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ColoradoCompany NewsHealthcareMidwestTop StoriesWesternWisconsin

Healthpeak Properties, Physicians Realty Trust Agree to $21B Merger

by Taylor Williams

DENVER AND MILWAUKEE — Two healthcare REITs, Denver-based Healthpeak Properties (NYSE: PEAK) and Milwaukee-based Physicians Realty Trust (NYSE: DOC), have agreed to enter into an all-stock merger agreement that is valued at roughly $21 billion. Under the terms of the agreement, each share of Physicians Realty Trust common stock will be converted into 0.674 of a share of newly issued Healthpeak common stock. The combined entity will feature a portfolio of roughly 52 million square feet of healthcare assets. On a pro-forma basis, Healthpeak and Physicians Realty Trust shareholders will own approximately 77 percent and 23 percent of the combined company, respectively. The deal is expected to close during the first half of next year. Of the combined 52 million square feet, about 40 million would consist of outpatient healthcare facilities in major gateway markets like Nashville, Atlanta, Dallas, Houston, Phoenix and Denver. Healthpeak CEO Scott Brinker will lead the newly formed company in conjunction with a board of directors comprised of eight existing Healthpeak directors and five existing Physicians Realty Trust directors, including current CEO John Thomas. In detailing the reasons behind the merger, executives from both companies noted that Healthpeak Properties and Physicians Realty Trust have overlapping footprints in …

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Company NewsNortheastPennsylvaniaRetailTop Stories

Rite Aid Files for Chapter 11 Bankruptcy, Receives $3.4B for Debt Restructuring

by Taylor Williams

PHILADELPHIA — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring and rightsizing plan that would involve closing 400 to 500 of its 2,100 or so stores nationwide. The bankruptcy filing has long been expected within the industry, as Rite Aid’s position has grown more precarious in the wake of numerous lawsuits alleging the pharmacy’s role in supplying opioid drugs that contributed to overdose deaths. That legal activity reached its crescendo earlier this year when the U.S. Justice Department formally lodged a complaint against Rite Aid. According to CNN, the government alleged at that time that Rite Aid had “knowingly filled unlawful prescriptions for controlled substances.” According to CNBC, Rite Aid ended its most recent fiscal quarter on June 3 …

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Company NewsOfficeTexas

Hoar Construction Opens New Office in Abilene, Texas

by Taylor Williams

ABILENE, TEXAS — General contractor Hoar Construction has opened a new office in the West Texas city of Abilene. The office, which is located at 104 Pine St. and is officially open for business, is the company’s fourth in Texas and 11th nationwide. Hoar Construction’s presence in the Abilene area began in 2006 when it was hired to renovate and expand Abilene Regional Medical Center.

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Company NewsGeorgiaOfficeSoutheast

US Soccer to Relocate from Chicago to Atlanta, Build National Training Center

by John Nelson

ATLANTA — The U.S. Soccer Federation has announced plans to develop a National Training Center in Atlanta, relocating the organization’s headquarters from Chicago. The center will be utilized by all of the 27 U.S. Soccer National Teams. Philanthropist and owner of the Atlanta Falcons and Atlanta United Arthur Blank has contributed $50 million to support the development of the center. Part of the contribution will be dedicated to the construction of facilities for U.S. Soccer’s nine Extended National Teams (ENTs), particularly the Cerebral Palsy, Deaf and Power Soccer teams. Support from the Arthur M. Blank Family Foundation will also provide community programming. Advised by Deloitte, J.T. Batson, CEO and secretary general of U.S. Soccer, is leading the search for a site in metro Atlanta. A final decision on the location for the development will be made in January.

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Company NewsIdahoMidwestOhioRetailTop StoriesWestern

Kroger, Albertsons Agree to Sell 413 Stores in Connection with $24.6B Merger

by Taylor Williams

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington, D.C., as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties that Kroger or Albertsons operate, as well as five private label brands. No store closures are expected to occur as a result of this selloff. The brands that will change ownership include Quality Food Centers (QFC), a regional operator in the Pacific Northwest; Mariano’s, which operates 44 stores in Illinois; and Alaska-based Carrs. Kroger owns QFC and Mariano’s, while Albertsons owns Carrs after acquiring the brand from Safeway and changing the name to Carrs-Safeway. Lastly, under the terms of the agreement, C&S will receive exclusive licensing rights to the Albertsons brand name in four states: Arizona, California, Colorado and Wyoming. In addition, Kroger will divest the …

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AcquisitionsCompany NewsNet LeaseNew YorkNortheastRetailTop Stories

