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HERNDON, VA., AND FORESTVILLE, MD. — Multi-Employer Property Trust (MEPT), in conjunction with Bentall Kennedy, has purchased two shopping centers in the Washington, D.C., metro area for $122.6 million. In Herndon, MEPT acquired the 137,028-square-foot Woodland Park Crossing, located on Sunrise Valley Drive, from JBG Rosenfeld. Harris Teeter anchors the center, which is 97.5 percent leased to tenants including Starbucks, Panera Bread, Pei Wei, Capital One Bank, Bubble’s Hair Salon, Medifast, Moe’s Southwest Grill, Finnegan’s Bar & Grill and Moby Dick. Woodland Park Crossing is part of a mixed-use development and is adjacent to the 2 million-square-foot Woodland Park Office Park and the 200-unit Monroe Place Apartments. JBG Rosenfeld Retail will lease and manage the property. Eastdil Secured represented the seller in the transaction. In a separate transaction, MEPT purchased the 387,028-square-foot Penn Mar Shopping Center, located at 2950 Donnell Dr. in Forestville, from a partnership between Rappaport Cos. and Lehrco. Shoppers Food & Pharmacy anchors the 95 percent-leased center. Other tenants include Burlington Coat Factory, Dollar Tree, Staples, Party City and Petco. Rosenthal Properties will lease and manage Penn Mar Shopping Center. Bill Kent of CBRE’s Washington, D.C., office represented the seller in the transaction. “We believe consumer demand …

HOUSTON AND LEAGUE CITY, TEXAS — Inland Real Estate Acquisitions, on behalf of Inland American Real Estate Trust, has acquired a five-property retail portfolio from NewQuest Properties for $172 million. Total, the properties, which are located in Houston and League City, add 710,000 square feet to Inland’s portfolio. The properties included in the portfolio are: – Antoine Town Center in Houston. One pad was added to a center Inland American already owns. – Cy Fair Town Center in Houston. The center is fully leased and adds 177,064 square feet to a center Inland already owns. – Eldridge Lakes in Houston. The fully leased center adds 45,000 square feet to a center Inland American already owns. – Bay Colony Town Center in League City. It is currently 95 percent occupied and adds 121,000 square feet to a center Inland American already owns. – Victory Lakes Town Center in League City. The 367,000-square-foot center, which is 90 percent leased, is a new acquisition for Inland. “Inland has been very active in the retail space for the last 15 to 20 years,” said Jeff Manno, vice president of asset management for Inland American HOLDCO. “Inland American, which is the REIT that acquired these …

ARLINGTON, VA. — Monument Realty has completed several important steps in order to break ground in November for the 322,000-square-foot Monument View, a build-to-suit project for The Boeing Co. to consolidate its Arlington operations. Recently, the company, along with its investment partners, New York-based Atlas Capital Group and Square Mile Capital Management, secured $116.54 million in construction financing through RBS Citizens, N.A. and Sovereign Bank. Additionally, a major site plan amendment permitting the construction of the development was approved by Arlington County Board. The board also approved up to 131,000 square feet of future expansion space on the site. Gensler designed the project and James G. Davis Construction Corp. has been secured as the general contractor. Monument View is located across from the Pentagon along Old Jefferson Davis Highway between 6th Street South and 10th Street South in Arlington. “The Monument View project demonstrates again Monument’s ability to bring complicated real estate transactions to fruition,” said Michael Darby, principal and founder of Monument, in a statement. Monument and Arlington County have also completed the exchange of Monument’s Boundary Channel Drive site and Arlington County’s Crystal City site, where Monument View will be located. The exchange was initially announced in 2005 …

CHICAGO — Virgin Hotels has purchased the 27-story Old Dearborn Bank Building, located at 203 N. Wabash Ave. in Chicago, in an all-cash transaction for an undisclosed price. The company will convert the former office building into the 250-room Virgin Hotel Chicago, which is expected to open in fall 2013. Additionally, the hotel will feature meeting spaces, restaurants, lounges and other public areas. C.W. and George L. Rapp Architects designed the building, which was built in 1928. “It’s a historic building, but it’s one that doesn’t put limits on the things we can do to modernize it for today’s travelers,” said Anthony Marino, managing partner of leisure and hospitality for the Virgin Group and head of Virgin Hotels. “Travelers get the authenticity with the convenience of some of the key modern features of the hotel.” The John Buck Co. has been retained to redevelop the building. “We are thrilled to be able to partner with Virgin Hotels to revitalize this beautiful landmark building and to create an exciting new hotel destination in downtown Chicago,” said Jack Buck, principal of The John Buck Co., in a statement. Marino said Chicago is a good fit for Virgin Hotels because of the arts …

