Joe McCourry, Mayor of The Colony. “This is a unique opportunity to bring new jobs and tourism to the area, and we expect this one-of-a-kind development will draw people from more than 200 miles away.” Nebraska Furniture Mart of Texas will anchor a planned $1.5 billion, 433-acre mixed-use development that is expected to receive 14 to 16 million visitors annually. Omaha-based Nebraska Furniture Mart, part of Warren Buffet’s Berkshire Hathaway family of companies, was founded in 1937 with a $500 …

CAMBRIDGE, MASS. — EF Education First has broken ground on its $125 million, 300,000-square-foot facility, located next to the company’s existing building in the North Point area of Cambridge, to serve as its expanded North American headquarters. “Twenty-five years ago, our North American headquarters consisted of three people in a small office at One Memorial Drive in Cambridge, and today we mark the beginning of a new North American headquarters campus, which will host more than 1,200 employees,” says Alex Hult, CEO of EF Education First. “Cambridge and the Commonwealth are true incubators for innovation in education and technology, and we look forward to continuing to grow and succeed here in Massachusetts for years to come.” The 10-story building will include 230,000 square feet of office and education space, as well as a 65,000-square-foot structured parking garage. Additionally, the facility will feature 31,000 square feet of public space and a 14,000-square-foot restaurant. “EF Education First has successfully used education and innovation to become a worldwide leader in international education,” says Governor Deval Patrick. “I am pleased to celebrate with them as they expand and create quality jobs in the commonwealth.” The new facility will result in the creation of 400 …

NEW YORK CITY — Investcorp has expanded its real estate holdings with debt and equity investments in six office properties in Durham, North Carolina, Frisco, Texas and Denver. The combined properties total value exceeds $140 million. “This portfolio adds to our growing mix of investments selected for their strong tenant histories, locations in economically flourishing metropolitan communities and attractive ‘going in’ projected cash yields,” says Herb Myers, managing director of New York City-based Investcorp’s real estate group. “The investment in properties in these cities is consistent with our theme of focusing on metropolitan areas with demand drivers from technology, healthcare, energy and education.” The investments include two equity acquisitions and one debt financing investment. In Durham, the company purchased three buildings in Keystone Office Park and in Frisco it acquired one property in the Duke Bridges office park. The firm also originated a mezzanine loan secured by two office properties located in Denver. The properties, which total more than 900,000 square feet, are approximately 95 percent occupied. Tenants include the National Institute of Health in Durham, Oracle in Frisco and BakerHostetler in Denver. “Office properties in growth markets with strong demand generators are on the rebound, and can be purchased …

BOSTON — HFF has arranged a $170 million construction loan for One Channel Center, a 500,000-square-foot office building in Boston's Seaport District. The project, developed by a joint venture of AREA Property Partners and Commonwealth Ventures, will feature an 11-story office building and 10-level parking garage that can accommodate 950 vehicles. The project broke ground this past summer and is slated for delivery in early 2014. One Channel Center is located in the neighborhood that Mayor Thomas Menino has rebranded as the “Innovation District.” The project is also situated within the larger Channel Center, a 2 million-square-foot mixed-use development area featuring office, residential and retail space. When complete, the new building will be fully occupied by State Street Corp., a financial services company headquartered in Boston. Anthony Cutone and Porter Terry led the HFF team that worked on behalf of AREA and Commonwealth to secure the construction loan. “One Channel Center is an exciting and appropriate culmination of its investors' vision and dedication to establishing Channel Center as a vibrant commercial and residential neighborhood,” says Cutone. “Combining top-notch sponsorship, a central urban location and premier tenancy, the project epitomizes successful urban development.” — Liz Burlingame

AUSTIN, TEXAS — A joint venture between Thomas Properties Group (NASDAQ: TPGI) and the California State Teacher’s Retirement System (CalSTRS) has acquired an eight-building office portfolio totaling 3 million square feet for $859 million. The portfolio includes Frost Bank Tower, 300 W. 6th St., One American Center, San Jacinto Center and One Congress Plaza in downtown Austin and Westech 360, Park Centre and Great Hills Plaza in suburban Austin. “In keeping with our strategic plan to acquire wholly owned or equally controlled properties that are accretive to our after-tax cash flow, we are pleased with the opportunity to increase our investment in Austin and more particularly, in a group of assets that we consider to be crown jewels,” says James Thomas, CEO and chairman of Thomas Properties Group. “We are very encouraged by the continued strength in the Austin market and the prospects for future growth.” The seller was TPG-Austin Portfolio Syndication, a venture between Lehman Brothers Holdings, an offshore sovereign wealth fund and a previous joint venture between TPG/CalSTRS. A subsidiary of Thomas Properties Group is the managing member with a 50 percent interest and CalSTRS owns the other 50 percent. Thomas Properties Group has also entered into an …