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RICHARDSON, TEXAS — Developer KDC Real Estate Development & Investments has revealed plans and a project name for its master-planned, mixed-use development in Richardson, approximately 13 miles north of downtown Dallas. The $600 million first phase of CityLine will total 2.3 million square feet adjacent to the Bush Turnpike Station of the Dallas Area Rapid Transit system. Slated for completion in early 2015, this initial stage of construction will feature three office towers totaling 1.5 million square feet, fully preleased by State Farm Insurance. Also to be included are dense restaurant, retail and entertainment space; a 150-room hotel; 520 multifamily residential units; an 18,000-sqaure-foot wellness and fitness facility; a 41,000-square-foot medical office building; and a 3.5-acre park. The focal point of the first phase will be CityLine Plaza, a centrally located urban plaza designed by Office of James Burnett, the company known for work as the landscape architect of Klyde Warren Park in Dallas. “CityLine has been a team sport, and KDC has been fortunate to work with great designers and development partners to create an outstanding place for the community,” says Steve Van Amburgh, CEO of Dallas-vased KDC. “I can’t think of another development that, upon opening, will completely …

HUDSON, N.Y. — Pace University has broken ground on a $150 million revitalization of the school’s Pleasantville campus. The first phase of the project, “Phase 1A,” is valued at approximately $100 million and includes the construction of two new residential buildings, an expansion of the student center and the relocation of the environmental center and athletic facilities from the Briarcliff campus. The Pleasantville campus, which totals 200 acres, opened in 1963. The 37-acre Briarcliff campus is currently for sale. Pace’s main campus is in New York City. “As we commemorate the 50th anniversary of our Pleasantville campus this year, we now prepare for the next half-century with a major transformation,” says Stephen Friedman, president of the university. “This project, together with new academic programs and related enhancements, represents a significant investment in and commitment to the future.” While no classes are currently taught at the Briarcliff campus, approximately 590 students reside there, necessitating the construction of more housing on the Pleasantville campus as Pace looks to consolidate. Athletic and certain administrative functions are also currently based at Briarcliff and will need facilities on the Pleasantville campus as well. The university has stated that the construction will have minimal impact on …

NEW YORK CITY AND PHOENIX — American Realty Capital Properties Inc. (NASDAQ: ARCP) and Cole Real Estate Investments Inc. (NYSE: COLE) have signed a definitive agreement to merge the two companies. The transaction is valued at $11.2 billion and will create the largest net lease REIT with an enterprise value of $21.5 billion. (The new REIT’s value is 64 percent larger than the closest comparable net lease REIT, according to a statement from ARCP and Cole). The merger agreement has been unanimously approved by the board of directors of each company and is subject to customary closing conditions, including stockholder votes by both companies. ARCP has secured $2.75 billion of fully committed financing from Barclays in connection with the transaction, which is expected to close in the first half of 2014. “This merger represents a new beginning for former competitors, and we look forward to uniting two of the industry's most talented organizations,” says Nicholas Schorsch, chairman and CEO of ARCP. ““We benefit by uniting not only two exceptional real estate portfolios, but also by joining forces with Cole's world-class management team.” Under the terms of the merger agreement, Cole will merge with and into a wholly owned subsidiary of …

NEW YORK — HFF has arranged $110 million in permanent financing for 25 Broad at the Exchange, a 308-unit, Class A multifamily property in Manhattan’s Financial District. HFF worked on behalf of LCOR, a fully integrated real estate company, to secure the seven-year, fixed-rate loan. Northwestern Mutual Life Co. is the lender. Originally constructed in 1902 and recently renovated, 25 Broad at the Exchange is located adjacent to the New York Stock Exchange. Apartment options include one- and two-bedroom floor plans and 19 penthouse units. The residences are currently 95 percent leased. A fitness center, yoga studio, children’s playroom, resident lounge and billiards room are among the community amenities. The 25 Broad at the Exchange property also includes three retail spaces, leased to Bobby Van’s Steakhouse, men’s formal wear boutique Canali and a dry cleaner. Battery Park, the 9/11 Memorial and Brooklyn Bridge are all in close proximity. LCOR, formed in 1992 to continue the legacy of The Linpro Company, specializes in property management, development and investment. The company’s operating and development business manages a portfolio including approximately 8,500 multifamily units, 7.5 million square feet of commercial space and several mixed-use projects in core markets nationwide. Jon Mikula and Jim …