Retail REIT Merger: Kimco Realty to Acquire RPT Realty for $2B in All-Stock Transaction

by John Nelson

JERICHO AND NEW YORK CITY, N.Y. — Kimco Realty (NYSE: KIM) has entered into a definitive merger agreement with RPT Realty (NYSE: RPT) under which Kimco will acquire RPT Realty in an all-stock transaction. Both REITs are based in New York — Kimco in Jericho and RPT in Manhattan — and own and operate open-air and grocery-anchored shopping centers, as well as mixed-use assets. Kimco valued the transaction at approximately $2 billion, including the assumption of debt and preferred stock. The merger will add 56 open-air shopping centers, including 43 wholly owned and 13 joint venture assets, to Kimco’s existing portfolio of 528 properties. The affected portfolio spans 13.3 million square feet of gross leasable area. GIC, a sovereign wealth fund based in Singapore, is RPT Realty’s largest joint venture partner and plans to continue its dual ownership with the combined company post-merger. Conor Flynn, CEO of Kimco, says that roughly 70 percent of RPT Realty’s portfolio aligns with Kimco’s strategic markets. This includes Mary Brickell Village, a mixed-use development in Miami that RPT Realty purchased last year for $216 million. Kimco plans to remerchandise and redevelop portions of the center, as well as add it to the company’s Signature Series …

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Subway
AcquisitionsCompany NewsRestaurantRetailTop Stories

Roark Capital Agrees to Acquire Subway Restaurant Chain

by Hayden Spiess

MILFORD, CONN. — Private equity firm Roark Capital has entered into a definitive agreement with Subway to acquire the Milford-based restaurant chain. The price was not disclosed, but according to CNBC, Subway previously sought $10 billion, and The Wall Street Journal reported on Monday that Roark offered $9.6 billion. According to CNBC, other bidders reportedly included TDR Capital and Sycamore Partners. Founded more than 50 years ago by Peter Buck and Fred DeLuca, Subway boasts 36,592 restaurants globally, according to the company website. Market-research firm Technomic has reported that the chain garnered $9.8 billion in domestic sales across 20,810 stores last year. The DeLuca and Buck families have continued to own the company, with this acquisition marking the first departure from family ownership.  Atlanta-based Roark currently has $37 billion in assets under management, with a focus on consumer and business service companies and a specialization in franchise and multi-location businesses in the retail and restaurant sectors. The firm backs Focus Brands Group, which owns Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s.  “This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” says John Chidsey, who has served as chief executive officer …

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Company NewsHawaiiWestern

PRCP Launches #ExtendAloha Campaign to Benefit Maui 

by Amy Works

LAHAINA, HAWAII — Pacific Retail Capital Partners (PRCP) has launched an effort to raise funds and awareness for those affected by the recent wildfires in Lahaina on the island of Maui. Dubbed #ExtendAloha, the campaign encourages donations to the DTL Foundation’s dedicated Maui Fire Relief Fund. PRCP manages Queen Ka’ahumanu Center on the island and has agreed to match the first $10,000 raised. Donations can be made at dtlfoundation.org/mauifire.

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Regions Bank Rebrands Sabal Capital Partners Business Line

by John Nelson

BIRMINGHAM, ALA. — Birmingham-based Regions Bank has rebranded Sabal Capital Partners, bringing the affiliate under the Regions Real Estate Capital Markets umbrella. The Birmingham-based bank acquired Sabal, a commercial real estate and multifamily lender, in 2021. Regions Real Estate Capital Markets executes origination and financial servicing solutions for its real estate clients, including both agency and non-agency financing. The brand’s clients include brokers and borrowers in multifamily and commercial real estate spaces ranging from single assets to property portfolios. “The brand change for Sabal Capital Partners reflects the continued integration of Sabal’s lending business into the Regions business and family of offerings,” says Troy Marek, head of Regions Real Estate Capital Markets. “We have seen well over a year of successfully building new and deeper client relationships; by fully integrating Sabal Capital Partners into our Real Estate Capital Markets team, Regions is poised to build even greater success moving forward.”

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AcquisitionsCompany NewsNew YorkNortheastRetailTop Stories

Coach Owner to Acquire Parent Company of Michael Kors, Versace for $8.5B

by Katie Sloan

NEW YORK CITY — Tapestry (NYSE: TPR), owner of fashion brands Coach, Kate Spade and Stuart Weitzman, has agreed to acquire luxury fashion group Capri Holdings Limited (NYSE: CPRI) for $8.5 billion. Both companies are based in New York City. Capri Holdings consists of Versace, Jimmy Choo and Michael Kors. The group spans a retail footprint of over 1,200 stores globally, including 223 Versace locations, 237 Jimmy Choo stores and 812 Michael Kors locations.  The all-cash transaction, which was unanimously approved by the board of directors at both Tapestry and Capri Holdings, is expected to close in 2024. Capri shareholders will receive $57 per share.  Combined, the companies generated $12 billion in global annual sales in 2022 and have a presence in over 75 countries.  “We are excited to announce the acquisition of Capri Holdings — uniting six iconic brands and exceptional global teams,” says Tapestry CEO Joanne Crevoiserat. “The combination of Coach, Kate Spade and Stuart Weitzman together with Versace, Jimmy Choo and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities and shareholders around the world.” Tapestry has secured $8 billion in fully committed bridge …

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