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RAHWAY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired a two-building, 159-unit multifamily property known as Park Square in Rahway, located about 12 miles south of Newark. The property, which includes a parking garage and approximately 6,000 square feet of retail space, sold for approximately $46.5 million. Landmark Cos. of Keasbey, N.J., was the seller. Park Square consists of one- and two-bedroom luxury apartments ranging from 800 to 1,480 square feet. The property, which is 94 percent leased, offers residents an amenity package that includes a 24-hour fitness center; 24-hour resident service; enclosed, secure private garage parking options; a community room with Wi-Fi; a billiards room; as well as convenient on-site retail. This 159-unit multifamily property known as Park Square is located in Rahway, located about 12 miles south of Newark. The property is a two-minute walk from the Rahway train station that offers convenient access to Liberty International Airport and Manhattan, as well as the Jersey Shore. Mack-Cali’s Roseland subsidiary will manage and lease the property. “The Mack-Cali/Roseland team is thrilled to acquire Park Square, a true luxury rental community that offers residents spacious, well-appointed apartments in an ideal transit-oriented location,” says Mitchell Hersh, president and CEO of …

SCOTTSDALE, ARIZ. — Crescent Communities and Glimcher Realty Trust have broken ground on the $61 million, 275-unit Crescent Scottsdale Quarter multifamily property. The project is the first residential property in the upscale mixed-use development of Scottsdale Quarter. The six-story Crescent Scottsdale Quarter, located on 2.7 acres on the Greenway Hayden Loop, will offer studio, one- and two-bedroom apartments. Crescent Communities and Glimcher expect the property to open in the spring of 2015. “Scottsdale Quarter is a fashionable hub that offers unmatched amenities yet preserves the beauty of the desert,” says Jim Caulet, senior vice president of Crescent’s multifamily group. “It is the perfect fit for our model of building authentic lifestyle experiences for people, and we are pleased to bring the Crescent approach to luxury multifamily living in Scottsdale.” The complex will feature amenities including a resort-style saltwater pool and two-story fitness center. It will also be one of the first apartment communities in Scottsdale to comply with the 2012 International Energy Conservation Code and Green Construction Code. Occupants will be in close proximity to Scottsdale Quarter’s 370,000 square feet of retail and restaurant options — including Apple, Restoration Hardware, lululemon, Calypso St. Barth and True Food Kitchen — and …

MURFREESBORO, TENN. Ń National Health Investors Inc. (NYSE: NHI) has signed a definitive purchase agreement to acquire 25 independent living facilities from subsidiaries of Holiday Acquisition Holdings LLC, an affiliate of Holiday Retirement. The total purchase price of the 25 communities is approximately $491 million. ŇThis investment is in line with our stated goals of partnering with strong operators, diversifying our portfolio, and financing growth in a conservative fashion,’ says Justin Hutchens, CEO and president of NHI. The acquisition is expected to close by the end of the year. Wells Fargo Securities served as the financial advisor to NHI on this transaction. The 25 independent living facilities will continue to be operated by affiliates of Holiday Retirement, with a 17-year master lease signed by an affiliate of Holiday. The 25 facilities include: áĘĘĘĘĘ Apple Blossom in Rogers, Ark. áĘĘĘĘĘ Butterfield Place in Fort Smith, Ark. áĘĘĘĘĘ Bay Park in Pinole, Calif. áĘĘĘĘĘ Bridgecreek in West Covina, Calif. áĘĘĘĘĘ Camelot in Hemet, Calif. áĘĘĘĘĘ Fig Garden in Fresno, Calif. áĘĘĘĘĘ Hampshire in Merced, Calif. áĘĘĘĘĘ Mistywood in Roseville, Calif. áĘĘĘĘĘ Shandiford Place in Modesto, Calif. áĘĘĘĘĘ Iris Place in Athens, Ga. áĘĘĘĘĘ Riverplace in Columbus, Ga. áĘĘĘĘĘ River’s Edge in Savannah, …

SAN DIEGO — Essex Property Trust Inc. (NYSE: ESS) has acquired the Domain by Alta — San Diego, a 379-unit luxury apartment community in San Diego, for $121 million. Wood Partners sold the complex, which is located at 8795 Lightwave Ave. in the city’s Spectrum Center business park. The property opened in 2012 and is 80 percent leased. Domain by Alta — San Diego includes 23 studios, 197 one-bedroom and 159 two-bedroom units. The multifamily community contains two four-story buildings and a clubhouse built atop underground parking that can accommodate 750 vehicles. Community amenities include a landscaped pool area with waterfalls, cabanas, a spa and barbeque pits. The two-story clubhouse also features wireless work stations and a health club. “There are very few luxury, institutional quality apartment buildings available for purchase in San Diego County and this was a rare opportunity to acquire one,” says Brian Hansen, a director with Atlanta-based Wood Partners who oversees the company’s development projects in Southern California. “The market for luxury rental properties in San Diego is tight. Supply is low, demand is high and the economy is picking up steam.” There are more than 15,000 jobs within a two-mile radius of the complex, according …