NEW YORK CITY — JPMorgan Chase & Co. (NYSE: JPM) has sold One Chase Manhattan Plaza, a 60-story office tower in New York City, to Shanghai, China-based Fosun International Ltd. for $725 million. The 2.2 million-square-foot building is located at 16-48 Liberty St. in downtown Manhattan. The transaction is the largest purchase of a New York building by a Chinese buyer, according to Bloomberg. The Class A property had never changed its ownership since the Chase Manhattan Bank built the building in 1961. The New York City Landmarks Preservation Commission designated One Chase Manhattan Plaza as a landmark in 2009. The office building includes a 2.5-acre plaza that connects with seven subway lines. Fosun says that the reconstruction of the World Trade Center and the upgrades to the Fulton Street transportation hub will create a new business section that will enhance the value of the property. Also, according to the agreement between the companies, JP Morgan Chase Bank will remain a tenant at the building. Fosun International Ltd. is a wholly owned subsidiary of Fosun International. On July 16, 2007, Fosun International was listed on the Hong Kong Stock Exchange. JPMorgan Chase & Co. is global financial services firm with …

ROCHESTER, N.Y. — In a major sale-leaseback transaction, Broadstone Net Lease (BNL) has acquired a 382,200-square-foot manufacturing and office facility located in Hoffman Estates, Ill., for $36.3 million. The recently renovated facility, which sits on 46 acres, is net leased to Siemens Corp. through a new 10-year lease, which includes four five-year renewal options and structured annual rent increases. The acquisition is BNL’s largest to date in the Chicago area. The Rochester-based private real estate investment trust now owns 188 properties in 27 states with a total portfolio value of more than $700 million. Siemens AG,headquartered in Berlin and Munich, Germany, is an engineering and electronics company that principally operates in the fields of manufacturing, energy, transportation and healthcare. “We’re delighted to have completed this significant sale-leaseback transaction with Siemens, a new marquee tenant for us,” says Amy Tait, CEO of BNL. “This acquisition adds further diversification to the BNL portfolio in a core U.S. real estate market.” According to Crain’s Chicago Business, Siemens hired the Chicago office of CBRE Inc. this summer to find a buyer for the building in Hoffman Estates, the global headquarters for its molecular imaging business, which sells equipment for MRIs and PET scans. BNL …

NEW YORK CITY — Brixmor Property Group, a retail landlord owned by private-equity firm Blackstone Group LP, announced today the terms of its initial public offering (IPO). The New York -based company plans to raise $750 million by offering 37.5 million shares at a price range of $19 to $21. At the top end of the expected price range, the REIT would be valued at about $4.61 billion. Brixmor, which first filed for an IPO in July, plans to use proceeds from its offering to repay debt. The company intends to list on the New York Stock Exchange under the symbol “BRX”. Bank of America Merrill Lynch, Citigroup, JP Morgan, Wells Fargo Securities and Barclays are among the lead underwriters for the IPO. To find out more information about Brixmor's portfolio, click here. Brixmor operates the country's largest portfolio of grocery-anchored and neighborhood shopping centers, with 522 properties encompassing 87 million square feet, the company noted its filing with the U.S. Securities and Exchange Commission. The company’s four largest tenants by annualized base rent include Kroger Co., TJX Cos. Inc, Publix Super Markets Inc. and Walmart Stores Inc. Since February 2011, when Blackstone acquired Brixmor for more than $9 billion, …

SEATTLE — Skanska plans to invest $150 million in an approximately 337,000-square-foot office building in the South Lake Union area of Seattle. Skanska USA Building will develop the project, which includes a contract value of $77.5 million. The 13-story office building will feature 17,000 square feet of ground-level retail and will target LEED Gold certification. Construction will begin later this month and is slated for completion in the fourth quarter of 2015. Global retailer Tommy Bahama will relocate its headquarters to occupy more than 118,000 square feet at the property. The company is the first tenant Skanska has secured for the building. New York-based Skanska USA is a development and construction company that consists of four business units — Skanska USA Building, which specializes in building construction; Skanska USA Civil, specializing in civil infrastructure; Skanska Infrastructure Development, which develops public-private partnerships; and Skanska Commercial Development, which develops commercial projects in select U.S. markets. — Brittany Biddy

BETHESDA, MD. — CWCapital Asset Management has announced it is marketing $2.6 billion of predominantly cash-flowing real estate and commercial mortgage loan assets across the U.S. CBRE and Auction.com are overseeing the marketing, with the first round of bidding on the portfolio set for Nov. 13. Office assets make up nearly two-thirds of the portfolio at 8.9 million square feet. The portfolio also includes 3.2 million square feet of retail and 2,129 hotel rooms. The assets are spread across major markets such as New York City, Los Angeles, Chicago, Washington, D.C., and Dallas, with the balance located in emerging secondary markets. Specifics about the portfolio were undisclosed. The sale is structured so that prospective purchasers can submit offers on individual pools, groups of pools, single assets or the portfolio in its entirety. Bethesda, Md.-based CWCapital Asset Management’s expectation is that the market will see the offering as a unique opportunity to acquire a large and diversified portfolio of mortgage loan and real property assets representing trophy, core, core-plus and value-add strategic investments, according to a statement from the company. “Evidenced by recent portfolio transactions, CWCapital feels that the market is in prime position to leverage the fluid capital markets and …