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CHICAGO — John Hancock Real Estate, the U.S. unit of Manulife Real Estate (TSE: MFC), has purchased 150 North Michigan Avenue, a 41-story office tower located in the East Loop of Chicago’s CBD, for $102 million. With its diamond-shaped roofline and white exterior, the 661,482-square-foot, Class A tower is one of the most unique buildings in the Windy City. John Hancock purchased the property from SEB Investment GmbH, a German real estate fund manager. SEB purchased the office tower for approximately $113.2 million in 1999. John Hancock also owns and manages the 37-story 191 North Wacker Drive on Chicago’s West Loop and the 1 million-square-foot Schaumburg Corporate Center. “John Hancock has been looking for opportunities to grow its real estate investment portfolio, and in the last 12 months we’ve successfully acquired more than $700 million in real estate assets in several diverse markets and property types,” said Kevin Adolphe, COO of Manulife Financial Corp.’s investment division and president and CEO of Manulife Real Estate. “The purchase of 150 North Michigan Avenue supports John Hancock’s continuing strategy to invest in core real estate assets with solid long-term value, located in key markets throughout the United States. We are extremely pleased to …

CHICAGO — Roosevelt University has completed construction on the $123 million Wabash Building, a 32-story tower containing laboratories, classrooms, student life facilities and residential housing for the college. The building, which is located at 425 S. Wabash Ave. in Chicago, will open this Saturday, May 5. “The Wabash Building is special because it is a vertical campus that combines all in one structure 633 student residences, classrooms and laboratories, and student life facilities like a recreation center, meeting rooms, cafeteria and bookstore,” says Tom Karow, assistant vice president of public relations for Roosevelt University. “It is the second tallest university building in the country and the sixth tallest in the world.” The first floor of the building contains the offices of administration, financial aid and advising, as well as the bookstore. On the second floor is a 300-seat dining center, and the following four floors include offices and meeting rooms for student organizations and a fitness center. The tower includes seven conventional classrooms, three tiered classrooms and three auditorium-style classrooms, which increases Roosevelt’s classroom capacity in Chicago by 40 percent. Additionally, three floors include laboratories for physics, biology and chemistry studies. Floors 10 through 12 include the Heller College of …

SUNBURY, PA. — Weis Markets (NYSE: WMK), a supermarket chain based in Sunbury, announced it will invest $125 million in building and renovating its stores this year — a 25 percent increase compared to 2011. The plan was announced during the company's annual shareholder meeting Thursday. Vice chairman Jonathan Weis says the budget includes two new stores and 18 major remodels. Among the projects underway this year is a new, 65,400-square-foot Weis Market in Fogelsville, Pa., which is currently under construction. The market will be the first grocery store for residents in the Fogelsville area and is slated to open in 2013. “In addition, we expect to soon complete the purchase of three Genuardi's units near Philadelphia, which we hope to reopen later this summer,” says Weis. The company agreed to buy the supermarkets from Safeway Inc. in February. The Pennsylvania stores are located in Conshohocken, Doylestown and Norristown, and will operate under the Genuardi's Family Markets name until the deal is finalized. Douglas Green, a principal at Philadelphia-based Michael Salove & Associates, a retail real estate brokerage firm, says the remodeling strategy undertaken by Weis will help the company remain competitive in today's marketplace. “Weis is certainly a very …

SARASOTA, FLA. — Bloomfield Hills, Mich.-based Taubman Centers (NYSE:TCO) has unveiled its plans to construct the $315 million, 880,000-square-foot Mall at University Town Center, located at Interstate 75 and University Parkway in Sarasota. Taubman and Sarasota-based Benderson Development are developing the enclosed mall, which is slated to commence construction later this year. The mall’s anticipated delivery date is fall 2014. Taubman and Benderson will each own 50 percent of the property, while Taubman will be responsible for the development, management and leasing. The mall will feature an 80,000-square-foot Saks Fifth Avenue, a 160,000-square-foot Macy’s and a 180,000-square-foot Dillard’s. The property will also host approximately 115 retailers and restaurants, more than half of which will be new to the market. There will also be a fourth department store added at a future date. Executives of the mall’s three department stores spoke highly of the new development. “We are excited about expanding Saks Fifth Avenue's presence in Sarasota by opening our new store … which will be double the size of our existing store,” said Steve Sadove, chairman and CEO of Saks, in a press release. “We look forward to showcasing our increased assortment of designer offerings in the new space and …

CHICAGO — Ventas (NYSE: VTR), a Chicago-based healthcare REIT, has agreed to acquire a 100 percent interest in 16 private pay seniors housing communities for $362 million. Ventas is purchasing the properties from a joint venture between Sunrise Senior Living (NYSE: SRZ) and an institutional investor partner. The transaction will be funded through Ventas’ revolving credit facility, and all the properties will be acquired unencumbered. “With the acquisition of these exceedingly high-quality seniors living communities, we continue our enterprise growth while also expanding our private pay revenue source,” said Ventas chairman and CEO Debra Cafaro in a prepared statement. Sunrise will receive approximately $28 million for its 20 percent ownership interest in the portfolio. Sunrise will remain the manager of the communities under the pre-existing terms relating to management fees and contract length, which now range from 18 to 27 years. The acquired assets were developed by Sunrise, have a median age of 4 years and contain 1,274 units. The 16 properties span 12 states coast to coast, according to Lori Wittman, vice president of capital markets with Ventas. The senior living space has been a lucrative venture for Ventas and other REITs because it generates healthy returns. According to …

NEW YORK — BGC Partners is rapidly integrating Newmark Knight Frank, one of the largest commercial real estate brokerage firms in the U.S. that it acquired in October 2011, with Grubb & Ellis. The new entity, Newmark Grubb Knight Frank, will offer a full-service commercial real estate platform. On Friday, BGC Partners (Nasdaq: BGCP) announced that it had closed on its acquisition of the assets of Grubb & Ellis Co., following the recent approval of the transaction by the U.S. Bankruptcy Court for the Southern District of New York. In addition to Grubb & Ellis professionals now joining the combined firm, Newmark Knight Frank has added more than 50 top-producing brokers in offices across the country in the last several months. “With more than 100 offices in North America, 250 million square feet in property and facilities management, and an outstanding national appraisal business, the creation of Newmark Grubb Knight Frank is a game-changing moment in the real estate industry,” said Michael Lehrman, global head of real estate at BGC Partners, in a prepared statement. “Newmark Knight Frank and Grubb & Ellis each have consistently ranked among the leading companies in the real estate industry, and now these two great …