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MAG Partners Exits $5.5B Baltimore Peninsula Development Team

by John Nelson

BALTIMORE — MAG Partners has announced its exit from the master development team of Baltimore Peninsula, a $5.5 billion mixed-use development underway in south Baltimore. The multi-phase, 235-acre development, formerly branded as Port Covington, is led by Sagamore Ventures, a developer founded by Under Armour’s CEO Kevin Plank, as well as Goldman Sachs Urban Investment Group and the City of Baltimore. MacFarlane Partners has also been a member of the development team since joining alongside MAG Partners in 2022, but the San Francisco-based firm has also left the project, according to the Baltimore Business Journal. The news outlet also reported that MAG Partners will stay involved in several office leases in the works alongside leasing agent Courtenay Jenkins of Cushman & Wakefield. In its departure statement, MAG Partners says the firm was involved in opening 1.1 million square feet of commercial space at Baltimore Peninsula and stabilizing 450 apartments since joining the development team in May 2022. The Baltimore Business Journal reports that Sagamore Ventures is seeking out development partners for the remaining phases of Baltimore Peninsula.

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AcquisitionsCaliforniaCompany NewsRestaurantRetailWestern

Jack in the Box to Sell Del Taco Subsidiary for $115M

by Amy Works

SAN DIEGO — San Diego-based Jack in the Box has entered into a definitive agreement to sell Del Taco Holdings, a wholly owned subsidiary of the company which operates and franchises more than 550 Del Taco restaurants, to Yadav Enterprises for $115 million. Yadav Enterprises operates more than 310 franchise restaurants, including Jack in the Box, Denny’s and TGI Friday’s. Yadav Enterprises also owns the Taco Cabana brand, a fast-casual, Tex-Mex restaurant chain consisting of 150 locations, and Nick the Greek, a fast-casual, Greek restaurant chain consisting of 90 locations. The transaction is expected to close by January 2026. The company expects to use the net cash proceeds after taxes and transaction costs to retire debt within its securitization structure. In line with the company’s “Jack on Track” plan announced in April, the sale of Del Taco allows for the strengthening of the company’s balance sheet and initiates the return of Jack in the Box to a “simpler, asset-light business model,” according to a release. BofA Securities Inc. is serving as exclusive financial advisor to Jack in the Box and Sullivan & Cromwell LLP is serving as its legal counsel in the transaction. Yadav Enterprises is represented by its general counsel, Steven …

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AcquisitionsCompany NewsHospitalitySoutheastTop StoriesVirginia

Joint Venture to Purchase Sotherly Hotels REIT in All-Cash Transaction

by John Nelson

WILLIAMSBURG, VA. — A joint venture between Kemmons Wilson Hospitality Partners LP and Ascendant Capital Partners LP, doing business jointly as KW Kingfisher LLC, has entered into a definitive merger agreement with Sotherly Hotels Inc. (NASDAQ: SOHO), a hospitality REIT based in Williamsburg. Sotherly owns 10 upscale hotels in the Sun Belt and Mid-Atlantic totaling 2,786 hotel rooms, as well as interests in two condominium hotels and their associated rental programs. Sotherly’s portfolio includes:– The Georgian Terrace in Atlanta– The Whitehall in Houston– The DeSoto in Savannah, Ga.– Lyfe Resort & Residences in Hollywood, Fla.– Hyde Beach House in Hollywood, Fla.– DoubleTree by Hilton Hollywood Beach Resort in Hollywood, Fla.– Hotel Ballast in Wilmington, N.C.– Hotel Alba in Tampa, Fla.– Hyatt Centric Arlington in Arlington, Va.– DoubleTree Jacksonville Riverfront in Jacksonville, Fla.– DoubleTree by Hilton Laurel in Laurel, Md.– DoubleTree by Hilton Philadelphia Airport “This transaction is a testament to the high-quality portfolio that Sotherly has built over the past 20-plus years as a publicly traded company, and we are confident this will pave a path toward future success for our hotels and the associates and guests who enjoy them every day,” says David Folsom, CEO of Sotherly. Under terms …

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AcquisitionsCompany NewsHealthcareIllinoisMidwestOhioTop Stories

Welltower to Sell 18 MSF Outpatient Medical Portfolio to Remedy Medical, Kayne Anderson for $7.2B

by John Nelson

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has announced that the Toledo-based REIT is exiting the outpatient medical property management business following a portfolio sale to Remedy Medical Properties and Kayne Anderson Real Estate. The portfolio comprises approximately 18 million square feet of outpatient medical facilities across 296 properties in 34 states. Welltower says that the transaction will total $7.2 billion and will be completed in tranches through mid-2026, with the first tranche selling for $2 billion. This acquisition establishes the Remedy Medical and Kayne Anderson Real Estate partnership as the nation’s largest owner of outpatient medical buildings, with more than 52.4 million square feet across approximately 1,104 properties in 44 states. “This acquisition reinforces our position as leading institutional investors in the outpatient healthcare sector and underscores our long-standing, successful partnership with Remedy,” says Al Rabil, CEO of Boca Raton, Fla.-based Kayne Anderson. “We remain focused on building upon our history of delivering superior risk-adjusted returns for investors, while advancing the delivery of high-quality healthcare across the country.” Remedy Medical is assuming all operational responsibilities from Welltower, including property management and leasing functions. The portfolio was 94 percent occupied at the time of the acquisition announcement. Welltower will retain a …

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Company NewsMidwestMississippiOhioSoutheastTexasTop Stories

