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Mark-Hoplamazian-Hyatt
Company NewsHospitalityIllinoisMidwestTop Stories

Hyatt Agrees to Acquire Hospitality Operator Apple Leisure Group for $2.7B

by Taylor Williams

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …

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Company NewsDistrict of ColumbiaOfficeSoutheast

Merchants Capital Opens New Office in D.C., Fifth Location Nationwide

by Julia Sanders

WASHINGTON, D.C. — Merchants Capital, a Carmel, Ind.-based affordable housing lender, has opened a new office in Washington, D.C., that will be the company’s fifth location nationwide. Located at 505 9th St. NW, Suite 800, the new office serves as a hub for a dozen team members and is part of the company’s strategy to expand its national lending footprint with a concentration on the East Coast. “We are excited to be positioned in downtown Washington, D.C., as it is a natural fit for the firm to be in close proximity to Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD) and other landmark institutions that support affordable multifamily housing across the nation,” says Dwayne George, the executive vice president and national head of production for Merchants Capital. The new office follows the announcement that Merchants Capital was named the No. 4 affordable multifamily lender nationwide in 2020 by the Mortgage Bankers Association. Last year, Merchants Capital closed $2.2 billion in affordable housing loans across 188 transactions, with an average transaction size of $11.8 million.

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Company NewsNew YorkNortheastOffice

WeWork, Cushman & Wakefield to Form Strategic Partnership, Discuss $150M Investment

by Taylor Williams

NEW YORK CITY AND CHICAGO — Global coworking provider WeWork has entered into a strategic partnership with Cushman & Wakefield to provide flexible workspace solutions by leveraging WeWork’s proprietary platform with the Chicago-based real estate giant’s asset and facilities services network. In addition, Cushman & Wakefield, WeWork and special purpose acquisition company BowX Acquisition Corp. are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150 million in a backstop equity facility to New York City-based WeWork. Earlier this year, BowX Acquisition Corp. agreed to acquire WeWork and take the company public in a deal that was valued at approximately $9 billion. The deal is scheduled to close in the current quarter. “Partnering with Cushman & Wakefield will create a solution that helps both landlords and businesses meet the demand for flexible workplaces to fit the changing needs of today’s workforce,” said Sandeep Mathrani, CEO of WeWork “With flexible workspaces being an important component of the hybrid workplace, we’re excited to partner with WeWork to demonstrate how global occupiers and investors will benefit from two global leaders providing unmatched accessibility to flexible offerings, best-in-class technology and a seamless tenant experience,” added Brett White, CEO and …

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David-Levine-Blackstone
AcquisitionsCompany NewsIndustrialNew YorkNortheastTop Stories

Blackstone Enters into Agreement to Acquire WPT Industrial REIT for $3.1B in Cash

by Taylor Williams

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into an agreement to acquire Toronto-based WPT Industrial REIT for a cash price of US$3.1 billion. That figure includes the assumption of the publicly traded Canadian REIT’s corporate debt. Under the terms of the deal, shareholders of WPT Industrial will receive US$22 for each share of common stock they own. That figure represents a premium of 17 percent over the closing price of WPT Industrial’s stock on Friday, Aug. 6, the last day of trading prior to the merger announcement. The price per share also marks a 19.5 percent premium over the Canadian REIT’s weighted average unit price for the 30-day period that ended on Aug. 6. The deal is expected to close in the fourth quarter. “Logistics continues to benefit from strong tailwinds driven by e-commerce,” says David Levine, senior managing director at Blackstone. “We look forward to expanding our logistics presence across key U.S. markets with the acquisition of this high-quality portfolio that WPT has built.” WPT Industrial owns, develops and manages warehouse and distribution facilities throughout the United States. The company’s U.S. footprint consists of 109 properties totaling approximately 37.5 million square feet of …

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Company NewsNew YorkNortheast

