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LOS ANGELES Ń As a way to adapt to today's real estate climate and prepare for a busy year, CB Richard Ellis (CBRE) Investors has launched of a focused acquisitions team within its Strategic Partners U.S. Fund program. In the past, acquisition team members focused on different regions of the country and took a soup to nuts approach to handling acquisitions by overseeing all stages of the process. With the launch of its focused acquisitions team, CBRE Investors has created a team whose sole mission is to focus on finding acquisition opportunities for the more than $2.5 billion in capital in CBRE Investors has ready to deploy in the next 12 to 18 months as part of the fund. This is all about execution, says Phil Hench, a principal with CBRE Investors and co-head of the new acquisitions team. This is about us making the decision that we're at the right point in the cycle to pursue new investments and dedcating the right amount of resources to achieve that. There is a lot of opportunistic capital and foreign capital that has entered into the marketplace looking to make strategic purchases in the currently economic cycle, says Mike Kane, a senior …

NEWPORT BEACH, CALIF. Ń Newport Beach-based Nationwide Health Properties (NHP) has acquired a majority interest in a five-property California medical office portfolio for $211 million. The seller is California limited liability company Pacific Medical Buildings and some of its affiliates. For the first property, NHP acquired a 65 percent interest in a 140,000-square-foot facility located in Mission Viejo. Its joint venture partner in the property is Mission Hospital Regional Medical Center. NHP paid $67.3 million for the stake, including the assumption of $48.1 million in debt, $14.2 million in cash and $5 million in ownership units of the partnership. NHP purchased a 69 percent interest in a 130,000-square-foot facility located in Orange from a physicians group associated with St. Joseph Hospital of Orange. The $62.3 million purchase price includes the assumption of $50.2 million in debt, $14.2 million in cash and $4 million in ownership units of the partnership. In Pasadena, NHP purchased a 71 percent interest in a 190,000-square-foot facility through a joint venture with a Pacific Medical affiliate. As part of the deal, NHP provided a $56.5 million mortgage loan, of which $49.8 million has been funded; a $3 million mezzanine loan; and $13.5 million in cash. NHP …

CEDAR RAPIDS, IOWA Ń Minneapolis-based Opus Northwest has been chosen to construct the new Armed Forces Reserve Center Complex in Cedar Rapids. Opus Northwest will serve as the design-builder and Opus Architects & Engineers will serve as architect of record for the $37.7 million project, which is slated to break ground in April. Construction will consist of a one-story, 113,506-square-foot armed forces reserve center and a 56,749-square-foot field maintenance shop. The facilities will contain offices for the Iowa Army National Guard and U.S. Army Reserve, troop supply and storage areas, a health clinic, a drill hall, a simulated weapons area and a staging center for troop deployment. The project will be applying for LEED-Gold certification. Sustainable measures being considered include energy-efficient mechanical systems, a geothermal HVAC system, insulated exterior wall roofing systems, extensive use of daylighting and lighting controls, and water conservation measures. Completion is expected in August 2011. Opus is calling the project the Iowa National Guard's large construction project since World War II. Ń Coleman Wood

OAK BROOK, ILL. Ń Inland Western Real Estate Trust has completed 10 leases for retail spaces formerly occupied by Circuit City and Linens 'n Things. The leases total 316,050 square feet of big box space. The spaces range in size from 28,000 to 41,621 square feet. The locations include Avondale, Ariz.; Columbus, Ind.; Belair, Md.; Seekonk, Mass.; Phillipsburg, N.J.; Bay Shore, N.Y.; Stroudsburg and West Mifflin, Pa.; and Austin and San Antonio, Texas. Best Bay is leasing three of the spaces, Ultimate Electronics is leasing two, and one space each is being leased to Ashley Furniture, Bed Bath & Beyond, hhgregg, Marshalls and (TJX) Home Goods. All of the leases carry 10-year terms. To date, Inland Western has leased or has under letter of intent approximately 60 percent of the vacant space related to the bankruptcies of Circuit City and Linens 'n Things. Ń Coleman Wood

FORT LEE, N.J., AND WESTON, FLA. Ń Strategic Storage Trust (SST) has acquired two Class A self-storage properties in New Jersey and Florida for approximately $23 million. The Fort Lee property contains 965 units and is located on 1.2 acres at 550 Main St. Occupancy was 88.2 percent at the time of closing. In addition to the three stories of climate-controlled units, the property contains a cellular tower on the roof. The other property is a four-story, 651-unit building located at 16400 State Road 84 in Weston. Occupancy was 86.1 percent at the time of closing. The seller in the transaction, Chicago Five Properties, was represented by CB Richard Ellis. Since its launch a year-and-a-half ago, SST has acquired 28 properties in 14 states. Ń Coleman Wood.

CAMBRIDGE, MASS. Ń In its second big announcement in less than a week, Forest City Enterprises has entered into a $668 million joint venture with Health Care REIT for the ownership of the University Park mixed-use campus in Cambridge. Under the terms of the agreement, Health Care REIT will acquire a 49 percent interest in seven of the campus' 10 life science buildings. Health Care REIT will invest $170 million in cash into the joint venture and will assume $320 million in secured debt for the seven buildings. Six of the seven buildings will be closed on today, with the seventh building closing during the second quarter. Forest City will retain a 51 percent ownership stake in the seven buildings as well as its original ownership stakes in the other three buildings. The transaction's implied value represents a 7.6 cap rate in 2010 net operating income. Earlier this week, it was reported that Forest City would be entering into a joint venture with Bernstein Management in which Bernstein purchased a 50 percent interest in a portfolio of three Washington, D.C.-area multifamily towers. While it is coincidence that the two transactions closed within such close proximity to each other, the deals …