REBusinessOnline

Christian Book Retailer LifeWay to Close All 170 Stores, Focus on Digital Platform

NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it …

JLL Agrees to Acquire HFF for $2B in Massive Real Estate Brokerage Merger

CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial …

Berkadia Acquires Capital Advisory Firm Central Park Capital Partners

NEW YORK CITY — Berkadia has acquired Central Park Capital Partners (CPCP), a boutique real estate capital advisory firm focused on arranging joint venture investments and structured capital from international and domestic sources. CPCP Managing Principal Noam Franklin and principals Chinmay Bhatt and Cody Kirkpatrick will launch Berkadia’s structured capital group to offer support and resources to Berkadia

Bright Force Holding Acquires Dallas-Based American Bank for $55M

DALLAS — Bright Force Holding, an investment group led by executives of Dallas-based hotel developer NewCrestImage, has acquired American Bank, N.A., a community bank located with roughly $55 million in assets. American Bank was established in 1974 under a different name and currently operates a single location in north Dallas. NewCrestImage operates a portfolio of 28 hotel properties. The deal closed on Friday, March 8.

Family Dollar to Potentially Close Nearly 400 Stores

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar …

RED Mortgage Capital Adds New York Lending Office

NEW YORK CITY — RED Mortgage Capital has added a new multifamily affordable lending office in New York. Sean Cullen and Ronnie Gyani will lead the operations of the office. Previously, Cullen and Gyani worked together providing affordable housing services at RBC Capital Markets as well as ACRE Capital. Most recently they served at Barings Multifamily Capital originating affordable housing loan products, including Fannie Mae, Freddie Mac, FHA/HUD and balance sheet …

Best Western Hotels & Resorts Acquires Luxury Hotel Collection WorldHotels

PHOENIX— Best Western Hotels & Resorts has acquired global hotel brand WorldHotels from Associated Luxury Hotels for an undisclosed price. The brand consists of approximately 300 specialty hotels and resorts around the world and 31 in the United States.  WorldHotels will maintain its distinct personality while benefiting from Best Western's e-commerce platform, partnerships, loyalty program and global distribution network. The acquisition marks another move by Best …

Madison International Realty Acquires 5 Percent Stake in Mack-Cali Realty Corp.

JERSEY CITY, N.J. — Madison International Realty has acquired a 5 percent ownership stake in Mack-Cali Realty Corp. The stake equates to approximately 4.5 million shares. Based in Jersey City, Mack-Cali is an owner, manager and developer of five million square feet of office space and 4,400 multifamily units on the New Jersey waterfront. Ronald Dickerman, president of Madison International Realty, said that the company is transitioning to a ‘focused play on prime office and multifamily …

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing …

Charlotte Russe Holdings Corp. Files for Chapter 11 Bankruptcy, Plans to Close 94 Stores in U.S.

SAN DIEGO — Charlotte Russe Holdings Corp. has filed for Chapter 11 bankruptcy in Delaware. The San Diego-based retailer announced Monday that it plans to close 94 of its more than 500 locations in the United States, while continuing to pursue a going-concern sale of the business and assets. Charlotte Russe said it will provide details of the closings at a later date.  Charlotte Russe offers fast-fashion clothing, shoes and accessories for young women in the contiguous 48 states, …

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