NEW YORK CITY — Global investment group CDPQ and Nuveen Green Capital, a provider of sustainable commercial real estate financing solutions, have launched a $600 million integrated financing program. The fund combines Commercial Property Assessed Clean Energy (C-PACE) financing and senior bridge and construction financing solutions for properties in various U.S. markets. The program will feature bridge and construction debt and will support cost-effective energy efficiency, water conservation, renewable energy and resiliency improvements tied to new or existing commercial assets. Nuveen will act as the primary sourcing agent for the integrated financing program.
AUSTIN, TEXAS — American Campus Communities (ACC) has delivered new student housing projects totaling $855 million this year. Together, the six communities — which include Meadows Apartments at Princeton University, Casa del Valle at Arizona State University, The Ridge Graduate & Professional Housing at Emory University, xučyun ruwway Graduate Student Apartments at University of California Berkeley, East Campus Graduate Apartments at The University of Texas at Austin and Graduate Junction at MIT — feature 3,867 beds. Austin, Texas-based ACC is the third-party developer and manager for Graduate Junction (676 beds), East Campus Graduate Apartments (784 beds), The Ridge Graduate & Professional Housing (535 beds) and Meadows Apartments (604 beds). Amenities at Meadows Apartments at Princeton University include a communal kitchen, children’s playroom and a market and café. In addition to a communal kitchen, The Ridge Graduate & Professional Housing at Emory University features a fitness center, study areas and a parking garage. At Graduate Junction at MIT, amenities include study areas, a recreation center and gym and indoor bike storage. ACC is the owner, developer and manager of Casa del Valle at Arizona State University, which offers 507 suite-style beds with social lounges, Zen areas and landscaped outdoor amenities. ACC …
DENVER — Lee & Associates Denver is celebrating 10 years of success, excellence, innovation and client satisfaction. Since its inception in 2014, the company has closed more than 1,000 commercial real estate transactions producing $1 billion in transaction volume. “We are incredibly grateful to our loyal clients, dedicated employees and supportive principals who have been integral to our success throughout this remarkable journey,” says JR Bitzer, managing principal. “This anniversary signifies not only our years of hard work and determination, but also the immense potential that lies ahead as we continue to expand in Colorado.” Lee & Associates Denver is committed to consistently growing, meeting challenges and elevating its standards. Looking ahead, the company aims to enhance its offerings, explore new market opportunities and continue to deliver exceptional value to its clients.
DENVER — Chicago-based Banner Real Estate Group has launched Banner Industrial Properties, a new platform dedicated to industrial real estate investments. The platform will initially focus on value-add properties in key logistics markets throughout the Western United States. Based in Denver, Banner Industrial Properties is led by Mark Bowen as president, Dan Morrison as chief financial officer and Scott Blanding as chief operating officer. With more than 30 years of experience, Bowen’s role will encompass executive leadership, investment sourcing, operations and overall strategy. Bowen most recently served as chief investment officer at Dalfen Industrial. As chief financial officer, Morrison will oversee fundraising and capital markets activities. Previously, he helped launch three U.S.-focused, value-add funds with TradeLane Properties. Blanding will manage asset management, leasing and operations as chief operating officer at Banner Industrial Properties. Previously, he had stints with Viking Partners and DCT Industrial Trust.
DALLAS — Blackstone Real Estate (NYSE: BX) has entered into an agreement to sell G6 Hospitality, the Dallas-based parent company of Motel 6, for $525 million. The buyer is Oravel Stays, which owns Indian hospitality and travel technology company OYO, and the all-cash deal is expected to close during the fourth quarter. Blackstone acquired Motel 6 in 2012 and invested in capital improvements to the portfolio during its ownership. Through G6 Hospitality, Blackstone operates nearly 1,500 economy lodging venues in the United States and Canada under the Motel 6 and Studio 6 Extended Stay brands. OYO entered the U.S. market in 2019 and currently operates over 320 hotels across 35 states.
