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Babson Capital Management has closed a $265 million U.S. commercial real estate mezzanine fund. The fund was seeded with $265 million of institutional investor commitments from U.S. and German-based partners, including $100 million from the Massachusetts Mutual Life Insurance Co., Babson Capital's parent. The fund will also benefit from a $75 million subscription facility that will provide short-term liquidity during its three-year investment period.

TMG Partners has bought a two-building office complex in Santa Ana, Calif. for $125 million. The seller was Triple Net Properties, which worked on behalf of its client, G REIT. The Hawthorne Plaza property consists of 419,000 sq. ft. distributed between two buildings. The largest, located at 75 Hawthorne Street, is 335,000 sq. ft. The property is 89% leased with the U.S. General Services Administration occupying 82% of the space.

Developers Diversified a retail REIT, has agreed to buy Inland Retail Real Estate Trust for $6.2 billion. Under the agreement, which was announced in late October, DDR will acquire all of Inland Retail's outstanding shares for $14 each in cash. Oak Brook, Ill.-based Inland Retail, which is a private real estate investment trust, owns 307 properties, chiefly community and neighborhood shopping centers located in the Southeast.

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