Real Estate

PECO III and Northwestern Mutual form joint venture

Phillips Edison Grocery Center REIT III Inc and Northwestern Mutual have formed a joint venture to create Grocery Retail Partners II. According to terms of the JV, Northwestern Mutual will acquire a 90 percent stake in the three grocery-anchored shopping centers currently owned by PECO III, while the latter will maintain a 10 percent ownership stake in the portfolio valued at $46.5 million. Holliday Fenoglio Fowler LP was financial adviser to PECO III on the JV. PECO III is focused on acquiring and owning grocery-anchored shopping centers while Northwestern Mutual is a commercial real estate mortgage and equity investor.

Arch Street buys four Pennsylvania office buildings

Arch Street Capital Advisors LLC has acquired four office buildings in Malvern Pennsylvania. No financial terms were disclosed.

Welltower and Hines acquires Manhattan site to construct senior living and memory care community

Welltower Inc and Hines have acquired a development site in Manhattan's Upper West Side neighborhood. No financial terms were disclosed. The site will be used to develop a senior living and memory care community.

DivcoWest and Blackfin acquire Virginia apartment community

Divco West Real Estate Services LLC and Blackfin Real Estate Investors have acquired Herndon, Virginia-based Avalon Woodland Park, an apartment community. No financial terms were disclosed. Avalon Woodland Park has been renamed Adara Herndon.

Rockwood promotes two to partner

Rockwood Capital LLC, a real estate investment firm, has promoted Andrew Blanchard and Niraj Shah to partner. Blanchard, who is based in San Francisco, joined the firm in 2004 while New York-based Shah came on board in 2008.

Jaguar invests in Brazilian industrial real estate company Bresco

Jaguar Growth Partners has made an investment in Bresco, a Brazilian industrial real estate company. No financial terms were disclosed.

LaSalle launches new indirect real estate investment business

LaSalle Investment Management has launched LaSalle Global Partner Solutions, a new indirect real estate investment business. The launch is in conjunction with LaSalle's acquisition of Aviva Investors' Real Estate Multi-Manager business. Ed Casal will lead LaSalle GPS as CEO.

Oaktree and Security Properties buy Colorado apartment property

Oaktree Capital Management LP and Security Properties have acquired Aurora, Colorado-based The Grove at City Centers, an apartment property. No financial terms were disclosed. Security Properties Residential will manage the property.

MetaProp expands team with new appointment

MetaProp, a real estate venture firm, has named Mitchell N. Schear as a ventures adviser to the firm's fund business. Schear was former president of Vornado/Charles E. Smith, the Washington, D.C. division of Vornado Realty Trust.

Tishman Speyer and PSP Investments sell Paris office building

Tishman Speyer and the Public Sector Pension Investment Board have sold Tour Pacific, a Paris-based office building to Société Générale Insurance. No financial terms were disclosed. Currently, the building has leased space to over 30 tenants including CA Technologies, McAfee, Whirlpool, Manhattan Associates, RSA, NTT and Accenture.