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KANSAS CITY, MO. — Highwoods Properties Inc. (NYSE: HIW) has agreed to sell the historic, 1.3 million-square-foot Country Club Plaza in Kansas City. A joint venture of Taubman Centers Inc. (NYSE: TCO) and The Macerich Co. (NYSE: MAC) will buy the mixed-use center for $660 million. Originally constructed in 1922, Country Club Plaza is a 15-block, 55-acre mixed-use retail and office property in downtown Kansas City. The retail portion of the property includes 804,000 square feet of gross leasable area, and features 45 retailers such as Apple, H&M, Coach, Burberry and Lululemon, as well as restaurants including The Capital Grille and The Cheesecake Factory. The 468,000-square-foot office portion of the property is comprised of the 10-story Valencia tower, which serves as the worldwide headquarters of Lockton Cos., an insurance brokerage firm, and additional office space located above the ground-level retail. Eastdil Secured is the agent for the sale of the property, which is 94 percent occupied. Highwoods acquired Country Club Plaza in 1998 when it purchased the J.C. Nichols Co. for $544 million. Annual attendance at the plaza is 15 million, according to Visit KC, an economic development organization. The Taubman and Macerich joint venture is known as Country Club Plaza …

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN), a Radnor, Pa.-based REIT, has entered into an agreement to dispose of its interests in Cira Square, a 29-story, 862,700-square-foot office tower in Philadelphia, for $354 million. The former U.S. Post Office complex is located in the University City submarket and was fully leased at the time of sale to the U.S. General Services Administration. The primary tenant is the Internal Revenue Service. “The sale of Cira Square reflects our ability to both create and harvest value and will generate a significant gain to our shareholders,” says Gerard Sweeney, president and CEO of Brandywine Realty Trust. The buyer is a South Korean fund sponsored by Seoul-based Korea Investment Management Co., according to the Philadelphia Daily News. Brandywine expects to close the transaction in the first half of the first quarter 2016. In connection with the anticipated sale, the REIT plans to prepay the current mortgage totaling $177.4 million. After the transaction, Brandywine will continue to provide management services at the property. In addition to the sale, the company anticipates prepaying the Cira Centre South Garage mortgage totaling $35.5 million, which will unencumber the 1,662-space facility. The REIT acquired the office building in 2007 …

ATLANTA — WellStar Health System, a Marietta, Ga.-based healthcare provider, has agreed to purchase five Atlanta-area hospitals and related operations from Tenet Healthcare Corp. (NYSE: THC). The purchase price is $575 million, according to the Atlanta Business Chronicle. The five hospitals are North Fulton Hospital, Spalding Regional Hospital, Sylvan Grove Hospital, Atlanta Medical Center and its South Campus, as well as complementary physician practices and businesses. The transaction also includes 26 physician clinic locations. The facilities comprise 1,192 beds, 4,300 employees and 1,390 doctors, according to the Business Chronicle. Cain Brothers served as Dallas-based Tenet’s financial advisor to negotiate the terms of the transaction. In addition to the purchase price, WellStar will assume $86 million in debt related to the lease of North Fulton Hospital, the Business Chronicle reports. Earlier this year, Tenet detailed its plans to exit the Georgia market. The transaction is subject to customary regulatory approvals and other closing conditions and is expected to be completed the first quarter of 2016. Tenet’s stock price closed on Monday, Dec. 21, at $30.59 per share, down from $51.85 per share a year ago. — Scott Reid

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC), a movie theater chain based in Leawood, has completed its acquisition of Starplex Cinemas for approximately $175 million. Starplex owns 33 theaters spanning 346 screens in 12 states, primarily in small and mid-size markets. “We are very pleased to welcome the Starplex Cinemas theaters into the AMC family, as we expand our guest experience strategy into new markets,” says Craig Ramsey, interim CEO of AMC. Included among the theater circuit are 90 recliner-reseated screens, with AMC planning to convert an additional 80 screens to recliner seating over the next several years. Per the Department of Justice’s recommendation, AMC will divest two Starplex theaters as part of the transaction — Berlin 12 in Berlin, Conn., and East Windsor Town Center Plaza 10 in East Windsor, N.J. “This transaction adds a number of complementary non-urban and suburban markets to our portfolio, allowing us to serve a wider spectrum of guests while broadening our movie going appeal,” says Ramsey. “We believe that through this transaction, we’ve created value for guests and shareholders through the delivery of innovative new amenities, which is expected to deliver incremental revenue, earnings and operating cash flow and to position …

