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While the reimbursement-dependent portions of the seniors housing market remain at a crossroads, other segments of the industry are benefitting from an improving economy and housing sector, according to a new research report completed by Marcus & Millichap Real Estate Investment Services. The occupancy, rent and construction data is based on the 100 largest metropolitan statistical areas in the country as tracked by NIC MAP, a data analysis service of the National Investment Center for the Seniors Housing & Care Industry (NIC). Independent living properties — which recorded the sharpest decrease in occupancy during the Great Recession — are now posting healthy gains. By the end of this year, average occupancy is projected to reach 90.4 percent, up 110 basis points from 2011. Rents are expected to climb 3 percent to an average of $2,780 per month. The quick turnaround in occupancy in the independent living segment is significant and a reflection of conditions in the market-rate apartment market, explains Gary Lucas, director of the National Seniors Housing Group at Encino, California-based Marcus & Millichap. “As nationwide occupancy for traditional apartments has soared over the past 2 years, rents have climbed to a level where traditional apartments are no longer …

BETHESDA, MD. — Walker & Dunlop (NYSE: WD) has agreed to purchase lender CWCapital for $220 million. The combination creates one of the largest commercial real estate lenders in the U.S. with $7.7 billion of loan originations in 2011. The acquisition also makes Walker & Dunlop the second largest multifamily lender nationally. The servicing portfolio of the combined entity exceeds $33.7 billion, according to Walker & Dunlop. The purchase price will include $80 million in cash and about $140 million in Walker & Dunlop stock. The price is subject to potential adjustment based on the company's stock price pending closing. “CWCapital is an exceptional company with an outstanding team and corporate culture very similar to Walker & Dunlop's,” says Willy Walker, chairman, president and CEO of Walker & Dunlop. “CW's people, credit discipline and client focus are highly regarded throughout the industry. It's a wonderful accomplishment to bring these two fantastic companies together and create a true industry force.” Based in Bethesda, Walker & Dunlop originates and sells a range of multifamily and other commercial real estate financing products. After the deal closes CW Financial will become Walker & Dunlop's largest shareholder. Michael Berman, CEO of Needham, Mass.-based CWCapital, will …

CHARLOTTE, N.C. — Parkway Properties (NYSE: PKY) has closed on the acquisition of the 972,000-square-foot Hearst Tower, an office building located in Charlotte’s CBD. Additionally, the company has received a $200 million equity investment by TPG, a leading global private investment firm. “We are pleased to have completed these important steps in the evolution of Parkway as we continue to position ourselves for long-term growth,” says Jim Heistand, president and CEO of Orlando, Florida-based Parkway. “We remain firmly committed to improving operations and cash flow, and on pursuing new acquisitions to grow the company.” The 46-story office tower is 94 percent leased, and tenants include Bank of America, which signed a new lease for 322,000 square feet in the building. The property is expected to generate cash net operating income of approximately $17.5 million during the first year of the company’s ownership period. “Parkway’s high-quality office portfolio, which is concentrated in attractive Sunbelt markets, provides a unique investment opportunity,” says Avi Banyasz, partner at TPG. “Hearst Tower is a great example of the type of investments Parkway’s talented management team will seek to identify and secure in the future.” The acquisition was financed with the money received from TPG, as …

SAN FRANCISCO — Los Angeles-based Hudson Pacific Properties Inc. (NYSE:HPP) has completed the $90 million acquisition of 901 Market Street, a mixed-use property located at the intersection of San Francisco’s Union Square and South of Market submarkets. The 212,000-square-foot historic building consists of 149,000 square feet of office space and 63,000 square feet of ground floor and lower level retail space. The purchase price comes out to be approximately $425 per square foot. “We are very pleased to close the acquisition of the 901 Market Street property,” said Victor Coleman, chairman and CEO of Hudson Pacific. “901 Market Street is a great complement to our San Francisco portfolio and represents a tremendous opportunity to reposition a property in one of the best locations and best markets in the country.” The property, a former Hale Department Store building, is located adjacent to the Westfield San Francisco Shopping Centre and Union Square BART entrance. It is currently 62 percent leased to a diverse tenant base. The seller was CFRI/Urban 901 Market LLC. The San Francisco market is considered a marquee arena for commercial real estate activity and development. ULI and Pricewaterhouse Coopers named San Francisco the third best market in the U.S. …

LEAWOOD, KAN. — Glimcher Realty Trust (NYSE:GRT), a Columbus, Ohio-based owner, manager and acquirer of shopping centers, has completed the $67.5 million purchase of One Nineteen, an outdoor property located in Leawood, a suburb of Kansas City. The approximately 165,000-square-foot center is located adjacent to another Glimcher property, Town Center Plaza, which Glimcher purchased in December 2011. “We are pleased with the strategic acquisition of One Nineteen to complement Town Center Plaza,” said Michael Glimcher, CEO of Glimcher Realty Trust. “Together these properties represent 600,000 square feet of retail space, generating sales of more than $550 per square foot. They offer tremendous growth potential and will generate efficiencies in leasing and property management.” One Nineteen’s tenant sales average more than $900 per square foot and the center in currently 93 percent leased. The occupancy rate of Glimcher’s mall portfolio closed at 95 percent at the end of 2011. The open-air center is an attractive asset for Glimcher, which targets these outdoor centers for its portfolio. “When we consider acquisitions, redevelopments or expansions, we are very attracted to the open-air concept,” said Glimcher in a recent interview with Heartland Real Estate Business, a France Media publication. One Nineteen features upscale retailers, …

LAS VEGAS — As co-CEO of Auction.com Commercial, Eric Paulsen has his finger on the pulse of online trends in the sale of real estate properties and loan notes. In 2011, the commercial real estate division of the Irvine, California-based company arranged the sale of 1,169 notes totaling more than $4.6 billion at a recovery rate of 52 percent. The commercial division last year also auctioned off 1,087 real estate owned (REO) properties valued at $1.2 billion with an average recovery price at 103 percent of the reserve price. Prior to 2011, Paulsen served as vice president of acquisitions and dispositions for Miami-based LNR Property Corp. He has more than 20 years of experience in the commercial real estate industry. REBusinessonline caught up with Paulsen on the show floor at RECon 2012 to discuss the growing popularity of online auctions in the commercial real estate industry and some of the driving factors. REBO: What’s the profile of the online buyer for retail properties in today’s market? Paulsen: We literally have sold everything from the single tenant pad Starbucks to the 800,000-square-foot mall. It’s across the board nationally. It can be any retail product type, any location and in any condition. …

WOODSTOCK, GA. — Developers have broken ground on a new outlet mall in Woodstock, approximately 35 miles northwest of Atlanta, which seeks to draw shoppers from a three-state area. In January, Chattanooga-based CBL & Associates and Horizon Group Properties of Norton Shores, Michigan, formed a joint venture to develop the Outlet Shoppes at Atlanta. The development is scheduled to open in August 2013. The 370,000-square-foot center was originally conceived as an outdoor lifestyle center, says the site's original developer and land owner, Bill Butler, of Ridgewalk Properties Group LLC. Cousins Properties, which had previously planned to build The Avenue, an upscale retail center, pulled out of the project under the weight of market conditions after the recent economic downturn. Another factor is that open-air malls had begun to fall out of favor, says Butler. “We are extremely pleased that Horizon Group and CBL stepped forward to finally complete the long-anticipated project,” says Butler. The site is located off I-575 at the new Ridgeway Parkway exit. The developers said they expect the shopping center could attract about 4 million shoppers a year from Georgia, Tennessee and Alabama. “It is located much closer to the residents of metro Atlanta than existing outlet …