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NEW YORK — SL Green Realty Corp. (NYSE: SLG) has agreed to acquire The Olivia, a mixed-use property on Manhattan’s west side, for $386 million. The deal further diversifies the portfolio of the real estate investment trust, which touts itself as New York City’s largest office landlord. New York-based real estate company Stonehenge currently owns The Olivia, according to Bloomberg. “We see this acquisition as a great opportunity to expand our multifamily investment platform at a time when the New York residential market is strong,” says Andrew Mathias, president of New York-based SL Green. “The property is located in a neighborhood that is expected to absorb thousands of new jobs during the next decade. With those jobs, the local demand for luxury housing also is expected to climb sharply.” The Olivia totals 36 stories and 492,987 square feet, the residential portion of which consists of 333 rental apartments in studio, one- and two-bedroom configurations. Among the amenities are a doorman-attended lobby, valet and concierge services, top-floor health club and social lounge and rooftop sundeck. According to the property’s website, rents start at $2,850 for a studio apartment. The building’s commercial space, which takes up 270,000 square feet of the total …

BOSTON — Winthrop Realty Trust (NYSE: FUR) has entered into an agreement to acquire four recently constructed Class A apartment buildings for $246 million. The agreement is with ST Residential, an affiliate of Starwood Capital, along with an unnamed third-party investor and the Federal Deposit Insurance Corp. The FDIC acquired the interest from the failed Corus Bank. Built to condominium specifications prior to a lender foreclosure, the properties include 44 Monroe in Phoenix; Highgrove in Stamford, Conn.; Mosaic II in Houston; and San Pedro Lofts in San Pedro, Calif. Winthrop expects to close on the purchase of these properties by October. The Boston-based company provided a $25.5 million nonrefundable deposit on the properties. A combination of cash reserves and new secured financing is slated to pay the remaining balance, according to Winthrop. “We like the optionality created by the opportunity to acquire a cash flow positive portfolio of high quality condo-constructed multifamily assets at what we believe to be well below replacement cost,” says Michael Ashner, chairman and CEO of Winthrop. 44 Monroe is a 34-story, 184-unit condominium building that includes 1,377 square feet of ground-level retail. Constructed in 2008, the property's amenities include a spa and swimming pool with …

FOSTER CITY, CALIF. — Essex Property Trust (NYSE: ESS), a multifamily REIT based in Palo Alto, Calif., has sold Harbor Cove Apartment Homes, a 400-unit waterfront apartment complex in Foster City. Essex sold the Bay Area property to a fund sponsored by Acacia Capital Corp. for $138 million, or $345,000 per unit. The apartment community is located on a 15-acre site at 900 E. Hillside Blvd. in Foster City, which is about midway between San Francisco to the north and Silicon Valley to the south. The $138 million sale is the largest transaction by dollar volume in the Bay Area so far this year, according to Essex’s broker, Institutional Property Advisors (IPA). “Opportunities to acquire larger multifamily assets in the mid-peninsula market are extremely rare. In fact, Harbor Cove is the only 100 plus-unit asset that has traded hands in Foster City since 2004,” says Philip Saglimbeni, vice president of investments at IPA, which is the multifamily brokerage division of Calabasas, Calif.-based Marcus & Millichap Real Estate Investment Services. IPA serves institutional and major private investors, such as Essex. Saglimbeni represented Essex alongside Stanford Jones and Salvatore Saglimbeni of IPA. The brokerage team of Jones, Saglimbeni and Saglimbeni has brokered …

WASHINGTON, D.C. — Skanska has signed a contract with American University to build the school’s new $78 million East Campus in Washington, D.C. Skanska will provide construction management services for the six-building campus, which will total approximately 344,445 square feet. The new buildings will seek LEED Gold certification. Currently a 900-space parking lot, East Campus will include three residence halls that will be home to 590 students. Two additional buildings will accommodate administrative offices and instructional space, while the final building will serve as a welcome center. The new development is part of the college’s larger strategy for growth and consolidation of its school, according to Greater Greater Washington. The pre-construction and design for the facility has already begun. The new campus buildings will open for occupancy in the fall of 2016. American University is a private liberal arts and research university in Washington, D.C. The school’s enrollment includes about 7,200 undergraduate and 5,230 graduate students. Skanska USA is a development and construction company based in New York. The company consists of four businesses — Skanska USA Building, Skanska USA Civil, Skanska Infrastructure Development and Skanska Commercial Development. Skanska USA’s 2012 revenues were approximately $5.7 billion. — Brittany Biddy

OAK BROOK, ILL. — Inland American Real Estate Trust Inc. has agreed to sell its core net lease portfolio consisting of 294 retail, office and industrial assets to New York-based AR Capital LLC (ARC) in an all-cash transaction valued at approximately $2.3 billion. The deal includes the assumption of approximately $795.3 million in debt. “The sale of our core net lease portfolio is a major step in executing our long-term strategy of focusing our energies and investment capital in the multi-tenant retail, lodging and student housing asset classes,” says Thomas McGuinness, president of Oak Brook-based Inland American Real Estate Trust, a non-traded REIT. “We believe these asset classes will generate consistent cash flows, which will allow us to continue providing our stockholders with sustainable distributions while allowing us the opportunity to benefit from current real estate trends.” The deal represents “the culmination of a robust evaluation process to achieve maximum value for this portfolio of core net lease assets,” adds McGuinness. From the disposition, Inland American expects to realize up to approximately $1 billion of net proceeds, which could be received during the next nine months. The company intends to use these net proceeds for, among other things, investing in …

