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AcquisitionsCompany NewsHospitalityMarylandSoutheastTop Stories

Condor Hospitality Trust’s Shareholders Approve $318M Merger with NexPoint

by John Nelson

BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances NexPoint’s value-add portfolio with extended-stay hotels,” says Jim Dondero, CEO of NexPoint. “We believe the future for quality extended-stay and select-service hotels remains bright.” The shareholders of Condor (NYSE: CDOR) held a special meeting on Monday, Sept. 23 whereby 81.8 percent of the shares of Condor common stock voted in favor of adopting and approving the merger agreement, which NexPoint announced in late July. The merger allows NexPoint to enter several new markets, including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina. The move will also expand the REIT’s presence in Florida and Texas. Condor Hospitality Trust currently owns 15 hotels in eight states totaling more than 1,900 rooms. The hotel flags in the company’s portfolio includes Hilton, Marriott and InterContinental Hotels Group (IHG). NexPoint Hospitality Trust began operations in …

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Company NewsTexas

JLL to Acquire Dallas, Houston Operations of Peloton Commercial

by Taylor Williams

DALLAS AND HOUSTON — JLL has entered into an agreement to acquire the Dallas and Houston operations of Peloton Commercial, a leasing and management firm based in Texas. Peloton co-founding partners Joel Pustmueller and T.D. Briggs will join JLL’s Jeff Eckert in leading the integration of the teams. Peloton’s John Myers will assume regional leadership of property management for Dallas-Fort Worth. In May, Cushman & Wakefield acquired the Austin operations of Peloton, which was founded in 2002 and currently leases or manages more than 25 million square feet of commercial space.

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Company NewsTexas

Colliers Adds New Investment Sales Team to DFW Office

by Taylor Williams

DALLAS AND FORT WORTH, TEXAS — Colliers International has added a new team of seven investment sales professionals focusing on single- and multi-tenant retail, office, industrial and healthcare properties. Geoff Ficke, who most recently served as senior vice president of Marcus & Millichap, will lead the new team, which has closed transactions with a collectively value of more than $1 billion over the last 10 years.

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Company NewsMarylandSoutheast

NAI Global Opens New Office in Eastern Maryland

by Alex Tostado

SALISBURY, MD. — NAI Global has opened NAI Coastal, a new office in Salisbury that will serve the coastal region of Maryland, Delaware and Virginia. Chris Davis; Bradley Gillis, CCIM; Joey Gilkerson; and Chris Gilkerson are the principals of NAI Coastal, which also includes a team of eight advisers. The NAI Coastal team specializes in buyer and tenant representation focusing on the hospitality, multifamily, medical, office, retail and industrial sectors. NAI Coastal also works in conjunction with Gillis Gilkerson, a local construction and development firm. The partnership allows the NAI Coastal team to advise clients in the process of commercial real estate development from concept to completion.

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Company NewsTexas

Equitable Commercial Realty Expands to San Antonio

by Taylor Williams

SAN ANTONIO — Equitable Commercial Realty (ECR), and Austin-based brokerage and management firm, will expand its suite of services to the San Antonio market, where it already has multiple listings, including the Aztec Building downtown. Albert Vazquez will lead the new San Antonio office of ECR, which has been ranked as one of the nation’s 5,000 fastest-growing companies for four consecutive years.

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Company NewsTexas

SVN International, Riverstone Commercial Announce New Partnership

by Taylor Williams

COLLEGE STATION, TEXAS — SVN International Corp. and Riverstone Commercial Real Estate have established a partnership that will create a full-service franchisor of the SVN brand known as SVN | Riverstone Commercial Real Estate. Jim Jones and Jess Buenger will lead the new company, which will be based in College Station. The firm will offer brokerage and advisory services to commercial real estate buyers, sellers, landlords and tenants across the Central Texas markets, as well as consultancy services on investments and development projects.

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Company NewsFloridaRetailSoutheast

Michelle Kidd Joins Crossman & Co. as Director of Client Services

by Alex Tostado

ORLANDO, FLA. — Michelle Kidd has joined Crossman & Co. as its new director of client services. Kidd has lived and worked in Orlando since 1997, most recently as a partner at TSCG. Crossman specializes in commercial property management, leasing and investment sales. “I feel a responsibility to make our team stronger through hands-on training and support,” says Kidd. “My goal is to build a concierge service that’s extended to all of our clients as we continue to strengthen the relationships, by identifying individual goals and manage the asset with that objective in mind.” Kidd is on the Legislative Committee for the Orlando Building Owners and Managers Association (BOMA) and is seeking the organization’s Real Property Administrator (RPA) designation. Kidd is also an active member of Commercial Real Estate Women (CREW), serving on the Special Events Committee.

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Company NewsTexas

Sterling Construction to Acquire Plateau Excavation for $400M

by Taylor Williams

THE WOODLANDS, TEXAS — Sterling Construction Co., a general contractor based in the Houston area, has entered into an agreement to acquire Georgia-based specialty contractor Plateau Excavation Inc. for $400 million. The sales price includes $375 million in cash and $25 million in Sterling’s common stock and seller notes. The deal is expected to close near the end of the third quarter. Plateau had revenues of approximately $290 million in 2018.

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Company NewsNew JerseyNortheastRetailTop Stories

Women’s Fashion Chain Avenue to Close All 222 Stores Across 33 States

by Alex Tostado

ROCHELLE PARK, N.J. — Avenue Stores LLC will close all 222 of its Avenue stores across 33 states after failing to procure a buyer for the plus-size women’s clothing chain. It was not made immediately clear if the retailer will continue to operate its e-commerce platform. Philadelphia-based Versa Capital Management acquired Avenue Stores LLC in bankruptcy in 2012 when the retailer operated 433 stores. Avenue will hold liquidation sales in all of its stores, offering 30 to 50 percent off clothes, accessories and even store fixtures. Hilco Merchant Resources and Gordon Brothers have been hired to oversee the inventory sales. Footwear News reported that Rochelle Park, N.J.-based Avenue Stores LLC filed a Worker Adjustment and Retraining Notification (WARN) with the New Jersey Department of Labor in early August. WARN requires employers to provide 60 days’ notice in advance of mass layoffs. According to Coresight Research, there has already been 29 percent more store closures in 2019 than in all of 2018. The Avenue store closing announcement comes on the heels of Barneys New York filing for bankruptcy in early August. Additionally, in July, GNC and Charming Charlie announced they would close hundreds of stores. Versa Capital, a Philadelphia-based private equity …

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Company NewsLoansMultifamilySoutheastVirginia

Freddie Mac Predicts 8 Percent Increase for 2019 Multifamily Loan Origination Volume

by Alex Tostado

MCLEAN, VA. — In its 2019 Midyear Outlook, Freddie Mac projects the multifamily rental market to have strong volume growth in the second half of 2019. Combined with a strong labor market and low interest rate, the McLean-based agency believes loan originations will reach $336 billion for the year, which would be an 8 percent increase from the prior year’s total. “A strong labor market and a persistent housing shortage have continued to fuel a robust rental market,” said Steve Guggenmos, who leads Freddie Mac’s multifamily research and modeling team. According to the report, vacancy rates are expected to inch upward as new supply comes on line. The U.S. Census Bureau reports five-plus unit multifamily completions are on pace in 2019 to exceed the previous few years. Freddie Mac’s updated forecast calls for multifamily developers to add up to 365,000 units in 2019, compared with the 345,000 units completed in each of the prior two years. RealPage reports multifamily absorption has averaged about 290,000 units per year over the past three years. Rent growth is also expected to grow approximately 4 percent for the year.

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