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MIAMI — Park Capital Group will invest $1 billion in business and real estate developments over the next year. The Miami-based private equity firm hopes other financial firms will follow in its footsteps and offer a slumping economy a ‘shot in the arm.’ “This country was built by entrepreneurs and our banks have all but turned their backs on these same people in their time of need,” says Matthew Kleinsmith, chief executive officer of Park Capital Group. The firm will close on $200 million in North American projects in September alone, and is currently looking for projects both domestically and internationally, specifically, startups, recapitalization, commercial real estate and humanitarian programs. “Our goal is to form partnerships where both parties benefit,” Kleinsmith says. “We want to build long-lasting relationships with our clients. Another important goal for us is to build our philanthropic work. We are pledging 10 percent of yearly profits to charities across the U.S.” With a focus on its equity-leveraging and asset-based lending program, the company aims to grow their funding base and build overseas relationships. “Park Capital was founded on integrity, honesty and fairness,” Kleinsmith continued. “That is the basis of every project we undertake, and it guides …

NEW YORK CITY — Washington Mutual has been seized by the U.S. government and sold to JPMorgan Chase & Co. for $1.9 billion. Marking the largest U.S. bank failure in history, the move was a huge step by the U.S. government to clean up a banking industry littered with toxic mortgage debt. Washington Mutual was one of the hardest hit lenders in the nation’s housing bust and credit crisis. Washington Mutual was shut down by the federal Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corp. (FDIC) was named receiver. According to the OTS, this followed $16.7 billion of deposit outflows at the Seattle-based thrift since Sept. 15. “With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business,” the OTS said. The FDIC noted that customers should expect business as usual today, and all depositors are fully protected. As a result of the acquisition, JPMorgan will now have 5,410 branches in 23 U.S. states.

CALIFORNIA, WASHINGTON, FLORIDA, TEXAS AND GEORGIA — First Industrial Realty Trust has acquired an industrial portfolio from ADESA for $82 million. The transaction covers eight car auction sites totaling more than 800 acres. The locations include four sites in California (Tracy, Otay Mesa, Mira Loma and Sacramento); Fairburn, Ga.; Houston; Auburn, Wash.; and Bradenton, Fla. All of the sites have been acquired except the Fairburn, Ga., location, which is expected to close shortly. ADESA, a subsidiary of KAR Holdings, will lease back the sites under 20-year lease agreements with 20-year renewal options. First Industrial will provide ADESA $12.5 million for construction of physical improvements on the east half of the Otay Mesa, Calif., site. According to Grubb & Ellis’ second quarter 2008 industrial report, U.S. vacancy rate climbed to its highest level in 3 years to 8.2 percent. The lowest rate in the country was supply-constrained Los Angeles at 1.9 percent and the highest was property-concentrated Raleigh, N.C., at 16.1 percent.

With financial news taking center stage these days, it’s easy to see why some people are hoarding their money under mattresses. With news of the Freddie Mac/Fannie Mae takeover, Lehman’s bankruptcy woes, and the proposed $700 billion rescue of the residential mortgage industry by the federal government, an honest projection of where the retail sector is headed is a question on the minds of both tenants and landlords. Marcus & Millichap’s National Retail Group recently presented a webinar shedding some light on the retail market, and detailing the present and future of the sector. Hessam Nadji, managing director, research services for Marcus & Millichap, says the first ‘domino’ of what has started the cyclical downturn the economy is currently experiencing was the housing market. “There are markets, such as Seattle and San Francisco, that had a healthy appreciation and continue to show price increase,” says Nadji. “Middle America, Florida, and parts of Texas, did not have much of an appreciation, and unfortunately, are seeing a major price correction. So the question becomes ‘how much of an impact is there from home price corrections of these local economies?’ That question is a profound driver of how deep these local markets will …

NEW YORK, LOS ANGELES AND CHICAGO — An affiliate of Arcapita has agreed to sell 29 senior-housing properties to Toledo, Ohio-based Health Care REIT for $643.5 million. The properties, located mainly in the New York, Los Angeles and Chicago metropolitan areas, will be managed by McLean, Va.-based Sunrise Senior Living. “These 29 Sunrise communities are in deep and attractive markets,” says Paul Klaassen, chief executive officer with Sunrise Senior Living. “Developing this strategic relationship with Health Care REIT will allow us to continue to operate these communities and create value for both companies.” As of June, the properties had a total of 2,082 units and an average resident occupancy of 94 percent. The properties were built between 1993 and 2005, and include assisted living, Alzheimer’s care and independent living care. Health Care REIT’s acquisition will be financed with approximately $365.4 million in cash, plus a 90 percent interest in the $309 million of existing debt held by the venture. Sunrise Senior Living will retain a 10 percent interest in the venture. The transaction is expected to close fourth quarter 2008.

MELBOURNE, AUSTRALIA — Centro Properties Group has failed to close a $714 million deal to sell 29 U.S. malls, just two weeks ahead of a refinancing deadline. The deal had been for 29 of the 31 U.S. shopping malls in the Centro America Fund and was subject to due diligence by the unnamed buyer. “Centro now advises that the due diligence period has expired and the purchaser has elected to terminate the agreement,” Centro Properties said in a statement. It also stated that talks with the purchaser were continuing, but there was no assurance the talks would lead to a future agreement. Centro owns 665 U.S. shopping malls, making it the third-largest mall manager in the country. Its affiliates have approximately $6.1 billion of debt to refinance by the end of the year, a portion of which expires September 30.