NEW YORK CITY — Brookfield Property Partners LP (NYSE: BPY) has agreed to acquire Atlanta-based Industrial Developments International Inc. (IDI) from the U.S. unit of Kajima Corp. for $1.1 billion. The transaction will add 75 distribution facilities totaling 27 million square feet to Brookfield’s industrial portfolio. IDI also brings to Brookfield its 49 million square feet of future development projects and third-party property management business. The corporation’s properties are located in several key industrial markets in 12 states. Among the markets IDI has a presence in are Chicago, Cincinnati, Memphis, Dallas/Fort Worth, New Jersey, Atlanta and Ft. Lauderdale, Fla. Following the acquisition, Brookfield’s industrial portfolio will total 62 million square feet, plus 79 million square feet of future development potential. “The addition of IDI to Brookfield’s existing industrial operations will create a leading global industrial real estate company able to deliver high-quality distribution facilities to clients around the world,” says Ric Clark, CEO of Brookfield. “The combined business will own irreplaceable assets and development sites near major markets and transport routes, with a 25-year track record of delivering superior service, and is now positioned for significant long-term growth.” As a result of the transaction, which is expected to close in …

NEW YORK CITY — SunTrust Banks (NYSE: STI) has committed $5 billion to fund commercial mortgages originated by MetLife (NYSE: MET). Atlanta-based SunTrust has agreed to fund MetLife's newly formed real estate investment management platform, MetLife Real Estate Investors, for three years. MetLife Real Estate Investors originates and manages commercial mortgages on behalf of institutional investors. “We welcome SunTrust as a client and partner as it brings strong regional and national expertise that complements our long standing real estate investment heritage,” says Steven Goulart, executive vice president and COO of MetLife Inc. “This unique partnership supports our larger strategy to provide innovative and reliable investment vehicles to our clients.” MetLife is one of the largest portfolio lenders in the industry with $43.1 billion in commercial mortgages outstanding at the end of 2012, and with more than $9.6 billion in commercial mortgage loan originations in 2012. “Our goal is to be one of the top five institutional real estate investment managers, and with this mandate from SunTrust, we are confident the company is headed in the right direction,” says Robert Merck, global head of MetLife Real Estate Investors. As of June 30, SunTrust had a total of $171.5 billion in assets …

WASHINGTON, D.C. — Clarion Partners has sold One Metro Center, a 421,235-square-foot trophy office building in Washington, D.C., to Jamestown for $307.5 million. The iconic property is located at 701 13th St. in the city’s East End. Delivered in October 2003, One Metro Center is fully leased. The building features a six-story, 5,000-square-foot stone and glass atrium providing tenants with eight sides of glass. The project is constructed atop and adjacent to Macy’s department store. Located a mere three blocks from the White House, the property is also directly connected to the Metro Center Metrorail station. Bill Collins, Paul Collins, James Cassidy, Drew Flood and Jud Ryan of Cassidy Turley represented the seller, Clarion Partners. John Campanella and Paul Spellman, also with Cassidy Turley, secured the acquisition financing for Jamestown with a bank lender that provided a floating-rate loan. “Jamestown recognized the long-term value of acquiring a Class A building physically linked to the central hub of the Metro,” says Cassidy. “Despite some near term rollover, Jamestown recognizes One Metro Center as a high-quality building in a great location that is only getting better with the delivery of CityCenter.” Hines is the master developer for CityCenterDC, a mixed-use development that …

GRANGER, IND. — Main Street Village Apartments in Granger, Ind. has sold for $37.8 million in a deal brokered by Marcus & Millichap Real Estate Investment Services. The complex, which includes 400 units and spans 373,145 square feet, is less than 10 minutes from the University of Notre Dame and 90 miles east of Chicago. “This asset has a long history of high occupancy and steady rental growth within the most desirable submarket of the South Bend/Mishawaka MSA,” says Scott Harris, senior vice president of investments with Marcus & Millichap’s Chicago Oak Brook office. “With historical occupancy above 94 percent, no concessions and rising rents, Main Street Village Apartments stands as one of northern Indiana’s premier multifamily investments.” The property is in close proximity to high-end retail, restaurants and entertainment venues, as well as the newly constructed Saint Joseph Regional Medical Center. The community’s many amenities include a fitness center, indoor gymnasium, tanning facility, sauna, locker room and showers, outdoor swimming pool with cabana, business center, car wash and vacuum center, common rooms with kitchen and billiards, 10,000-square-foot clubhouse, surround-sound movie theater and professionally landscaped grounds. As for the units themselves, one-, two- and three-bedroom options are available for a …