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PHOENIX — Phoenix-based Cole Real Estate Investments has acquired a portfolio of 32 Albertsons grocery stores in a $266 million sale-leaseback transaction with the grocer. The properties contain a total of 1.9 million square feet of space and are located in Arizona, Colorado, Louisiana, New Mexico and Texas. All of the properties are subject to recently signed 20-year, triple-net leases that also contain extension options. Mark Manheimer of Cole provided in-house representation for his firm in the deal. Chris Hoffmann of Eastdil Secured represented Albertsons. “We are thrilled to execute a sale-leaseback transaction of this caliber and acquire such an attractive portfolio of assets, which are in line with our disciplined investment parameters — income-producing, core retail properties that are leased to nationally recognized, quality tenants under long-term, net leases,” said Kim Kundrak, chief acquisitions officer for Cole, in a statement. Year to date, Cole has acquired more than $1.8 billion in retail, office and industrial properties. — Coleman Wood

Todd Lillibridge, chairman and CEO of Lillibridge Healthcare Services, was the keynote speaker at the InterFace Medical Office, held yesterday in Atlanta. Lillibridge spoke about the effect of healthcare reform on medical facilities, and the overall recovery of the office market post-recession. “All hospitals and healthcare systems are preparing [for the effects of reform], but they don’t know what they are preparing for,” said Lillibridge. “They must take out the enormous cost structures that they have.” To do that, Lillibridge said, they need to redistribute their facilities and medical office space. New hospital construction with 200 to 400 beds will be a thing of the past, giving way to smaller hospitals with 60 to 80 beds that are surrounded by outpatient and acute care facilities. Occupancy in the medical office sector is facing short-term challenges from the consolidation among hospital systems. Physicians, also pressured with lowering costs, are looking for lower rents. With technology improving, some older medical office buildings are also becoming physically obsolete. Long term, there is huge growth ahead for the medical office sector, said Lillibridge. Cancer centers and cardiac centers are among the fastest growing areas of healthcare, and most are located in facilities adjacent to …

WOODBRIDGE, N.J. — Woodbridge-based The Kislak Company has completed three separate multifamily sales for a total of $52.9 million. The properties are located in Newark, Del.; Lindenwold, N.J.; and Pittsburgh. In the first transaction, Home Properties of Newark traded for $20 million. Constructed in 1968, the community is located at 146 Chestnut Crossing Drive in Newark. Its 19 garden-style buildings contain 432 units in a mix of studio through three-bedrooms. Kislak's Andrew Jonas handled the transaction. In the second transaction, Emerald Ridge Apartments traded for $13.5 million. Constructed in 1972, the property is located at 101 Gibbsboro Road in Lindenwold. It was foreclosed on by its lender in 2009 and subsequently renovated. Occupancy was approximately 75 percent at the time of closing. The property contains 28 two-story buildings with 376 one- and two-bedroom units. Kislak's Matt Weilheimer arranged the sale. Finally, Alcoma on the Green sold for $9.4 million. The 222-unit property is located at 225 Alcoma Blvd. in Pittsburgh. It consists of a tower built in 1975 and garden-style buildings constructed in 1977. It contains a mix of one- through three-bedroom residences. Amenities include a swimming pool, a fitness center, picnic areas and a playground. Robert Holland of Kisklak …

OMAHA, NEB. — NorthMarq Capial has arranged a $95.81 million tax-exempt bond securitization for a bond portfolio owned by America First Tax Exempt Investors (Nasdaq: ATAX). The deal was arranged through Freddie Mac's Tax-Exempt Bond Securitization (TEBS) program. The portfolio is secured by 15 multifamily properties totaling 2,500 units. The properties are located in Florida, Illinois, Iowa, Minnesota, South Carolina and Texas. In this complex transaction, ATAX wished to lever its bond portfolio. It deposited the bonds into a trust and, in exchange, was loaned the $95.8 million. The company received a very favorable interest rate of 2.15 percent and also purchased an interest rate cap of 4.9 percent. “Right now, it's a tremendous time to execute a TEBS transaction. Rates are amazing,” says John Reed, a vice president with the Omaha office of NorthMarq and the person who arranged the deal. Half of the proceeds will be used to pay bank a loan with Bank of America that was set to come to term at the end of the year. The other half of the proceeds will be used by ATAX to invest in new bonds. “The availability of a program like TEBS enables tax-exempt bond managers to lock …

HACKENSACK, N.J. — Construction is complete for the expansion of the John Theurer Cancer Center at Hackensack University Medical Center. The $130 million project brings all of the center's 14 divisions under one roof in a 155,000-square-foot, sustainably constructed building. The building's highlights include a four-story lobby atrium that features abundant daylighting, Murano glass-blown birds suspended from the ceiling, and a living wall that contains a 24-foot waterfall and more than 30 plant species hydroponically growing up the wall. Other features inlcude walking gardens, a green roof with a vegetable garden, and tranquility rooms. A demonstration kitchen will allow patients to learn how to manage their appetites while undergoing treatment. A business center/patient library, a cyber café and a fitness center will be available to patients and caregivers. The new facility will also feature ample space for research. The Theurer Cancer Center is already the largest center of its kind in New Jersey and one of the top-10 largest centers in the country. So far, the Hackensack University Medical Center Foundation has raised $65 million for the project, including a $10 million donation from Helena Theurer in memory of her late husband John Theurer, who the cancer center is named …

HOUSTON — Locally based Fuller Realty Partners has entered into a joint venture with PCCP LLC, a real estate private equity firm, to acquire a distressed office portfolio. The portfolio includes two Class B buildings located in Houston's Galleria submarket. The first property totals 281,590 square feet and is located at 2425 West Loop. It was constructed in 1980. The second property, which is located approximately 1 mile away at 1001 West Loop, totals 222,340 square feet and was built in 1978. Currently, 2425 West Loop is 58.5 percent occupied, and 1001 West Loop is 43.4 percent occupied. This is in contrast to an average occupancy rate of 87.5 percent for office product in the Galleria submarket. Anchor tenants for the two buildings include Blue Cross Blue Shield and Xerox. Fuller Realty previously owned both buildings and sold them in 2007, during which time both were stabilized. “The investment provides PCCP the opportunity to purchase a distressed two-building office portfolio through a lender-facilitated short sale,” saud Jed Lassere, senior vice president of PCCP, in a statement. “Fuller Realty, our locally based partners, is confident that it can achieve market occupancy in this prestigious submarket. Fuller has a long ownership history …

IRVINE, CALIF. — Construction is complete for Phase III of the East Campus Student Housing Project at the University of California at Irvine. The phase added a total of 1,762 beds of housing to the school's on-campus inventory — allowing it to now house 45 percent of the student population on campus. Camino del Sol is a 1,198-bed residence hall that caters to undergraduate students. It consists of two- and three-story townhomes that can house up to four students each. The units have private bedrooms and the option of private bathrooms. Puerta del Sol contains 563 beds in a mix of studios and one- and two-bedrooms units that cater to graduate students. The units have upgraded finishes including carpet tile in bedrooms and hardwood-style flooring in living rooms and kitchens. Both dorms share amenities, which include a large pool area with a hot tub, a cabana and an outdoor kitchen with televisions. Other amenities include a community center that has a game room, a fitness center, social and study lounges, and a computer room. The project also included the addition of 1,800 parking spaces. The two communities were was also constructed with sustainability in mind. The construction process included the …