OAK BROOK, ILL. — Inland Real Estate Corp. (NYSE: IRC) has entered into a definitive agreement to be acquired by real estate funds managed by New York City-based DRA Advisors LLC (DRA) for approximately $2.3 billion, including the assumption of existing debt. IRC is a publicly traded REIT focused on owning and operating open-air neighborhood, community and power shopping centers located in the central and southeastern United States. As of Sept. 30, IRC owned interests in 135 shopping centers (or retail assets) containing approximately 15 million square feet of leasable space. Under the terms of the agreement, DRA-managed funds will acquire all issued and outstanding common stock of IRC for $10.60 per share in cash. Following the completion of the acquisition, Oak Brook-based IRC will become a privately held real estate investment trust. “The board has been focused on the options available to address the long-term discount at which IRC’s shares have traded versus private market valuations and its shopping center REIT peers,” says Thomas D’Arcy, non-executive chairman of IRC. “The board unanimously believes this all-cash offer is the best course of action to address this valuation gap and provide our stockholders with strong relative value for their investment.” The …

VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc. (NYSE: AHH) has agreed to acquire a portfolio of 11 retail centers, totaling approximately 1.1 million square feet, for $170.5 million from an undisclosed seller. The properties are located throughout the Mid-Atlantic and South Central United States and were 94 percent occupied as of Oct. 31. The agreement provides that Armada will acquire all of the interests in each of the 11 properties in the portfolio. The core of the portfolio, which represents approximately 75 percent of the in-place net operating income, consists of six retail centers positioned along the I-85 corridor between Raleigh-Durham, N.C. and Greenville, S.C. These shopping centers feature major anchor tenants including Harris Teeter, PetSmart, T.J. Maxx, Bed Bath & Beyond, Ross Dress for Less, Hobby Lobby and Petco. The remaining five properties in the portfolio are each Kroger-anchored retail centers located in Nashville and Oakland, Tenn.; Waynesboro, Va.; South Bend, Ind.; and Pasadena, Texas. Virginia Beach-based Armada Hoffler Properties intends to fund the $170.5 million acquisition with the net proceeds from the sale of the 154,000-square-foot Oceaneering International facility in Chesapeake, Va., and the 15-story, 206,969-square-foot Richmond Tower office building in Richmond, Va., as well as borrowings under …

STONE MOUNTAIN, GA. — Ackerman & Co., a private real estate investment firm based in Atlanta, has partnered with global finance firm Investcorp to purchase Stone Mountain Industrial Park, a 4.1 million-square-foot development spanning 69 buildings in the Tucker/Stone Mountain submarket of Atlanta. Ackerman and Investcorp purchased the portfolio for $135 million. The seller, Pattillo Industrial Real Estate, originally developed and master-planned the properties. “Both Ackerman and Pattillo have long and successful histories in Atlanta real estate,” says Kris Miller, president of Ackerman & Co. “Investcorp and Ackerman are fortunate to now own these well-built and strategically located properties.” The portfolio of shallow-bay industrial warehouses includes single- and multi-tenant configurations of front-, rear- and side-load designs ranging from 5,000 to 200,000 square feet. Most spaces offer outside storage. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield brokered the sale on behalf of Pattillo. “We congratulate Ackerman and Investcorp on their bold new investment. They are committed to an area that has a Community Improvement District, a newly incorporated city of Tucker and a sterling location that has served a strong business community for many years,” says Larry Callahan, CEO of Pattillo Industrial Real Estate. Brett …