REBusinessOnline

NorthMarq Acquires Texas Realty Capital, Adds $900M Servicing Portfolio

MINNEAPOLIS AND AUSTIN, TEXAS — NorthMarq Capital has acquired Austin-based Texas Realty Capital (TRC), a deal that adds a $900 million servicing portfolio to the Minneapolis-based intermediary’s holdings. The acquisition brings NorthMarq’s total servicing portfolio to more than $56 billion. Since TRC’s founding in 2006, the commercial mortgage banker has placed more than $3 billion in commercial debt with nearly 30 capital sources. TRC principals Jim Lemos, John Morran and Matt Counts, …

Kellogg to Sell Cookie and Snack Businesses for $1.3B, Including Seven Food Manufacturing Facilities

BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. [caption id="attachment_226744" …

Ready Capital, Owens Realty Mortgage Complete Merger

NEW YORK CITY — Ready Capital Corp. (NYSE: RC) and Owens Realty Mortgage Inc. (NYSE: ORM) have officially completed their merger. As of March 29, ORM ceased to be publicly traded on the New York Stock Exchange. The newly combined company will conduct business under the name Ready Capital Corp. and will continue to trade on the NYSE under the symbol RC. In addition, pursuant to the merger agreement, the size of Ready Capital’s board of directors has increased from six to seven members. …

Wayfair to Open First Full-Service Store in Suburban Boston

NATICK, MASS. — Online home goods retailer Wayfair Inc. has announced plans to open its first full-service store at the Natick Mall in Natick. At the Wayfair store, service and home-design experts will be available to consult shoppers on home décor, furniture and other products. Customers can purchase an assortment of home décor products, as well as place orders for home deliveries. The location, which is slated to open in the fall, will be 3,700 square feet. The Boston-based company …

Tommy Hilfiger Closes Flagship Store in Manhattan

NEW YORK CITY —Tommy Hilfiger has closed its flagship store on Fifth Avenue in Manhattan, and the apparel retailer also plans to shutter its store on Collins Avenue in Miami on April 28. These moves mark the closing of the only two full-price Tommy Hilfiger stores in North America. According to executives, the closures will enable the company to direct resources and capital toward experimentation with new retail concepts and experiences, with an emphasis on appealing to younger customers. The …

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 …

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