REBusinessOnline

CBL Properties to Suspend Stock Dividends, Review on Quarterly Basis Through 2020

CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) will suspend its stock dividends for 2019 and possibly through year-end 2020 in the face of retail bankruptcies, store closures and corporate restructurings of tenants within its portfolio. The Chattanooga-based shopping center and mall owner's board of directors will review the suspension quarterly but doesn’t expect the dividends to resume in 2020. CBL announced the decision following a review of current taxable income projections for 2019 …

Company News, Retail, Southeast, Tennessee

Cushman & Wakefield Acquires NAI Long Island, Hires 16 Professionals

MELVILLE, N.Y. — Cushman & Wakefield has acquired the brokerage division of NAI Long Island, adding 16 new commercial leasing and investment sales professionals to its regional workforce. Founded in 1980 by Carmine Inserra, NAI Long Island is based in Melville, located centrally on Long Island, and represents both investors and tenants in leasing and sales of office, industrial, retail and mixed-use properties. Former NAI Long Island employees will continue to work temporarily in NAI …

Company News, New York, Northeast

ReNew, Merrill Gardens Form Joint Venture to Operate Bulk of Former New Senior Portfolio

SEATTLE AND TOLEDO, OHIO — Merrill Gardens, a Seattle-based owner-operator, has formed a joint venture with ReNew, a Toledo-based REIT. The two companies will co-own 26 of the 28 seniors housing properties that ReNew is acquiring from New Senior Investment Group. In addition to owning a minority stake in the venture, Merrill Gardens will take over operations of the 26 communities. The two companies have worked together before on other joint ventures. An existing operating partner of …

Acquisitions, Company News, Multifamily, Ohio, Seniors Housing, Washington, Western

CBRE Acquires San Antonio Real Estate Firm Reata

SAN ANTONIO — CBRE Group Inc. has acquired Reata Real Estate, a San Antonio-based full-service firm that focuses on retail, office, medical office and land transactions. Founded in 2001, Reata employs approximately 45 real estate professionals serving clients across Central and South Texas. In describing the acquisition, CBRE executives cited the opportunity to shore up its leasing, sales and managers services in the growing San Antonio

Company News, Texas

Penske Corp. to Acquire Hulman & Co., Including Indianapolis Motor Speedway

BLOOMFIELD HILLS, MICH. AND TERRE HAUTE, IND. — Global trucking and logistics firm Penske Corp. has agreed to purchase Hulman & Co., a private company that owns Indianapolis Motor Speedway, the world-famous racetrack that hosts the Indianapolis 500 and Brickyard 400 racing events. The acquisition price was not disclosed. Situated on more than 1,000 acres in Speedway, Ind., the Indianapolis Motor Speedway was built in 1909 and today has a permanent seating capacity exceeding 235,000 people. …

Acquisitions, Company News, Indiana, Michigan, Midwest, Retail, Top Stories

NorthMarq Unveils CEO Transition for 2020

MINNEAPOLIS — President Jeffrey Weidell will become CEO of NorthMarq effective Jan. 1, 2020. He will succeed Eduardo Padilla, who has served in the role for 20 years and will become executive chair. Weidell has been responsible for a number of successful initiatives as president, including a production training program, the launch of the investment sales business, growth in both mortgage origination and investment sales, and expansion of the equity advisory business. He was promoted to …

Company News, Midwest, Minnesota

Roscoe Property Management Awarded 3,500-Unit Multifamily Portfolio in DFW, Houston

AUSTIN, TEXAS — Austin-based Roscoe Property Management (RPM) has been awarded the B/K portfolio, which consists of 14 apartment communities totaling approximately 3,500 units, the majority of which are located in the Dallas-Fort Worth (DFW) and Houston markets. RPM has now added more than 50 communities to its management portfolio in 2019

Company News, Multifamily, Texas

Howard Hughes Corp. to Sell $2B in Real Estate Assets Following Leadership Changes, Headquarters Move

DALLAS — The Howard Hughes Corp. (NYSE: HHC), a mixed-use and residential real estate developer and operator with projects across the country, has announced a series of changes for the nine-year-old company. The Dallas-based firm plans to focus on its master-planned communities in Texas, Hawaii, New York, Maryland and Nevada and sell its non-core assets valued at roughly $2 billion over the next 12 to 18 months. HHC expects to net $600 million in cash proceeds from the sales. The Dallas …

Company News, Mixed-Use, Texas, Top Stories

Cracker Barrel Acquires Maple Street Biscuit for $36M

JACKSONVILLE, FLA. — Cracker Barrel Old Country Store Inc. has acquired Maple Street Biscuit Co. for $36 million in an all-cash deal. Maple Street’s portfolio comprised 28 company-owned and five franchise-owned restaurants in seven states at the time of sale. The company plans to convert its Holler & Dash Biscuit House into Maple Street Biscuit locations. Scott Moore and Gus Johnson founded Maple Street in Jacksonville in 2012. Moore will stay on as CEO and will report to Sandra …

Acquisitions, Company News, Florida, Retail, Southeast

CoStar to Acquire STR for $450M

WASHINGTON, D.C. — CoStar Group will acquire STR, which tracks hotel data, for $450 million in an all-cash deal. The sale is expected to close by the end of this year. STR was founded in 1985 as Smith Travel Research to provide performance benchmarking and comparative analytics to hotels. Henderson, Tenn.-based STR aggregates data from more than 65,000 hotels worldwide. The company employs 370 people in 15 countries. Washington, D.C.-based CoStar plans to use STR to create new products that …

Company News, District of Columbia, Southeast
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