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Company NewsSoutheastTennessee

Northmarq Opens New Office in Nashville

by John Nelson

NASHVILLE, TENN. — Northmarq has officially opened its Nashville office, serving the Middle Tennessee, Northern Alabama and Kentucky markets. The Minneapolis-based commercial real estate services firm has grown its local team to eight consisting of producers and admin support and is looking to grow to upwards of 20 in the Music City across both its Investment Sales and Debt & Equity teams. Bryan Schellinger, managing director of investment sales, is leading Northmarq’s Investment Sales division at the new office. He relocated from Northmarq’s Southern California team where he also helped grow the firm’s investment sales offerings. The Investment Sales division in Nashville is now primarily handling multifamily deals but intends to expand its exposure across all asset classes in keeping with the company’s push to be property type-agnostic following Northmarq’s acquisition of Stan Johnson Co. last year. “We’re actively looking to add an industrial investment sales team [in Nashville] given the significant growth in the sector across the Southeast and Tennessee,” says Schellinger. “Northmarq’s Nashville office will soon be able to provide a suite of services for all property owners and lenders.” Locally based broker David Stollenwerk joined the new Northmarq office after several years with Marcus & Millichap’s Nashville …

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Company NewsRestaurantRetailTexas

Reports: Corner Bakery Files for Chapter 11 Bankruptcy

by Taylor Williams

DALLAS — Corner Bakery, a national restaurant chain based in Dallas, has filed for Chapter 11 bankruptcy protection in the Delaware Bankruptcy Court after defaulting on its loans last year, according to reports from multiple media outlets, including The Dallas Morning News. The chain cited its reliance on traditional office workers seeking fast casual or grab-and-go meals, which has yet to return to pre-pandemic levels in many areas, as a key driver behind the move. Philadelphia-based Pandya Restaurant Growth Brands purchased Corner Bakery, which currently operates 140 locations in 20 states, in October 2020. Prior to its acquisition by Pandya, the chain was owned by Atlanta-based private equity firm Roark Capital Group.

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Company NewsDistrict of ColumbiaMarylandMultifamilySoutheastVirginia

KLNB Acquires Edge Commercial Real Estate Brokerage Firm

by John Nelson

WASHINGTON, D.C., AND ROCKLEDGE, MD. — KLNB has acquired Edge Commercial Real Estate, a Rockledge-based brokerage with offices in Maryland, Virginia and Washington, D.C. The move increases the size of the Washington, D.C.-based commercial real estate brokerage firm by 20 percent and serves as KLNB’s entry into the multifamily brokerage arena. KLNB is adding 32 total employees, 18 of which are brokers who specialize in multiple facets of office, industrial, tenant representation and multifamily investment sales. Six of the brokers will be immediately installed as principal partners at KLNB. “The acquisition of Edge fits perfectly in our timeline for smart and disciplined progression,” says Marc Menick, president of KLNB. “By acquiring Edge, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach. And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.” Additionally, KLNB will fold Edge’s property management division, which oversees a 1 million-square-foot portfolio, into its KLNB Asset Services platform, a joint venture between KLNB and Divaris Real Estate. Terms of the transaction were not disclosed.

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Company NewsFloridaLoansSoutheast

Eugene Rutenberg Launches Celestial Fund, a Capital Consulting Firm in Miami

by John Nelson

MIAMI ¬— Eugene Rutenberg, a veteran lender and capital advisor consultant, has opened Celestial Fund I LLC, a capital advisory firm based in downtown Miami. The financial intermediary raises debt and preferred equity on behalf of developers and investors across several real estate sectors, including multifamily, spec home construction (non–owner occupied), hospitality, industrial, mixed-use and office. Rutenberg initially plans to hire two originators with at least five years of capital markets experience and an underwriting analyst who has at least two years of experience. The producers would join Rutenberg in the firm’s new downtown Miami office. Celestial Fund will work with capital sources of all types, including agency lenders, debt funds, private lenders, banks and credit unions, life insurance companies and CMBS lenders, among others. Financing options will cover ground-up construction, redevelopments, bridge loans, permanent loans and distressed debt opportunities. For developers seeking agency and private-label debt, Celestial Fund’s lending parameters are generally $2 million to $200 million for senior loans and $2 million to $20 million for mezzanine loans or preferred equity investments. The firm will also originate construction loans starting at $20 million. Rutenberg has over 15 years of experience in the capital markets arena. He has closed …

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AcquisitionsCompany NewsLife SciencesNew JerseyNortheastTop Stories

Joint Venture Acquires 2 MSF Merck Life Sciences Campus in New Jersey

by Jeff Shaw

KENILWORTH, N.J. — Biopharmaceutical giant Merck (NYSE: MRK) has agreed to sell its 108-acre office and research campus in Kenilworth to a joint venture between private investment firms Onyx Equities and Machine Investment Group. The price was not disclosed. The life sciences campus, formerly Merck’s headquarters, features 1.4 million square feet of laboratory space, 500,000 square feet of Class A office space, 30 acres of developable land, a 25-megawatt cogeneration plant, three cafeterias, a fitness center, auditoriums, conference centers, outdoor amenity areas and more than 3,200 surface and structured parking spaces. The property sits off Garden State Parkway and is located near to Route 78, the Route 22 retail corridor, the New Jersey Turnpike, Newark Liberty International Airport and the Port Newark Elizabeth Marine Terminal. Kenilworth is located just across the Arthur Kill waterway that separates New Jersey from Staten Island. The buyers plan to market and lease out the site’s laboratories and support facilities to biotechnology, pharmaceutical, and technology companies. Merck will vacate the property in phases over the next several years while expansion progresses on the firm’s new headquarters in nearby Rahway. “New Jersey receives two forms of good news today as one of the pillars of our business community …

