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CLEVELAND, OHIO — Australian investment manager QIC and Forest City Enterprises Inc. (NYSE: FCEA and FCEB) have agreed to form a joint venture to recapitalize and invest in eight of Forest City's regional retail malls worth a combined $2.05 billion. Under the agreement, the Brisbane-based firm will pay AU$435.6 million (US$420.5 million) for 49 percent of the ventures. Forest City intends to use proceeds to pay down debt, fund expansion and new development. Sales at the eight malls currently average about $500 per square foot on a rolling 12-month basis. Upon closing of the transaction, Cleveland, Ohio-based Forest City expects to raise cash liquidity of $330 million, after transaction costs. The company plans to use a majority of the liquidity to reduce debt, but also expects to use a portion to fund expansion and reinvestment initiatives. Closing of the joint ventures is expected to occur before the end of the company's fiscal third quarter. Ownership of the individual properties, at closing, will vary based on existing partnerships currently in place at three of the malls. Forest City will be the managing member of the individual joint ventures and will continue to be responsible for leasing, operations, marketing, financing, development services …

MEMPHIS, TENN. — MAA (NYSE: MAA) and Colonial Properties Trust (NYSE: CLP) have entered into a definitive merger agreement that will create a powerhouse multifamily REIT focused on the Sunbelt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.1 billion and a total market capitalization of $8.6 billion. Both the Board of Directors of MAA and Board of Trustees of Colonial Properties Trust have unanimously approved the merger, which is expected to close during the third quarter of this year. The deal brings together two multifamily portfolios that include approximately 85,000 multifamily units in 285 properties. The combined company's 10 largest markets will be Dallas/Ft. Worth, Atlanta, Austin, Raleigh, Charlotte, Nashville, Jacksonville, Tampa, Orlando and Houston. “The combination of MAA and Colonial Properties Trust will provide an enhanced competitive advantage across the Sunbelt region,” says H. Eric Bolton Jr., CEO of MAA. “The scale of the combined company will support accelerated growth and deployment of capital across our high-growth Sunbelt markets, driving superior value-creation opportunity for our shareholders. In addition, through capitalizing on the strengths gained from the combination of the two platforms, we will enhance our ability to serve residents across the …

NASHVILLE, TENN. — Carey Watermark Investors Inc. (CWI) has acquired Hutton Hotel, a four-star luxury hotel in downtown Nashville, for $73.6 million, or roughly $300,000 a key. Before the sale of Hutton Hotel, the biggest sale price per key in downtown Nashville was $219,933. Apple REIT Nine Inc. paid that price in 2010 for the 194-unit Hilton Garden Inn at 1713 Broadway, according to New York-based Real Capital Analytics. Beyond the purchase price, CWI plans to spend $3.7 million on capital improvements to the 247-room hotel and other acquisition-related costs. Amerimar Enterprises Inc. will continue to manage the hotel. Hutton Hotel is located at 1808 W. End Ave. in the West End neighborhood of Nashville and is close to Music Row, Vanderbilt University, the Grand Ole Opry, Country Music Hall of Fame and the new 1.2 million-square-foot Music City Convention Center. Michael Medzigian, CEO of CWI, says that the non-traded REIT considers the luxury hotel, which is in a growing and diverse market, an attractive addition to its portfolio that’s consistent with generating strong cash flow and future value for its investors. “Given the opening of the new convention center and other existing attractions, the Nashville hotel market is expected …

JACKSONVILLE, FLA. — Fidelity National Financial has entered into a definitive agreement to acquire Lender Processor Services Inc., a provider of integrated technology, services, data and analytics to the mortgage and real estate industries, for $2.9 billion, or $33.25 per common share. William Foley, chairman of Fidelity, says his title insurance company has “significant experience and familiarity” with Lender Processor from its previous ownership of these businesses. He expects the combination of the two Jacksonville-based companies to create a larger, broader, more diversified and recurring revenue base for Fidelity. “We believe there are meaningful synergies that can be generated through the similar businesses in centralized refinance and default-related products, elimination of some corporate and public company costs and the shared corporate campus,” says Foley. “We have set a target of $100 million for cost synergies and are confident that we can meet or exceed that goal.” Under terms of the agreement, Fidelity will pay 50 percent of the consideration for the Lender Processor shares in cash and 50 percent in shares of Fidelity stock. The purchase price represents a 19 percent and 25 percent premium, respectively, to the prior 30-day and 60-day average closing prices for Lender Processor’s stock through …

