"stock"

LOS ANGELES — Decron Properties Corp., a private, family-owned and operated real estate company based in Los Angeles, has sold a three-property portfolio comprised of neighborhood shopping centers located in Southern California markets. The gross sales price was $108.5 million. The portfolio consisted of grocery- and drugstore-anchored assets totaling 370,453 square feet. Properties included Mission Foothill Plaza located at 28721-28841 Los Alisos Blvd. in Mission Viejo; Park Oaks, located at 1640-1970 N. Moorpark Road in Thousand Oaks; and Ontario Plaza, located at 920-1070 N. Mountain Ave. in Ontario. Bill Bauman, executive vice president, and Kyle Miller, corporate managing director, of Savills Studley represented the seller in the transaction. Retail Opportunity Investment Corp. (Nasdaq: ROIC), a shopping center REIT, was the buyer. Initially, Mission Foothill Plaza was the only asset being marketed by the Studley Savills team. After the property was awarded to ROIC in a competitive bidding process, the buyer put in an offer on the additional two properties. “The terms were very compelling, with short due-diligence timeframes and significant non-refundable deposits,” says Miller. “Ultimately the seller was able to leverage market dynamics and a shortage of quality product to realize an excellent return on investment and achieve a strategic …

SPARTANBURG, S.C. — Rite Aid Corp. (NYSE: RAD) plans to build a 900,000-square-foot distribution center in Spartanburg, S.C. The $90 million project will be Rite Aid’s first new distribution facility in 15 years. “Spartanburg is an ideal location for our new distribution center,” says John Standley, Rite Aid chairman and CEO. “We thank the state of South Carolina for its cooperation and support during our site selection process and we look forward to breaking ground on our new facility, which will help us to further optimize our supply chain and better serve our stores and customers across the Southeast.” Rite Aid is working with Johnson Development Associates, a leading real estate development firm based in Spartanburg, on build the project. Construction will begin in March and Rite Aid will start shipping to stores in March 2016. The new distribution center will employ nearly 600 people after it becomes fully operational and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States. In April 2014, after a comprehensive review of its supply chain and logistics network, Rite Aid announced it would consolidate three of its existing distribution centers, located in Tuscaloosa, Ala.; Charlotte, …

SAN FRANCISCO — LaSalle Hotel Properties (NYSE: LHO) has purchased The Westin Market Street hotel in San Francisco for $350 million. At closing, LaSalle renamed the hotel Park Central San Francisco. LaSalle funded the purchase with cash on hand and borrowings from its senior unsecured credit facility. “We are thrilled to have acquired this prominent hotel with such a fantastic location,” says Michael Barnello, president and CEO of LaSalle. “The San Francisco lodging market remains very strong, with demand at peak levels and limited supply growth on the horizon, and we are excited about increasing our presence in San Francisco for the second time within 10 months — marking our seventh hotel in the city. Approximately 17 percent of our EBITDA is now generated in San Francisco.” Highgate Hotels will continue to manage the property as an independent hotel on behalf of LaSalle. The 681-room Park Central San Francisco is located in the SoMa District, which includes the Moscone Convention Center, the Yerba Buena Gardens, the Yerba Buena Center for the Arts, AT&T Park and headquarters for companies such as Twitter, Instagram and Pinterest. The hotel is also located three blocks from Union Square, an iconic plaza and upscale shopping …

WASHINGTON, D.C. — Retail Properties of America Inc. (NYSE: RPAI), a retail REIT based in Oak Brook, Ill., has acquired two shopping centers located in the metro Washington, D.C., area for a combined purchase price of $121.5 million. The properties were acquired through an off-market negotiation on an unencumbered basis. Merrifield Town Center in Falls Church, Va., was acquired for a gross purchase price of $56.5 million and consists of 85,000 square feet of street-level retail beneath two high-rise residential buildings. The center sits at the main entrance to the Mosaic District, a 31-acre mixed-used development that is comprised of retail, office, residential and hotel uses. Merrifield Town Center was developed in 2008 and is currently 100 percent leased to tenants such as XSport Fitness, Chipotle Mexican Grill, Panera Bread and Noodles & Co. Fort Evans Plaza II in Leesburg, Va., was acquired for a gross purchase price of $65 million. The property is a 229,000-square-foot power center that is currently 98 percent leased to tenants such as Marshalls, Bed Bath & Beyond, Dollar Tree and Five Below. Year to date, RPAI has closed on $284.3 million of acquisitions, including the previously announced acquisition of the retail portion of Downtown …