COLUMBUS, OHIO — Big Lots (NYSE: BIG) has filed for voluntary Chapter 11 bankruptcy protection and has entered into a sale agreement with Los Angeles-based private equity firm Nexus Capital Management, a deal that would take the Ohio-based discount retailer private. Under the terms of the agreement, Nexus will serve as the “stalking horse bidder” (the approved investor that sets the low-end bar for a bankrupt company) in a court-supervised auction to acquire “substantially all” of Big Lots’ physical assets and ongoing business operations. Big Lots expects to keep the majority of its stores and online platform open and operational during the reorganization process as well as to be able to pay its employees and “certain critical vendors in the ordinary course of business.” The sale is expected to close during the fourth quarter, assuming Nexus is the winning bidder. In connection with this court-supervised process, Big Lots has secured commitments for $707.5 million in debtor-in-possession (DIP) financing, including $35 million in new financing from certain current lenders. Coupled with cash from ongoing operations, the financing is expected to provide sufficient liquidity for the sale process. The announcement comes after multiple reports of an imminent bankruptcy filing for Big Lots, …
SEATTLE — The special committee of the Board of Directors of Nordstrom (NYSE: JWN) has confirmed receipt of a proposal from Erik and Pete Nordstrom, members of the Nordstrom family, and El Puerto de Liverpool to acquire all of the outstanding shares of the Nordstrom, other than shares held by members of the Nordstrom family and Liverpool, for $23 per share in cash. If accepted, the deal would take the publicly traded company private. The proposal would be financed through a combination of rollover equity and cash commitment by members of the Nordstrom family and Liverpool and $250 million in new bank financing, with the existing indebtedness of the company to remain outstanding. There is no assurance that the company will pursue this transaction, and Nordstrom does not intend to disclose further developments regarding the proposal until further disclosure is determined to be appropriate or necessary. Morgan Stanley & Co. and Centerview Partners are acting as financial advisors to the special committee, and Sidley Austin LLP and Perkins Coie LLP are acting as legal counsel. Seattle-based Nordstrom’s stock price closed at $22.60 per share on Thursday, Sept. 5, up from $14.90 one year prior.
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Go Store It, Snapbox Merge, Creating 10 MSF Self-Storage Giant
CHARLOTTE, N.C. AND PHILADELPHIA — Go Store It Self Storage and Snapbox Self Storage have merged. The combined company is now one of the largest private self-storage operators in the United States, according to a press release issued by the companies. Operating under the Go Store It Self Storage brand name, the new entity will oversee a portfolio totaling more than 10 million square feet of storage space across 145 locations in 23 states. Executive leadership will include Ryan Hanks and Jake Ramage as chief executive officers (CEOs), with Matt Lang serving as president. The merger is designed to enhance operational efficiency as well as stimulate growth in the areas of acquisition, development and third-party management. Founded in 2013 in Charlotte, N.C., Go Store It is a subsidiary of Madison Capital Group Holdings. Philadelphia-based Snapbox was also founded in 2013. Both companies are FrontRange Capital portfolio companies. FrontRange has invested roughly $100 million in Madison Capital and its affiliates, including Go Store It, and is making a co-general partner (co-GP) commitment to the new entity. — Hayden Spiess
ATLANTA AND SAN FRANCISCO — Atlanta-based Trimont has signed a definitive agreement to acquire Wells Fargo’s non-agency third-party commercial mortgage servicing business. The acquisition does not include the San Francisco-based company’s Fannie Mae or Freddie Mac business lines, which Wells Fargo will continue to service, along with the loans remaining on its balance sheet. Värde Partners, a global alternative investment firm, acquired and has owned Trimont through certain funds since 2015. Värde will provide funding for the acquisition, which will enable Trimont to offer servicing across all non-bank commercial real estate lending structures. Following the close of the acquisition, which is expected to occur in early 2025, Trimont will manage more than $715 billion in U.S. and international commercial real estate loans, making the firm the largest commercial real estate loan servicer in the United States. Trimont’s consultants in the transaction include J.P. Morgan Securities LLC (financial advisor), Goldman Sachs & Co. LLC (general advisory services) and Kirkland & Ellis LLP, Cadwalader, Wickersham & Taft LLP, and Trilegal (legal). Wells Fargo Securities LLC served as exclusive financial advisor to Wells Fargo, and Wachtell, Lipton, Rosen and Katz served as the company’s legal advisor.
RALEIGH, N.C. AND WASHINGTON, D.C. — Advance Auto Parts Inc. (NYSE: AAP) has agreed to sell Worldpac, the Raleigh-based company’s automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash. Advance Auto Parts operated 321 Worldpac locations primarily within the United States as of the end of the second quarter. These warehouses, 135 of which are branded Autopart International, are generally larger than the company’s retail locations, averaging approximately 26,000 square feet. Worldpac offers over 293,000 parts for domestic and import vehicles and primarily serves professional customers such as vehicle repair shops, with services including same-day delivery of automotive parts through a fleet of company-owned vehicles. Over the past 12 months, these locations generated approximately $2.1 billion in revenue and $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Advance expects to close the transaction before the end of the year, with Advance expecting net proceeds of approximately $1.2 billion after taxes and transaction fees. These proceeds will be used to strengthen the company’s balance sheet and invest in its core retail business, said Shane O’Kelly, president and CEO of Advance Auto Parts, during an earnings call earlier …