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Industrious
AcquisitionsCompany NewsNew YorkOfficeTexasTop Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021.  In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE.  Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

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Company NewsData CentersGeorgiaIndustrialSoutheast

Amazon Web Services to Invest $11B in Georgia

by John Nelson

SEATTLE — Amazon Web Services (AWS), the cloud computing platform of the Seattle-based e-commerce giant, has announced plans to invest $11 billion in the state of Georgia. This comes a couple weeks after AWS announced a similar $10 billion investment in Ohio. The move will expand the infrastructural capabilities of AWS in Georgia and support the company’s cloud computing and generative AI technologies. Details of the planned investment in Georgia, including construction timelines for any new data centers, were not disclosed, though AWS says the investments would be concentrated in Douglas and Butts counties. AWS expects to create at least 550 new high-skilled jobs with this investment, including for technical roles such as data center engineers, network specialists, engineering operations managers and security specialists, as well as indirect jobs such as construction and those in the data center supply chain. Since 2010, Amazon has invested $18.5 billion in Georgia and contributed $20.1 billion to the state’s gross domestic product. The parent company supports 34,000 full- and part-time jobs in the Peach State, including at Amazon MGM Studios where the film studio regularly shoots movies and TV shows.

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Affordable HousingCompany NewsDistrict of ColumbiaMultifamilySoutheast

US Justice Department Adds Six Landlords to Rental Price-Fixing Lawsuit

by John Nelson

WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to discuss sensitive information and pricing strategies; and participating in “user groups” hosted by RealPage, where landlords would allegedly discuss how to modify the software’s pricing methodology as well as their own pricing strategies. The DOJ’s co-plaintiffs are the Attorneys General of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington. The six landlords included in the amended complaint are Greystar Real Estate Partners LLC; Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc. (formerly operating independently as Pinnacle); Willow Bridge Property Co. (formerly Lincoln Residential); and Cortland Management LLC (Cortland). Altogether, the six companies manage approximately 1.3 million apartment units across 43 states and Washington, D.C., …

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Big-Lots
AcquisitionsCompany NewsNorth CarolinaRetailSoutheastTop Stories

Variety Wholesalers to Acquire 200 to 400 Big Lots Stores

by Hayden Spiess

HENDERSON, N.C. — Variety Wholesalers Inc. has announced plans to acquire between 200 and 400 Big Lots stores in the midst of the latter retailer’s bankruptcy proceedings. North Carolina-based Variety Wholesalers will continue to operate the stores under the Big Lots brand. Additionally, the company plans to acquire up to two Big Lots distribution centers. According to Reuters, a bankruptcy judge approved the deal at a court hearing in Delaware.  Variety Wholesalers will acquire the stores through the previously announced sales agreement between Big Lots and Boston-based Gordon Brothers Retail Partners. Gordon Brothers has entered into a sale transaction with Big Lots that will enable the transfer of assets — including stores, distribution centers and intellectual property — to other retailers and companies, including Variety Wholesalers.  According to a press release issued by Big Lots, Variety Wholesalers may employ Big Lots associates at the stores and distribution centers in question, as well as certain corporate associates. A&G Real Estate Partners, a New York-based company that consults retailers looking to right-size their physical footprint, is serving as real estate advisor to Big Lots. “We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value and …

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Company NewsDevelopmentHealthcareUtahWestern

Fort Street Partners, Chestnut Healthcare Real Estate Form JV to Develop $150M in Healthcare Assets in Utah

by Amy Works

UTAH — Salt Lake City-based Fort Street Partners and Chestnut Healthcare Real Estate have formed a programmatic joint venture that can acquire and develop up to $150 million in assets over the next four years. The venture will focus on core/core-plus and value-add investments in outpatient medical and surgery center properties in Utah. The partnership has already closed on two medical outpatient developments in Syracuse and Eagle Mountain, Utah. CJ Kodani and Mark Root of JLL Capital Markets arranged the joint venture.