NEW YORK CITY — American Realty Capital Properties Inc. (NASDAQ: ARCP) has signed a definitive merger agreement with CapLease Inc. (NYSE: LSE) to acquire all of the outstanding shares of CapLease in a deal valued at $2.2 billion. The board of directors for both American Realty Capital and CapLease unanimously approved the agreement. “The combination of ARCP with CapLease allows us to expand and further diversify our property portfolio, fortify our credit quality, reduce our tenant concentration and enhance our management team,” says Nicholas Schorsch, chairman and CEO of ARCP. The parties expect the transaction to close in the third quarter. The merger will make ARCP the third largest net lease REIT in the U.S., based on total pro forma equity market capitalization. ARCP will pay $8.50 per share in cash for each outstanding share of CapLease common stock. “We believe that the structure of this transaction creates the greatest value for all stockholders over both the near and long term,” says Paul McDowell, chairman of the board of directors and CEO of CapLease. “My management team looks forward to the opportunities of continuing to build out the high-quality assets of the company.” ARCP intends to assume approximately $580 million …

ATLANTA — Colonial Properties Trust (NYSE: CLP) has sold Three Ravinia, an 813,748-square-foot office property in Atlanta, for $144 million. CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, acquired the 31-story, Class A asset. As of March 31, Three Ravinia was 92.1 percent occupied. Sales proceeds were used to repay a portion of the outstanding balance on the company’s unsecured credit facility. “The disposition of Three Ravinia is a significant step in the execution of our multifamily-focused strategy and strengthens the company’s balance sheet,” says Thomas Lowder, chairman and CEO of Birmingham, Ala.-based Colonial Properties Trust. “Following the disposition, 95 percent of the company’s net operating income will be generated from our multifamily portfolio.” The property is strategically located in Atlanta’s Central Perimeter submarket, which provided an attractive opportunity for the buyer. The Central Perimeter submarket contains the largest concentration of office space in the Southeastern U.S., according to CBRE Global Investors. According to a first-quarter office report from Jones Lang LaSalle, the Central Perimeter submarket includes more than 22 million square feet of office space. Of that inventory, 17.3 million is Class A office space. “The Perimeter submarket experienced significant net office absorption in …

WASHINGTON, D.C. — Liberty Property Trust (NYSE: LRY) has acquired 2100 M Street N.W., a 290,762-square foot, eight-story office building in Washington, D.C., for $133.5 million. The seller was Hines Interests LLP. Currently 77 percent occupied with 66,366 square feet available for lease, the property is located at the prominent intersection of M Street N.W. and 21st Street N.W. The building is situated in a prime location, according to Liberty Property Trust officials, surrounded by a strong amenity base with dining, convenience retail and hotels all within a three-block radius. The property is four blocks from both the Red and Orange/Blue Metro rail lines and also provides access to residential communities north and west of the downtown district. The Class B+ multi-tenant property was developed in 1969 and renovated from 2007-2010. The property has earned the Energy Star certification, delivering energy cost savings of an average of 30 percent that are passed directly to the tenants. According to the Washington Business Journal, Hines retained Eastdil Secured LLC earlier this year to market 2100 M Street N.W. The building was among a handful of value-add properties to hit the market. Others included Washington Harbour, One Metro Center and the Bond building …

LAS VEGAS – Walgreen Co. CEO and president Gregory Wasson gave Tuesday’s ICSC RECon attendees an insider’s perspective into one of the fastest-growing global retailers. The drugstore chain has been on fire since early 2010 when it made a few key acquisitions that threw the company’s growth initiatives into overdrive. During that buying spree, Walgreen Co. purchased New York-based Duane Reade for $1 billion; Drugstore.com for nearly $410 million; and a 45 percent share in the UK-based drugstore chain Alliance Boots for $6.7 billion. It also managed to close a 10-year deal last month with U.S. drug wholesale distributor AmerisourceBergen that will allow the company to buy generic, brand name and specialty drugs. AmerisourceBergen said the deal was worth $28 billion in revenue in fiscal 2014 alone. As the dust finally settles on all these transactions, Wasson was quick to note Walgreen Co. now maintains more than 8,000 Walgreens locations in the U.S. and Puerto Rico. It serves more than 45 million weekly customers and fills one in every five American prescriptions. With all that said, it’s no surprise that Walgreen Co. was recently ranked as the No. 9 top global retailer by the 2013 Global Powers of Retailing report. …

LAS VEGAS — Many retailer experts attending ICSC RECon in Las Vegas on Monday believed the smart stores were moving away from the suburbs and toward a more urban, tech-friendly demographic. This trend seems to have penetrated so deeply that even big box stores were adapting their strategies in the new economy in order to enter these untapped markets. Jenny Schuetz, an assistant professor and economist with the University of Southern California Lusk Center for Real Estate, argues that urbanization can often result in the perfect marriage between retailer and consumer. Discounters like Ross Dress for Less, Marshalls and T.J. Maxx appeal to the broad spectrum of residents who inhabit urban cores like downtown Los Angeles. “There is this tier of retailers that really like the urban environment,” says Schuetz. “They have a fairly low price point that attracts students and the younger residents, as well as Latino families.” Clothing stores like H&M and Urban Outfitters that target young urbanites have also found success in this environment. The latter recently announced plans to convert the 900-seat historic Rialto Theatre in downtown LA’s Broadway district into a new 10,000-square-foot outpost. “We had been looking at downtown LA for several years, watching …