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ATLANTA — Highwoods Properties Inc. (NYSE: HIW) has acquired its joint venture partner’s 57 percent interest in Glenlake North and South Towers, two Class A, 10-story office buildings with structured parking in Atlanta for $45.4 million. The Raleigh, N.C.-based REIT now fully owns the properties and is planning to invest an additional $1 million in building improvements. As a result, Highwoods' total incremental investment is expected to be $46 million. Located in Atlanta's Central Perimeter submarket with access to GA 400, the properties span 505,000 square feet and are valued at $80.6 million. The total asset value equates to $159 per square foot, which is at least a 30 percent discount to estimated replacement cost. “These are solid assets in the Central Perimeter submarket, one of Atlanta's best business districts, which has absorbed over two million square feet during the past 18 months,” says Ed Fritsch, president and CEO of Highwoods. The properties are 82 percent leased and are expected to generate full-year cash and net operating income of $5.1 million and $6 million, respectively. “Owning 100 percent of these Atlanta properties will materially enhance our leasing process, fortify our position in the submarket, provide value enhancement through occupancy growth …

NEW YORK — SL Green Realty Corp. (NYSE: SLG) has agreed to acquire The Olivia, a mixed-use property on Manhattan’s west side, for $386 million. The deal further diversifies the portfolio of the real estate investment trust, which touts itself as New York City’s largest office landlord. New York-based real estate company Stonehenge currently owns The Olivia, according to Bloomberg. “We see this acquisition as a great opportunity to expand our multifamily investment platform at a time when the New York residential market is strong,” says Andrew Mathias, president of New York-based SL Green. “The property is located in a neighborhood that is expected to absorb thousands of new jobs during the next decade. With those jobs, the local demand for luxury housing also is expected to climb sharply.” The Olivia totals 36 stories and 492,987 square feet, the residential portion of which consists of 333 rental apartments in studio, one- and two-bedroom configurations. Among the amenities are a doorman-attended lobby, valet and concierge services, top-floor health club and social lounge and rooftop sundeck. According to the property’s website, rents start at $2,850 for a studio apartment. The building’s commercial space, which takes up 270,000 square feet of the total …

BOSTON — Winthrop Realty Trust (NYSE: FUR) has entered into an agreement to acquire four recently constructed Class A apartment buildings for $246 million. The agreement is with ST Residential, an affiliate of Starwood Capital, along with an unnamed third-party investor and the Federal Deposit Insurance Corp. The FDIC acquired the interest from the failed Corus Bank. Built to condominium specifications prior to a lender foreclosure, the properties include 44 Monroe in Phoenix; Highgrove in Stamford, Conn.; Mosaic II in Houston; and San Pedro Lofts in San Pedro, Calif. Winthrop expects to close on the purchase of these properties by October. The Boston-based company provided a $25.5 million nonrefundable deposit on the properties. A combination of cash reserves and new secured financing is slated to pay the remaining balance, according to Winthrop. “We like the optionality created by the opportunity to acquire a cash flow positive portfolio of high quality condo-constructed multifamily assets at what we believe to be well below replacement cost,” says Michael Ashner, chairman and CEO of Winthrop. 44 Monroe is a 34-story, 184-unit condominium building that includes 1,377 square feet of ground-level retail. Constructed in 2008, the property's amenities include a spa and swimming pool with …

FOSTER CITY, CALIF. — Essex Property Trust (NYSE: ESS), a multifamily REIT based in Palo Alto, Calif., has sold Harbor Cove Apartment Homes, a 400-unit waterfront apartment complex in Foster City. Essex sold the Bay Area property to a fund sponsored by Acacia Capital Corp. for $138 million, or $345,000 per unit. The apartment community is located on a 15-acre site at 900 E. Hillside Blvd. in Foster City, which is about midway between San Francisco to the north and Silicon Valley to the south. The $138 million sale is the largest transaction by dollar volume in the Bay Area so far this year, according to Essex’s broker, Institutional Property Advisors (IPA). “Opportunities to acquire larger multifamily assets in the mid-peninsula market are extremely rare. In fact, Harbor Cove is the only 100 plus-unit asset that has traded hands in Foster City since 2004,” says Philip Saglimbeni, vice president of investments at IPA, which is the multifamily brokerage division of Calabasas, Calif.-based Marcus & Millichap Real Estate Investment Services. IPA serves institutional and major private investors, such as Essex. Saglimbeni represented Essex alongside Stanford Jones and Salvatore Saglimbeni of IPA. The brokerage team of Jones, Saglimbeni and Saglimbeni has brokered …

OAK BROOK, ILL. — Inland American Real Estate Trust Inc. has agreed to sell its core net lease portfolio consisting of 294 retail, office and industrial assets to New York-based AR Capital LLC (ARC) in an all-cash transaction valued at approximately $2.3 billion. The deal includes the assumption of approximately $795.3 million in debt. “The sale of our core net lease portfolio is a major step in executing our long-term strategy of focusing our energies and investment capital in the multi-tenant retail, lodging and student housing asset classes,” says Thomas McGuinness, president of Oak Brook-based Inland American Real Estate Trust, a non-traded REIT. “We believe these asset classes will generate consistent cash flows, which will allow us to continue providing our stockholders with sustainable distributions while allowing us the opportunity to benefit from current real estate trends.” The deal represents “the culmination of a robust evaluation process to achieve maximum value for this portfolio of core net lease assets,” adds McGuinness. From the disposition, Inland American expects to realize up to approximately $1 billion of net proceeds, which could be received during the next nine months. The company intends to use these net proceeds for, among other things, investing in …

NEW YORK CITY — Brookfield Property Partners LP (NYSE: BPY) has agreed to acquire Atlanta-based Industrial Developments International Inc. (IDI) from the U.S. unit of Kajima Corp. for $1.1 billion. The transaction will add 75 distribution facilities totaling 27 million square feet to Brookfield’s industrial portfolio. IDI also brings to Brookfield its 49 million square feet of future development projects and third-party property management business. The corporation’s properties are located in several key industrial markets in 12 states. Among the markets IDI has a presence in are Chicago, Cincinnati, Memphis, Dallas/Fort Worth, New Jersey, Atlanta and Ft. Lauderdale, Fla. Following the acquisition, Brookfield’s industrial portfolio will total 62 million square feet, plus 79 million square feet of future development potential. “The addition of IDI to Brookfield’s existing industrial operations will create a leading global industrial real estate company able to deliver high-quality distribution facilities to clients around the world,” says Ric Clark, CEO of Brookfield. “The combined business will own irreplaceable assets and development sites near major markets and transport routes, with a 25-year track record of delivering superior service, and is now positioned for significant long-term growth.” As a result of the transaction, which is expected to close in …