IRVINE, CALIF. — Griffin-American Healthcare REIT III Inc. has completed the acquisition of 19 healthcare properties for approximately $340 million. The acquisitions were comprised of 17 medical office buildings, an acute care hospital and a seniors housing facility. “These latest acquisitions represent high-quality assets leased by very strong tenants and operators with whom we look forward to sharing mutually rewarding business partnerships,” says Danny Prosky, president, chief operating officer and one of the largest stockholders of Griffin-American Healthcare REIT III. “They also add tremendous diversification to our rapidly growing portfolio.” Griffin-American Healthcare REIT III’s most recent acquisitions include: • Southlake Hospital in Southlake, Texas: Built in 2013, Southlake Hospital is a 70-bed acute care hospital spanning 142,000 square feet and 10.6 acres. The site includes a three-story, 400-space parking garage. The hospital is leased through April 2033 to Forest Park Medical Center, a physician-owned hospital system that currently operates four medical facilities comprising a total of 280 beds in the Texas cities of Dallas, Frisco, San Antonio and Southlake, with campuses in Fort Worth and Austin currently under development. Forest Park will operate Southlake Hospital under an absolute net lease with annual rent escalations tied to the U.S. Consumer Price …

NEW YORK — TPG Real Estate, the real estate platform of global private investment firm TPG, has acquired a majority stake in a $2.5 billion portfolio of real estate loans from Deutsche Bank’s Special Situations Group. Under the terms of the agreement, TPG Real Estate will acquire a 75 percent stake in the portfolio, with Deutsche Bank (NYSE: DB) retaining a 25 percent stake. “We are very excited about this unique, proprietary opportunity to acquire the existing portfolio, as well as to expand the business as we grow the platform through new originations,” says Avi Banyasz, TPG partner and co-head of TPG Real Estate. “We are very fortunate to have the same strong Deutsche Bank team in place, which will provide continuity for current borrowers and open the door to relationships with the growing number of new borrowers in need of financing.” As part of the transaction, 11 origination and risk management professionals from Deutsche Bank’s Special Situations Group have joined a newly created mortgage REIT — known as TPG Real Estate Finance Trust (TRT) — that will own the existing portfolio, as well as originate new loans to existing and new borrowers. TRT raised capital from a group of …

NEW YORK — Columbia Property Trust (NYSE: CXP) has acquired three Class A office buildings located in major East Coast markets for a total of $588 million. The transaction includes a 341,330-square-foot office building in Manhattan’s Gramercy Park submarket, a 244,565-square-foot building in the Washington, D.C., submarket of Reston, and a 274,218-square-foot building in Boston’s Back Bay district. The Manhattan property is a historic office building located at 315 Park Ave. South. It was purchased as part of an office portfolio that included the D.C. building, located at 1881 Campus Commons Drive. They were acquired from Spear Street Capital in an off-market transaction for a total of approximately $436 million. The Boston property is located at 116 Huntington Ave. It was purchased from Broadway Partners for $152 million. The Manhattan property is 95 percent occupied, while the other two stand at 78 percent occupancy. “With these two significant transactions, we continue to execute our strategy of improving the overall quality of Columbia’s portfolio through investment in value- creation opportunities in our target markets,” says Nelson Mills, Columbia’s president and CEO. “These acquisitions provide us with a greater presence in Manhattan, as well as a significant foothold in Boston’s urban core …