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NEW YORK — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire the remaining 35.8 percent ownership interest in 31 W. 52nd St. in New York City from its joint venture partner for approximately $230 million in cash. The acquisition is expected to be completed in the fourth quarter of 2015. The 29-story, 786,647-square-foot office building is located between Fifth Avenue and Avenue of the Americas in Midtown Manhattan. Paramount Group originally purchased the asset in late 2007 from Hines, Deutsche Bank and RREEF for $595 million, according to media reports. The company declined to name its joint venture partner. “The acquisition of the remaining ownership interest in this distinctive trophy asset offers Paramount an outstanding opportunity to execute on our embedded growth strategy,” says Albert Behler, chairman, CEO and president of Paramount Group. “We believe full ownership of the property is in the best long-term interests of our shareholders, as we continue to focus our efforts on driving NOI [net operating income] growth through strategic and creative leasing and other key initiatives.” The property is currently leased to a number of high-profile tenants including Clifford Chance, Toronto-Dominion Bank, Morgan Stanley, Centerview Partners and an upscale steakhouse, Fogo de Chao. …

BOCA RATON, FLA. — Regency Centers Corp. (NYSE: REG) has acquired University Commons, a 180,323-square-foot grocery-anchored shopping center located in Boca Raton, for $80.5 million. University Commons is fully occupied by tenants including Whole Foods Market, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond, P.F. Chang’s China Bistro, J. Alexander’s, Mario’s Osteria and Shake Shack. The center, which was developed in 2001, is situated on 22.4 acres at the I-95 interchange at 1400 Glades Road and consists of one primary building with four outparcel buildings and 1,156 parking spaces. “University Commons is a trophy asset that we are extremely excited about,” says Scott Porter, vice president of transactions for Regency Centers. “It’s rare that you find a property with its mixture of fundamental retail drivers.” Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF worked on behalf of the seller, an entity controlled by Boca Raton-based Schmier & Feurring Properties, in the transaction. “University Commons is one of the premier retail centers in the country,” says Finkle. “Its combination of location, tenancy and design are impeccable and highlighted by the tenants’ outstanding sales performance.” Regency Centers purchased the asset subject to an existing loan. Regency Centers owns, operates and …

SHREVEPORT, LA. — Care Capital Properties Inc. (NYSE: CCP), the skilled nursing REIT that spun off from healthcare giant Ventas in August, has completed its first major transaction. CCP acquired eight skilled nursing facilities and one assisted living facility, all located in Shreveport in northwest Louisiana near the Texas border, for $190 million. The seller was not disclosed. The properties contain a total of 1,174 beds, with an average occupancy rate of approximately 88 percent. The company immediately entered into a long-term, triple-net lease with Texas-based operator Senior Care Centers LLC (SCC) to operate the acquired portfolio. SCC concurrently acquired the portfolio’s operations, which include a rehabilitative therapy company, four hospice agencies and an interest in an affiliated pharmacy provider. In conjunction with the acquisition, CCP made a $20 million five-year, fully amortizing loan to SCC. The initial cash lease yield on the properties is 8.25 percent, and the loan bears interest at a rate of LIBOR plus 5 percent, which escalates 25 basis points annually. As a result of the transaction, SCC is expected to account for approximately 16 percent of CCP’s net operating income on a pro forma basis. On Tuesday, CCP’s stock price closed at $30.87 per …

CHARLOTTE, N.C. — Charlotte-based Belk Inc., the nation’s largest family-owned fashion department store company, has entered into a definitive merger agreement whereby investment funds managed by New York-based private equity firm Sycamore Partners will acquire 100 percent of Belk in a $3 billion transaction. Under the terms of the transaction, Tim Belk will remain CEO of Belk and the company will continue to be headquartered in Charlotte, N.C. The merger, which was unanimously approved by Belk’s board of directors, is expected to be completed by the fourth quarter. No store closings or layoffs are planned as part of the transaction. There are currently 300 Belk stores located in 16 Southern states. Plans call for the company to open additional brick-and-mortar stores as well as expand online offerings, according to the Charlotte Business Journal. Founded in 1888 by William Henry Belk in Monroe, N.C., the company is in the third generation of Belk family leadership. “We are delighted to have found a financial partner that sees what we see in Belk: a 127-year-old brand that remains relevant today with exceptional customer loyalty in small, medium and large cities throughout the South,” says Tim Belk, chairman and CEO of Belk. “We plan …

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has completed the purchase of the 11 Madison Ave. office building in New York for $2.6 billion, which includes $300 million in costs associated with improvements to the property. The acquisition has been financed with $1.4 billion of 10-year, interest-only, fixed-rate financing at a rate of 3.8 percent annually. The 29-story Art Deco-style building serves as the U.S. headquarters for Sony and Credit Suisse AG. It spans 2.3 million square feet and is located between East 24th and 25th streets. CBRE’s Darcy Stacom and Bill Shanahan brokered the transaction. The seller is a partnership of the Sapir Organization and the CIM Group. SL Green funded acquisition of the iconic property through a combination of property sales, joint ventures, new financing and existing property debt refinancings, while retaining cash for other investments in the pipeline. The company previously sold Tower 45, a 440,000-square-foot office building at 120 W. 45th St., for $365 million. SL Green also previously sold 80 percent of its ownership interest in a 73,000-square-foot mixed-use asset located at 131-137 Spring St. in SoHo to Invesco Real Estate. SL Green will retain a 20 percent ownership interest in the …