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Company NewsRetailTop StoriesWashingtonWestern

Nordstrom Family, Liverpool to Take Namesake Department Store Chain Private in $6.25B Deal

by John Nelson

SEATTLE — Nordstrom Inc. (NYSE: JWN) has signed a definitive agreement with the Nordstrom family and Mexican omnichannel retailer El Puerto de Liverpool SAB de CV (Liverpool) in a deal that will take the fashion department store giant private. The all-cash transaction is valued at $6.25 billion. Erik, Pete and Jamie Nordstrom, along with other members of the Nordstrom family, and Liverpool plan to acquire all the outstanding common shares of Nordstrom that they do not already beneficially own. The deal would give the Nordstrom family a majority ownership stake (50.1 percent) in the Seattle-based retailer, with Liverpool owning 49.9 percent of the company. “For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” said Erik Nordstrom, CEO of Nordstrom, in a prepared statement. “Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.” Under the terms of the agreement, Nordstrom common shareholders will receive $24.25 in cash for each share of Nordstrom common stock they hold, which represents a premium of approximately 42 percent to the unaffected closing common …

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party-city-1
Company NewsNew JerseyNortheastRetailTexasTop Stories

Retailer Bankruptcy Update: Party City to Close All Stores, The Container Store Files for Chapter 11

by Taylor Williams

WOODCLIFF LAKE, N.J. AND COPPELL, TEXAS — In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, while The Container Store has also formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection in January 2023 to restructure its debt, would now be liquidating. The New Jersey-based entertainment accessories retailer, which does business as Party City Holdco Inc., said over the weekend that it intends to close all of its approximately 700 stores and that it has commenced going-out-of-business sales. The Container Store issued a statement late on the night of Sunday, Dec. 23, acknowledging that it had filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Texas. The metro Dallas-based retailer, which has about 100 stores nationwide, will “implement a recapitalization transaction to bolster its financial position, fuel growth initiatives and drive enhanced long-term profitability,” according to the statement. Party City’s 2023 petition for Chapter 11 protection was also filed within the U.S. Bankruptcy Court for the Southern District …

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CaliforniaCompany NewsWestern

Gantry Expands Southern California Presence with Westcap Corp. Merger

by Amy Works

SAN FRANCISCO — Gantry has expanded its Southern California presence by merging the operations of Westcap Corp. into its platform. The merger boosts Gantry’s correspondent-driven loan production, adding more than 250 existing loans with $3.2 million in servicing responsibilities. With this consolidation, Gantry’s servicing portfolio reaches more than $23 billion. Westcap’s CRE loan producers, Managing Director Steve Beck, Executive Vice President Steve Bridges and Director Topher Van Mourick, will continue their roles. Since 1981, Westcap has been a mortgage banking presence in Southern California serving clients throughout the Western states from offices in Irvine, Calif., and Los Angeles. Moving forward, Westcap’s producers will operate under the Gantry name. The acquisition of Westcap marks a key milestone for Gantry, which has been expanding its reach in commercial mortgage banking. The Gantry acquisition team was led by Michael Heagerty, George Mitsanas, Robert Slatt, Jeff Wilcox and Andy Bratt. Gantry’s other recent growth initiatives include the acquisition of Q10|Triad Capital Advisors in October 2024, Norris, Beggs & Simpson’s mortgage banking arm in 2020 and The Rose Hill Group in 2019.

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Valley-Bank-Branch
AcquisitionsCompany NewsLoansNew JerseyNew YorkNortheastTop Stories

Valley National Bank Sells $925M of Commercial Real Estate Loans to Brookfield Asset Management

by Katie Sloan

MORRISTOWN, N.J. AND NEW YORK CITY — Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, has sold $925 million worth of commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM). Of the $925 million loan pool, $823 million had been previously identified and transferred to held for sale as of Sept. 30, 2024, as the firm sought to reduce its exposure to the commercial real estate sector. The loans were sold at a discount of 1 percent to value, which the bank expects will result in an immaterial net loss during the fourth quarter. Valley will retain customer-facing servicing responsibilities for the financings following the transaction.  “The sale of this performing commercial real estate loan pool has helped to accelerate progress toward our strategic balance sheet goals,” says Ira Robbins, chairman and CEO of Valley.  Valley is a regional bank with over $62 billion in assets under management. The company operates retail branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois.  The Morristown, N.J.-based bank’s stock price closed on Wednesday, Dec. 4 at $10.48 per share, up slightly from $9.29 a year ago. Morgan Stanley & Co. …

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Company NewsIndustrialNortheastPennsylvania

Infinera Plans Expansion of Lehigh Valley Semiconductor Manufacturing Facility

by Taylor Williams

ALLENTOWN, PA. — Infinera (NASDAQ: INFN) has signed a nonbinding preliminary memorandum of terms to receive up to $93 million in funding under the CHIPS and Science Act, proceeds of which would be used to expand the California-based semiconductor manufacturer’s Lehigh Valley facility. Funding would also be allocated toward the expansion and modernization of the company’s Silicon Valley facility, and the projects could support the creation of as many as 1,700 manufacturing and construction jobs.

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