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ArkansasCompany NewsDevelopmentFloridaGeorgiaIndustrialRetailSoutheast

Sam’s Club to Open More Than 30 New Locations, Five Fulfillment Centers in the United States

by John Nelson

BENTONVILLE, ARK. — Sam’s Club, a division of Bentonville-based Walmart Inc. and a leading membership warehouse club retailer, plans to open more than 30 new “clubs” across the United States over the next several years. The first store, which is planned for an undisclosed Florida city, is slated to open in 2024. The new clubs will span approximately 160,000 square feet, which is larger than most current locations. Most new stores will feature a seafood/sushi island, full-service floral and walk-in dairy and fresh coolers, as well as a larger healthcare space featuring a patient waiting area, health services suites, private consultation rooms and dedicated hearing and optical centers. Many of the new locations will also include fuel stations and liquor offerings. In addition to the new stores, the company has a multiple-year plan to invest in and modernize its supply chain through new distribution and fulfillment center locations across the country. Sam’s Club will launch five new supply chain fulfillment and distribution centers this year, with the first location planned in Georgia in the third quarter. Kathryn McLay, CEO of Sam’s Club, says the decision to invest in expanding the company’s physical footprint was motivated by historic comparable sales growth …

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Jeff Rinkov Brokerage Expansion Lee & Associates
Company NewsContent PartnerFeaturesLee & AssociatesMidwestNortheastSoutheastTexasWestern

Lee & Associates Maintains Expansion Strategy Despite Choppy Economic Waters

by Sarah Daniels

Against the backdrop of higher interest rates and the collapse of commercial real estate investment transactions, large brokerages have begun to reduce staff and other expenses to weather growing uncertainty over property values. But executives at Lee & Associates Commercial Real Estate Services consider it an ideal environment to continue an expansion that has added more than ten new locations over the last few years. Earlier this month, Lee & Associates announced the opening of an office in Baton Rouge, La. In November, they opened an office in Calgary, Alberta. In the same month, a satellite office in Nashville, Tenn. transitioned to a freestanding office, a designation that provides brokers in the office with the opportunity to fully benefit from the Lee & Associates capital structure — namely, to participate in funding the brokerage’s future growth and reaping the potential rewards. Those additions followed new office expansions in downtown Los Angeles, San Francisco and Omaha, Neb., earlier in the year. The Southern California-based brokerage anticipates announcing two more openings in early 2023, eventually increasing its footprint to around 90 locations from more than 70 today, says Jeffrey Rinkov, CEO of Lee & Associates. “We see some of our competitors cutting …

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Company NewsFloridaSoutheast

Trez Capital Restructures Florida Operations, Plans to Open New Office in Metro Miami

by John Nelson

MIAMI — Trez Capital has restructured its Florida operations by closing its Palm Beach office with plans to open a new office in metro Miami under new regional leadership. The firm is ending its current joint venture partnership in the South Florida market as part of the restructuring. Under the continued direction of Trez Capital’s global head of origination, John Hutchinson, the firm will continue building upon its existing market relationships, servicing borrowers, real estate owners and brokers in the Southeast. “Florida and the Southeast remain an incredibly important part of Trez Capital’s business. We have established solid roots in the region and will continue our expansion by investing in our people, reinforcing our ‘boots-on-the-ground’ strategic approach and dedication to our investors,” says Hutchinson. “Our ability to leverage our team’s local market knowledge and varied experience no matter the geographic location has yielded trusted, well-established relationships throughout the country. I am excited about what the future holds for the Florida market and continuing what we do best: delivering results for investors and borrowers.” Trez Capital has over $5.3 billion in assets under management, has originated over 1,700 loans totaling more than $16.5 billion funded since its inception and has nearly …

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Company NewsTexas

Partners Opens New Dallas-Fort Worth Office

by Taylor Williams

DALLAS — Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, has opened a Dallas-Fort Worth office at 1717 McKinney Ave. in Dallas. The office is the firm’s fourth in Texas, joining existing locations in Houston, Austin and San Antonio. Partners has tapped Jerod Hangartner to lead the brokerage services division of the new office as managing director. Hangartner joins the firm from Entrada Partners, where he most recently served as vice president of asset management.

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Champions-Village-Houston
AcquisitionsCompany NewsRetailTop Stories

Kroger Agrees to Acquire Albertsons in $24.6B Merger of Grocery Giants

by Jeff Shaw

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger under which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both companies’ boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on Oct. 12, and 29.7 percent to the 30-day volume-weighted average price. The exact motivation for the merger was not stated in the press release, but The Wall Street Journal notes that by combining, the companies would have greater leverage in negotiations with vendors and compete better with companies such as Walmart and Amazon. Together, Boise-based Albertsons and Cincinnati-based Kroger currently operate a total of 4,996 stores, 66 distribution centers, 52 manufacturing plants, 3,972 pharmacies and 2,015 fuel centers. The two companies employ a combined 710,000 associates. On a combined basis, the companies delivered approximately $210 billion in revenue and $3.3 billion in net earnings in the fiscal year 2021. The …

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