OAK BROOK, ILL. — Inland Real Estate Corp. (NYSE: IRC) has entered into a joint venture with MAB American Retail Partners LLC to develop grocery-anchored shopping centers in select markets throughout the Southeast and Mid-Atlantic regions. The five-year development program will target demographically strong metropolitan areas in the Carolinas, Georgia, Florida, Virginia and Washington, D.C. Inland says the program could result in the construction of as many as 20 new grocery-anchored shopping centers with a total market value of $325 million. “We are very excited to enter into this joint venture, which furthers our strategic goals to enhance the quality and stability of our operating platform through growth and diversification of our geographic footprint and retailer base,” says Mark Zalatoris, president and CEO for Oak Brook, Ill.-based Inland Real Estate Corp. “Our development joint venture with MAB provides us with the opportunity to develop and acquire brand new, high-quality, grocery-anchored shopping centers after stabilization and at a discount to market value.” Under terms of the agreement, Inland has exclusive rights to all grocery-anchored, build-to-suit opportunities in the Southeast and Mid-Atlantic sourced by MAB, an affiliate of Melbourne, Australia-based MAB Corp. Inland will provide 90 percent of the equity required to …

INDIANAPOLIS — Kite Realty Group Trust (NYSE: KRG ) has reached an agreement to acquire a portfolio of nine retail properties that total approximately 2 million square feet for $307 million in cash. Seven of the properties to be purchased are situated in the firm's existing markets of Florida, Georgia and Texas, while two are in a new market, Birmingham, Ala. Indianapolis-based Kite Realty says expansion in these markets enables it to build on its presence and operating experience. As of Sept. 30, the portfolio was 93.2 percent leased. “These properties will complement those in our existing portfolio and provide us with an opportunity to strategically increase our footprint in our targeted markets,” says John Kite, chairman and CEO of Kite Realty. “We believe there are significant value creation opportunities through the lease-up of vacant space, rollover of below market rents and the pursuit of redevelopment opportunities.” Approximately 1.5 million square feet, or 74 percent of the portfolio, is located in Florida, Georgia and Texas. Two of the properties, which include the 446,484-square-foot Trusville I & II property and the 66,165-square-foot Colonial Shoppes at Clay, are located in the Birmingham, Ala area. Major tenants at the properties include Winn Dixie, …

BOCA RATON, FLA. AND NAPERVILLE, ILL. — Office Depot Inc. and OfficeMax Inc. have completed their merger, creating a global provider of office products, services and solutions. The combined company will use the name Office Depot Inc. and will trade on the New York Stock Exchange under the symbol ODP. In the 12 months ending at Sept. 28, 2013, Office Depot and OfficeMax had a combined revenue of approximately $17 billion. The new company now employs about 66,000 associates worldwide and operates in 59 countries with more than 2,200 retail stores, e-commerce sites and a business-to-business sales organization. The new Office Depot Inc. will utilize a global network of wholly owned operations, joint ventures, franchisees, licensees and alliance partners. Office supply retail is a category in transition, according to Michael Berne, president of MJB Consulting, a retail planning and real estate consulting firm based in New York City and Berkeley, Calif. “Even in the best of times, it was still a question whether the market needed three operators with Office Depot, OfficeMax and Staples,” says Berne. Berne expects that the merged company will shutter some of its existing stores, even though the Federal Trade Commission didn’t mandate the divestiture of …

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN) plans to break ground in mid-2014 on the $341 million FMC Tower at Cira Centre South in Philadelphia. The approximately 830,000-square-foot building is the final phase of the company’s mixed-use Cira Centre South, a 2.7 million-square-foot development. The 47-story FMC Tower at Cira Centre South will be the sixth tallest office building in Philadelphia at 650 feet. The property will include 575,000 square feet of Class A office space, 10,000 square feet of retail and 260 apartments. The office component of the project will cost $236 million, while the residential portion will cost $105 million. Brandywine has already executed a 253,000-square-foot, 16-year lease for the global headquarters of FMC Corp., a specialty chemical company. FMC expects to occupy its new corporate headquarters by June 2016. Additionally, Brandywine has executed a 20-year lease with the University of Pennsylvania for four floors totaling approximately 100,000 square feet at the building. FMC Tower at Cira Centre South completes the final phase of Brandywine’s Cira South development, which included the $340 million renovation of the 30th Street Post Office (GSA-Philadelphia Campus) and Cira Garage, and evo at Cira Centre South — the joint venture campus housing project …