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.
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 …
IRVING, TEXAS — Wells Fargo (NYSE: WFC) will open a 22-acre campus in Irving, a move that is expected to add about 650 new jobs and $455 million in total capital investment to the local economy. The San Francisco-based banking giant’s build-to-suit campus will comprise two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces. According to The Dallas Morning News, Wells Fargo expects to eventually employ about 3,000 people at the campus. A construction timeline was not disclosed. Mirasol Capital sold the land on which the campus will be developed.
INDIANAPOLIS AND ATLANTA — Indianapolis-based mall giant Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had more than $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership with Simon, Jamestown will gain a partner with a broad platform of resources and operational tools that will enhance its ability to scale and grow. “The partnership with Simon will help position us for our next chapter as we scale our differentiated products in an increasingly global world,” says Michael Phillips, president of Jamestown. With Jamestown, Simon now has an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer. Simon will also be able to access the Jamestown platform to accelerate its future densification projects. “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and …
FRISCO, TEXAS — Sports and comedy entertainment group Dude Perfect is planning a $100 million headquarters facility and, according to a report from The Dallas Morning News, has placed North Texas at the top of its site selection list. Variety also reports that Dude Perfect has been planning the facility for about a year with San Antonio-based architecture firm Overland Partners, but is also pitching the project to Los Angeles and Atlanta. The facility would include a 330-foot trick shot tower, mini golf course, a museum and merchandise store, restaurants and two acres of outdoor space. Dude Perfect, which has about 58 million YouTube subscribers, is currently based in Frisco. All five members of the group originally hail from North Texas.
SCOTTSDALE, ARIZ. — GIC, a global institutional investor based out of Singapore, and Oak Street, a Chicago-based division of global alternative asset manager Blue Owl Capital, have agreed to acquire STORE Capital Corp. (NYSE: STOR) in an all-cash transaction valued at approximately $14 billion. STORE is a Scottsdale-based net-lease real estate investment trust that invests in single-tenant operational real estate. As of June 30, the company’s portfolio consisted of investments in 3,012 property locations, including restaurants, early childhood education, metal fabrication, automotive repair and maintenance facilities and health clubs. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, a premium of 17.8 percent to the 90-day volume weighted average stock price through that date and 20.4 percent to its closing price on Wednesday, the day before the announcement. STORE will become private following the transaction. The transaction was unanimously approved by STORE Capital’s board of directors and is expected to close in the first quarter of 2023. The closing of the transaction is not subject to any financing conditions. “This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, …
HOUSTON — The Houston-based brokerage and advisory firm formerly known as NAI Partners has elected not to renew its affiliation with NAI Global and has rebranded the entire organization as Partners. All of the organization’s business lines, including brokerage services, investor services and valuation, will operate under this brand, as will Partners Capital, the company’s commercial investment arm. In addition, Partners, which already has additional offices in Austin and San Antonio, will open a new office in Dallas in the coming months.
SEATTLE — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the United States. The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ hometown of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up stores and drive-thru-only and delivery-only locations. “When we think about our existing store portfolio and our investments, they must deliver in a few critical areas,” said John Culver, group president for North America and chief operating officer. “Reducing the level of complexity and making work easier for our partners; enabling stronger engagement and connection between our partners and the customers they serve; and delivering experiential convenience.” Starbucks also plans to expand its mobile order offerings via the company’s app, allowing customers to know when their order is ready and making the process of mobile ordering easier and more efficient during peak hours. Mobile ordering will also be extended to the …
BRENTFORD, U.K. — Cineworld Group, parent company to Regal Cinemas among other international theater brands, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. While a specific plan regarding the company’s real estate was not announced, Cineworld expects to pursue an “optimization strategy” regarding its locations across the U.S. as part of its bankruptcy proceedings. The company is engaging in discussions with its landlords on improving cinema lease terms in hopes of further positioning Cineworld for long-term growth in the U.S., the company says. The Brentford, U.K.-based company was founded in 1995 and has over 747 theaters open across 10 countries, with 511 located in the U.S. As part of its Chapter 11 proceedings, Cineworld is seeking to reduce debt and strengthen its balance sheet in order to accelerate growth. The company has nearly $2 billion in financial commitments from existing lenders to keep operating. The company expects to operate its global business and cinemas as usual throughout the Chapter 11 process. Cineworld’s subsidiaries and affiliates not engaged in the U.S. or U.K. businesses were not included in the filing and are not part of the Chapter 11 process. Cineworld made …
MINNEAPOLIS AND TULSA, OKLA. — Commercial real estate capital markets platform Northmarq has agreed to acquire Stan Johnson Co., a Tulsa-based real estate brokerage and advisory firm, for an undisclosed price. The acquisition will include Stan Johnson’s affiliated debt services company, Four Pillars Capital Markets. Minneapolis-based Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing. The company boasts an annual transaction volume of $33 billion and has 22 investment sales offices across 13 states. Stan Johnson Co. has closed nearly 7,500 transactions exceeding $45 billion in sales volume since it was founded in 1985. The firm focuses on investment sales transactions involving retail, office, industrial, healthcare and specialty properties. “This is an important milestone for our growing platform as our company now has investment sales professionals across the country that can service investors across all major asset classes,” says Jeffrey Weidell, CEO of Northmarq. “Adding this talented group of real estate professionals further establishes Northmarq as a full-service investment sales and capital markets platform.” Stan Johnson employs more than 100 brokerage professionals across 16 offices in 10 states, including Oklahoma, Arizona, California, Colorado, Georgia, Illinois, New York, Ohio, Oregon and Texas. “Our …