INDIANAPOLIS — Duke Realty Corp. (NYSE: DRE) has entered into a definitive agreement to sell an 82-building suburban office property portfolio to Blackstone Real Estate Partners VII for $1.08 billion. The properties total approximately 10.1 million square feet and are located in Atlanta; Chicago; Dallas; Minneapolis; Columbus, Ohio; Tampa and Orlando, Florida. The portfolio is currently 84.6 percent leased and Blackstone will assume $30 million in debt. Closing is slated for Dec. 2011. “The portfolio sale is simply a continuation of our strategic plan to reduce our investment in suburban office properties, primarily in Midwest markets,” said Danny Oklak, chairman and CEO of Duke Realty, in a statement. “The transaction generates over $1 billion of capital for the acquisition and development of industrial and medical office assets and to further de-lever the company’s balance sheet consistent with our strategic capital plans.” Duke Realty’s long-term strategy is to achieve investment allocation of 60 percent industrial, 25 percent office and 15 percent medical office properties. The company owns and operates more than 141 million rentable square feet of industrial and office space in 18 cities. According to the Wall Street Journal, the price per square foot averages out to around $107, compared …

JERSEY CITY, N.J. — MEPT, in conjunction with Bentall Kennedy, has purchased the 1.1 million-square-foot Newport Tower, a high-rise office tower located at 525 Washington Blvd. in Jersey City, from Brookfield Office Properties for $377.5 million. The 36-story, Class A building sits on the Hudson waterfront. It is LEED Gold certified and currently 89 percent leased to a variety of financial service firms and related services companies. “The Newark Metro market is one of our major target markets for the fund,” said Martin Standiford, senior vice president of acquisitions for the Northeast for Bentall Kennedy. “We were underweighted in that market relative to our holdings in the other strategic markets. We do have some properties there but relative to the size of that market, we were really underrepresented.” The Hudson waterfront submarket has strong supply and demand fundamentals, with a vacancy rate around 6 percent, Standiford said. MEPT purchased the building through a limited partnership subsidiary. CBRE represented the seller in the transaction and has been retained to provide property management and leasing services. “Newport Tower is a significant acquisition for MEPT since it provides the fund with an investment in a high-quality, stabilized asset in the New York-New Jersey …

NASHVILLE — O’Charley’s Inc. has completed the 20-year sale-leaseback of 50 O’Charley’s restaurant properties with Scottsdale, Ariz.-based STORE Capital for $105 million. Nashville-based O’Charley’s will use $103.8 million of the sale proceeds and $11.4 million of available cash to redeem at par its entire $115.2 million principal amount of 9 percent senior subordinated notes due November 2013. The transaction will leave the company with virtually no long-term debt. “As a result of this 20-year sale-leaseback, we believe we have significantly strengthened our financial position,” said David Head, president and CEO of O’Charley’s, in a statement. “In addition, by monetizing approximately half of our real estate portfolio and locking in more favorable long-term financing, the transaction increases our flexibility in a difficult operating environment.” In addition, O’Charley’s reduced its revolving credit facility to $30 million from the previous $45 million and extended the term from 2013 to 2016. This will allow the company to spend up to $5 million on renovations and expansions, with up to 35 percent EBITDA for 2012 and beyond. There are currently 227 O’Charley’s restaurants in 18 states in the Southeast and Midwest, 221 of which are company-owned. — Savannah Duncan

NEW YORK CITY — Africa Israel USA has signed an agreement with an undisclosed buyer to sell the 267,000-square-foot Clock Tower Building, a 41-story tower located at 5 Madison Ave. in New York City, for $165 million. Metropolitan Life Insurance originally constructed the tower, which has been vacant since 2005, and Africa Israel purchased the property in 2007. “We are delighted to have reached an agreement with a very credit-worthy buyer to secure the future of this remarkable building and support the burgeoning vitality of the Madison Square Park neighborhood,” said Tamir Kazaz, CEO of AFI USA in a statement. According to Laurie Golub, general counsel and managing director of business affairs for AFI USA, the buyer has already made a $5 million deposit, $2 million of which is non-refundable. The transaction is expected to close no later than January 16, 2012. — Savannah Duncan

CHICAGO — Chicago-based General Growth Properties (GGP) has refinanced four shopping centers, representing $966 million of new mortgages. The loans include: – a $450 million loan at a 4.6 percent interest rate, due in 2019, for Natick Mall in Natick, Mass. – a $200 million loan at a 5.05 percent interest rate, due in 2023, for Galleria at Tyler in Riverside, Calif. – a $185 million loan at a 4.5 percent interest rate, due in 2019, for First Colony Mall in Sugar Land, Texas. – a $131 million loan at a 4.25 percent interest rate, due in 2021, for Northbrook Court in Northbrook, Ill. After adjusting for GGP’s ownership interest, the company’s pro-rata share of the new four non-recourse mortgages totals $483 million. “At the start of 2011, one of GGP’s stated goals was to strength the company’s balance sheet and liquidity while also reducing interest rates and extending the average debt maturity profile,” said Sandeep Mathrani, CEO of GGP in a statement. “We have accomplished our 2011 goals and are now focused on 2012 financing opportunities. Year-to-date, GGP has completed nearly $3.9 billion of new property level non-recourse financings.