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LOS ANGELES — Rexford Industrial Realty Inc. (NYSE: REXR), a real estate investment trust (REIT) focused on owning and operating industrial properties in Southern California, has acquired an industrial portfolio for $88.5 million, or approximately $108 per square foot. The nine properties, all located in Southern California, total 817,166 square feet. The portfolio is currently 87 percent leased. “The properties are strategically located within Los Angeles County, Orange County and San Diego County with convenient access to key regional, interstate, rail, and airport infrastructure to support local and regional distribution. We plan to execute on a range of opportunities to drive occupancy while enhancing functionality, cash flow and value through strategic repositioning,” said Howard Schwimmer and Michael Frankel, co-CEOs of Rexford Industrial Realty, in a company statement of the transaction. Eight of the nine properties are 96 percent leased on average, with the remaining property at 40 percent occupancy. Collectively, the nine properties contain 24 units leased to 17 tenants with staggered lease expirations. The nine properties include: Salt Lake, a 126,036-square-foot building located in City of Industry. The asset was built in 1979 and includes clear heights of 24 to 30 feet, as well as dock-high loading. The property …

MEMPHIS, TENN. — EdR (NYSE: EDR), a developer, owner and manager of collegiate housing, will use $171 million in proceeds from a recent equity offering to fund one acquisition and two new developments at Arizona State University, the University of Connecticut and the University of Louisville. EdR has agreed to purchase The District on Apache, a student housing community serving Arizona State University, for approximately $92 million. In addition, the REIT will own and manage the $45 million The Oaks on The Square student housing property at the University of Connecticut, and has executed joint venture agreements with Georgia-based Landmark Properties Inc. to develop, own and manage The Retreat at Louisville, a student housing property at the University of Louisville. “Each of these communities will strengthen our portfolio, bring additional value to our shareholders and further our company’s growth plan,” says Randy Churchey, president and CEO of Memphis-based EdR. The District on Apache is a 900-bed community within walking distance of the Arizona State University Tempe campus. The property, which opened in August 2013, is fully occupied and 90 percent pre-leased for the coming academic year. EdR anticipates the property to be 95 percent pre-leased upon opening in fall 2014. …

BOSTON — HFF (NYSE: HF) has secured a $97 million construction loan for the development of a 330-room Aloft Hotel and a 180-room Element Hotel adjacent to the Boston Convention and Exhibition Center in Boston’s Seaport District. “The development of the Aloft and Element Hotels will add more than 500 hotel rooms to the immediate area,” says Anthony Cutone, HFF managing director, “providing a degree of relief to the undersupplied Boston hotel market and allowing the Boston Exhibition and Convention Center to more effectively compete for convention business.” HFF worked on behalf of a venture between Ares Management LLC and CV Properties LLC to place the 42-month construction loan with RBS Citizens and Santander Bank N.A. Cutone and senior real estate analyst Alan Suzuki led HFF’s debt placement team. Kevin Boyle, Chris Robie and John Fahy led Citizens’ team. George Brockman, director of commercial real estate, and Pete Olivier, senior commercial real estate banker, led Santander’s team. The two hotels will be situated on a 3.1-acre site at 371-401 D Street in Boston’s Seaport District, leased from the Massachusetts Convention Center Authority. The Aloft Hotel will be a 13-story hotel with 325 guestrooms and five one-bedroom suites. Hotel amenities will …

BLOOMFIELD HILLS, MICH. — Taubman Centers Inc. (NYSE: TCO)and Starwood Capital Group have reached an agreement for Starwood, through a controlled affiliate, to purchase a portfolio of seven Taubman malls for $1.4 billion. The malls in the transaction include MacArthur Center in Norfolk, Va.; Stony Point Fashion Park in Richmond, Va.; Northlake Mall in Charlotte, N.C.; The Mall at Wellington Green in Wellington, Fla.; The Shops at Willow Bend in Plano, Texas; The Mall at Partridge Creek in Clinton Township, Mich.; and Fairlane Town Center in Dearborn, Mich. The purchase price of $1.4 billion before transaction costs includes $785 million of cash and $620 million of property-level debt that will be repaid or assumed at closing by the buyer. The sale is part of Taubman’s ongoing strategy to recycle capital, maximize its net operating income growth rate and create net asset value for investors over time. “Given today’s investor interest in high-quality regional malls, we have taken advantage of the opportunity to further enhance our growth and valuation, while increasing our industry leading productivity and modestly reducing the size of our base,” says Robert Taubman, chairman, president and chief executive officer of Taubman Centers. “As a result of these sale …

NEW YORK — The Board of Directors of Newcastle Investment Corp. (NYSE: NCT) has approved a plan to spin off its seniors housing business into a publicly traded real estate investment trust that primarily targets seniors housing related investments. The new company will be called New Senior Investment Group and trade on the New York Stock Exchange under the symbol SNR. The approval by the board occurs six months after Newcastle purchased a 51-property portfolio from an affiliate of Holiday Retirement for more than $1 billion. “The spin-off of New Senior from Newcastle will be a key step towards optimizing the future growth of each standalone company,” said Newcastle CEO Kenneth Riis in a prepared statement. “As two separately traded public companies, both Newcastle and New Senior will be better positioned to capitalize on respective market opportunities and further enhance shareholder value creation.” An affiliate of Fortress Investment Group LLC will manage New Senior Investment Group. In an investor call on Monday, Newcastle Chairman of the Board Wesley Edens said the reasons for the spin-off include the expected growth of the U.S. senior population, the cost of capital both on the equity side and the debt side that will create …