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Company NewsRetailSoutheastTennesseeTop Stories

Christian Book Retailer LifeWay to Close All 170 Stores, Focus on Digital Platform

by John Nelson

NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it would reduce the number of its retail locations due to declining customer traffic and sales, but has since pivoted. “While we had hoped to keep some stores open, current market projections show this is no longer a viable option,” says Brad Waggoner, acting president and CEO of LifeWay following the retirement of Thom Rainer last month. “The decision to close our local stores is a difficult one. LifeWay has developed close connections with the communities where our stores are located, and we have been honored to serve those communities.” LifeWay is neither closing nor filing for bankruptcy, instead focusing on its digital platform, customer service center and its network of church partnerships. Details about the lease terms …

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AcquisitionsCompany NewsIllinoisMidwestTexasTop Stories

JLL Agrees to Acquire HFF for $2B in Massive Real Estate Brokerage Merger

by Alex Tostado

CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial intermediary. Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. When finalized, existing JLL shareholders are expected to represent 87 percent of shareholders, and existing HFF shareholders will make up the other 13 percent. The transaction has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the third quarter of this year. Two years ago, JLL unveiled Beyond, its global strategic vision to drive long-term and sustainable growth. As …

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Company NewsNew YorkNortheastUncategorized

Berkadia Acquires Capital Advisory Firm Central Park Capital Partners

by David Cohen

NEW YORK CITY — Berkadia has acquired Central Park Capital Partners (CPCP), a boutique real estate capital advisory firm focused on arranging joint venture investments and structured capital from international and domestic sources. CPCP Managing Principal Noam Franklin and principals Chinmay Bhatt and Cody Kirkpatrick will launch Berkadia’s structured capital group to offer support and resources to Berkadia clients. 

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AcquisitionsCompany NewsTexas

Bright Force Holding Acquires Dallas-Based American Bank for $55M

by Taylor Williams

DALLAS — Bright Force Holding, an investment group led by executives of Dallas-based hotel developer NewCrestImage, has acquired American Bank, N.A., a community bank located with roughly $55 million in assets. American Bank was established in 1974 under a different name and currently operates a single location in north Dallas. NewCrestImage operates a portfolio of 28 hotel properties. The deal closed on Friday, March 8.

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Company NewsProperty TypeRetailSoutheastTop StoriesVirginia

Family Dollar to Potentially Close Nearly 400 Stores

by David Cohen

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections.  The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday.  On March 6, Dollar Tree …

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Company NewsLumentMultifamilyNew YorkNortheastRED Capital Group

RED Mortgage Capital Adds New York Lending Office

by David Cohen

NEW YORK CITY — RED Mortgage Capital has added a new multifamily affordable lending office in New York. Sean Cullen and Ronnie Gyani will lead the operations of the office. Previously, Cullen and Gyani worked together providing affordable housing services at RBC Capital Markets as well as ACRE Capital. Most recently they served at Barings Multifamily Capital originating affordable housing loan products, including Fannie Mae, Freddie Mac, FHA/HUD and balance sheet executions. 

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AcquisitionsArizonaCompany NewsHospitalityTop StoriesWestern

Best Western Hotels & Resorts Acquires Luxury Hotel Collection WorldHotels

by David Cohen

PHOENIX— Best Western Hotels & Resorts has acquired global hotel brand WorldHotels from Associated Luxury Hotels for an undisclosed price. The brand consists of approximately 300 specialty hotels and resorts around the world and 31 in the United States.  WorldHotels will maintain its distinct personality while benefiting from Best Western’s e-commerce platform, partnerships, loyalty program and global distribution network. The acquisition marks another move by Best Western into soft-brand hotels, an affiliation in which a hotel relies primarily on its individual identity rather than that of the larger hotel chain. A number of global hotel chains have launched soft brands in recent years, including the Ascend Collection by Choice Hotels International and Marriott International’s Autograph Collection.  Best Western isn’t the only hotelier that recently purchased a luxury brand. InterContinental Hotels Group acquired Six Senses Hotels Resorts Spas for $300 million on Feb. 13.  “There is tremendous synergy between Best Western and WorldHotels,” says David Kong, CEO of Best Western Hotels & Resorts. “By joining forces in this new partnership, we will create competitive advantages for both companies.”  The acquisition of WorldHotels was completed last week. The move expands Best Western’s portfolio of offerings to include upscale and luxury segments.  Phoenix-based Best Western Hotels & …

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Company NewsMultifamilyNew JerseyNortheastOffice

Madison International Realty Acquires 5 Percent Stake in Mack-Cali Realty Corp.

by David Cohen

JERSEY CITY, N.J. — Madison International Realty has acquired a 5 percent ownership stake in Mack-Cali Realty Corp. The stake equates to approximately 4.5 million shares. Based in Jersey City, Mack-Cali is an owner, manager and developer of five million square feet of office space and 4,400 multifamily units on the New Jersey waterfront. Ronald Dickerman, president of Madison International Realty, said that the company is transitioning to a ‘focused play on prime office and multifamily residential properties on the New Jersey waterfront.’ Madison International Realty specializes in acquiring private ownership stakes, joint venture positions, and listed property shares in properties and portfolios in major markets in the U.S., U.K. and Western Europe. 

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BB&T-SunTrust
Company NewsGeorgiaNorth CarolinaSoutheastTop Stories

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

by Taylor Williams

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing to pay $28.1 billion for SunTrust’s equity as of the closing price on Wednesday, Feb. 6. The combined company will operate under a new name and brand and be headquartered in Charlotte, N.C., while maintaining significant operations and investment in Winston-Salem, N.C., and Atlanta. The entity’s headquarters in Charlotte will also feature an innovation and technology center to aid with the transference of digital information. The deal, which is still subject to shareholder approval and other customary regulatory approvals, is expected to close in the fourth quarter of this year. A press release highlighting the agreement says the name of the new entity will be announced prior to the transaction closing. The agreement is being billed by both companies as a “merger of equals.” Shareholders of North …

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CaliforniaCompany NewsRetailWestern

Charlotte Russe Holdings Corp. Files for Chapter 11 Bankruptcy, Plans to Close 94 Stores in U.S.

by Jeff Shaw

SAN DIEGO — Charlotte Russe Holdings Corp. has filed for Chapter 11 bankruptcy in Delaware. The San Diego-based retailer announced Monday that it plans to close 94 of its more than 500 locations in the United States, while continuing to pursue a going-concern sale of the business and assets. Charlotte Russe said it will provide details of the closings at a later date.  Charlotte Russe offers fast-fashion clothing, shoes and accessories for young women in the contiguous 48 states, Hawaii and Puerto Rico. In the meantime, all locations, web services and the 10 Peek Kids locations, which Charlotte Russe Holdings acquired in 2016, will remain available to customers.  An undisclosed debtor has committed a maximum of $50 million to Charlotte Russe Holdings. If approved by the court, the financing will support Charlotte Russe Holdings’ operations and administration during the Chapter 11 proceedings. According to court documents, the company could begin liquidating the business entirely if a buyer ultimately doesn’t emerge. Although the company didn’t identify the stores that will be closing, USA Today has complied a full list. Cooley LLP is serving as Charlotte Russe Holdings’ legal counsel, Berkeley Research Group is serving as its financial adviser and Guggenheim Securities LLC is …

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