MSCI Enters into Agreement to Acquire Real Capital Analytics for $950M

by Taylor Williams

NEW YORK CITY — MSCI (NYSE: MSCI), a New York City-based global finance firm, has entered into an agreement to acquire Real Capital Analytics (RCA) for $950 million in cash. The deal is expected to close in the late third or early fourth quarter. MSCI’s products and services include providing equity, fixed-income debt, stock market indexes and multi-asset portfolio analysis tools. Founded in 2000, New York City-based RCA provides a range of data and research services for commercial real estate owners and investors on a global basis. MSCI executives noted that the acquisition would significantly bolster the firm’s suite of real estate-based products and solutions by leveraging RCA’s platform that tracks more than $20 trillion in commercial transactions and features more than 200,000 lender and investor profiles. “With the addition of RCA’s wealth of commercial real estate data and analytics, investors will be better supported to access the opportunities that exist within this sector at scale, informed by industry-leading insights and the premier global database capturing the global commercial real estate footprint,” says Henry Fernandez, chairman and CEO of MSCI. “Our primary goal has always been to bridge the information gap between commercial real estate and other asset classes across …

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Company NewsTexas

CBRE to Acquire Majority Stake in British Management Firm Turner & Townsend for $1.3B

by Taylor Williams

DALLAS — CBRE Group Inc. (NYSE: CBRE) has entered into an agreement to acquire a 60 percent interest in Turner & Townsend, a project management and advisory firm based in the United Kingdom, for $1.3 billion. Upon the closing of the deal, which is expected to occur in the fourth quarter, Turner & Townsend’s executive management team, led by chairman and CEO Vincent Clancy, will continue to run the company’s day-to-day operations and retain a 40 percent equity stake. In addressing the motivating factors behind the deal, Turner & Townsend cited the opportunity to expand its service offerings in the United States via the Dallas-based real estate giant’s platform of occupier and investor relationships. Bob Sulentic, CBRE’s president and CEO, added that with public and private infrastructure investment at the top of the current U.S. political agenda, there are major growth opportunities in project management. “Turner & Townsend is by far the best firm to help us realize our ambitions for this business,” he says. CBRE’s stock price opened at $91.35 per share on Wednesday, July 28, the first full day of trading after the deal was announced. Shares were trading at a high of $96.96 per share during the …

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Company NewsTexas

Coldwell Banker Commercial Rio Grande Valley to Expand via Merger with Pointer Realty

by Taylor Williams

MCALLEN, TEXAS — Coldwell Banker Commercial Rio Grande Valley (RGV) is expanding by merging with McAllen-based brokerage firm Pointer Realty. Daniel Galvan, principal broker at Coldwell Banker Commercial RGV, and Pointer Realty principal owner Harry Urey Jr. made the announcement late last week. Also joining Coldwell Banker Commercial RGV are Pointer Realty’s Benny Dominguez and Rafael “Felo” Guerra. The combining of the brokerage firms becomes effective on Aug. 1. The new entity will operate out of an office at 508 E. Dove Ave in McAllen and will offer development, sales, leasing, tenant representation and property management services. In 2020, Coldwell Banker Commercial RGV and Pointer Realty completed about 200 sales and leases valued at $125 million combined.

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AcquisitionsCaliforniaCompany NewsMultifamilyNortheastPennsylvaniaTop StoriesWestern

Independence Realty Trust and Steadfast Apartment REIT to Merge, Creating $7B Multifamily Owner

by John Nelson

PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …

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Mark Toro
Company NewsGeorgiaOfficeRetailSoutheast

Former North American Properties Executive Mark Toro Launches Toro Development Co.

by Julia Sanders

ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelley will be in charge of commercial development, while Munger will oversee residential development. Lastly, Boyce, who first started working with Toro in 2001, will serve as chief financial officer for the new company. Toro Development Co.’s investment partners include Four Stones Real Estate, an Andrew Cathy Enterprise that was founded by Cathy in January 2020, and Lubert-Adler Real Estate Funds.

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Company NewsDevelopmentHealthcareLife SciencesNew YorkNortheastOfficeTop Stories

Life Sciences Firm Regeneron to Invest $1.8B for Campus Expansion in Tarrytown, New York

by John Nelson

TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …

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