Huntington Bancshares Agrees to Acquire Cadence Bank for $7.4B

by Taylor Williams

COLUMBUS, OHIO — Columbus, Ohio-based Huntington Bancshares Inc. (NASDAQ: HBAN) has entered into an agreement to acquire Cadence Bank (NYSE: CADE), which has headquarters in Houston and Tupelo, Miss., in an all-stock merger of regional banks that is valued at $7.4 billion. Under the terms of the agreement, Huntington will issue 2.475 shares of common stock for each outstanding share of Cadence common stock. Based on Huntington’s closing price of $16.07 per share on October 24, the last full day of trading before the deal was announced, the consideration implies a purchase price of $39.77 per share. Following the closing, which is expected to occur in the first quarter of 2026, Cadence Bank teams and branches will operate under the Huntington Bank name and brand. Cadence currently has about 390 locations across Texas and the surrounding Southern United States, and the new banking entity will have about $276 billion in assets under management. “This is an important next phase of growth for Huntington,” says Steve Steinour, chairman, president and CEO of Huntington Bancshares. “This partnership will extend the reach of our full franchise to 21 states and into new, high-growth markets for which we have a powerful playbook. Today’s announcement …

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Affordable HousingCaliforniaCompany NewsMultifamilyWestern

Avanath, BRIDGE Form Affordable Housing Property Management Company

by Amy Works

SAN FRANCISCO AND IRVINE, CALIF. — BRIDGE Housing and Avanath Communities have jointly formed an affordable and workforce housing property management company called Brighthaven Communities. Initially, Brighthaven will provide property management services to the two organizations’ combined portfolio of properties, which totals approximately 30,000 affordable homes across 15 states. The new company plans to extend its services beyond the partners’ own properties to include other nonprofit and for-profit owners of affordable and workforce housing communities. Brighthaven will be governed by a six-member board with equal representation from both organizations. Avanath is an Irvine-based private investment firm, and BRIDGE is a nonprofit affordable housing owner and developer headquartered in San Francisco.

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Company NewsGeorgiaSoutheast

Colliers Savannah Office Expands Team With Four New Hires

by John Nelson

SAVANNAH, GA. — Colliers’ Savannah office has hired four new professionals: Craig White as director of property management, Ryan Bergman as brokerage associate, Matt Reynolds as research analyst and Sarah Cunningham as marketing coordinator. White will direct Colliers’ property management division, which now oversees 16.2 million square feet space across the region. He has over 30 years of property management experience. Bergman will help expand Colliers’ brokerage team; Reynolds will expand the research team, providing market analytics, quarterly reporting and custom client insights; and Cunningham will provide support across a range of initiatives, including property listings, social media, email campaigns and project coordination. “As the Savannah market continues to evolve, we are committed to staying ahead of our clients’ needs,” says Hilary Shipley, principal at Colliers’ Savannah office. “With these strategic additions, we’re not only expanding our capabilities but also reinforcing our position as the market leader in commercial real estate services.”

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Company NewsMidwestOhioTexasTop Stories

Fifth Third Bank Agrees to Acquire Comerica in $10.9B Transaction

by Taylor Williams

CINCINNATI AND DALLAS — Fifth Third Bancorp (Nasdaq: FITB) has entered into a merger agreement to acquire Comerica Inc. (NYSE: CMA) in a transaction valued at roughly $10.9 billion. Under the terms of the all-stock transaction, Comerica’s stockholders will receive approximately 1.86 shares of Fifth Third common stock for each Comerica share they own. That condition translates to a per-share price of $82.88, which was Fifth Third’s closing stock price on Oct. 3, the last business day before the deal was formally announced. The closing price also represents a 20 percent premium to Comerica’s 10-day volume-weighted average stock price. Upon closing, which is expected to occur at the end of the first quarter of 2026, Fifth Third shareholders will own approximately 73 percent of the combined company, and Comerica shareholders will own approximately 27 percent. According to Fifth Third and Comerica, the newly formed company will have about $288 billion in assets under management (AUM), making it the ninth-largest U.S. bank by that metric. In addition, the combined entity will operate in 17 of what company officials have described as “the 20 fastest-growing markets in the country, including key regions in the Southeast, Texas and California.” Company officials also anticipate …

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Company NewsSeniors HousingSoutheastTennessee

Brookdale Senior Living, Largest U.S. Seniors Housing Operator, Names Nick Stengle as CEO

by John Nelson

BRENTWOOD, TENN. —Brookdale Senior Living Inc. (NYSE: BKD), the country’s largest seniors housing operator, has named Nick Stengle as its new chief executive officer. Stengle will assume the role, as well as join the Brookdale board of directors, effective Oct. 6. Denise Warren, who has served as interim CEO beginning in April of this year following the departure of president and CEO Lucinda “Cindy” Baier, will step down and reassume her role as non-executive chairman of the board. According to Brookdale, Stengle’s selection was the result of a comprehensive search led by the board’s search committee. Stengle previously served as president and chief operating officer of Gentiva, a role he assumed in 2022. Gentiva, which employs more than 12,000 associates, provides hospice, palliative and home health services at 550 locations across 38 states. Prior to his tenure at Gentiva, Stengle served as executive vice president and chief operating officer for Sunrise Senior Living, leading community operations, sales, marketing and clinical operations for roughly 250 seniors housing communities. His experience also includes an 11-year career with the U.S. Air Force. “While I have enjoyed my time as interim CEO, I am confident Nick has the strategic acumen, vision and leadership skills …

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CaliforniaCompany NewsRetailWestern

Vestar to Manage 160,000 SF Shopping Center in Los Angeles

by Amy Works

LOS ANGELES — Vestar has been selected to provide management services for Warner Marketplace, a 160,000-square-foot shopping center located in the Canoga Park neighborhood of Los Angeles. Warner Marketplace is fully leased to a mix of tenants including Ashley Furniture, BevMo!, Ulta Beauty, DSW, PetSmart and Carter’s. With the addition of Warner Marketplace, Vestar now manages over 12.5 million square feet in California and the western United States.

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