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Company NewsHealthcareTexasTop Stories

Baylor Scott & White and Memorial Hermann Plan to Merge, Creating Largest Health System in Texas

by John Nelson

DALLAS AND HOUSTON — The boards of not-for-profit health systems Baylor Scott & White Health and Memorial Hermann Health System have signed a letter of intent to merge operations. Together the two health systems own or have a stake in 68 hospitals and 1,100 care delivery sites in 30 Texas counties. The systems also record nearly 10 million annual “patient encounters” and employ approximately 73,000 people, including 14,000 physicians. According to The Wall Street Journal, the combined health system would be among the largest in the U.S. by number of hospitals and would generate more than $14 billion in annual revenue. As per the merger agreement, the board of the combined company will comprise an equal number of appointees from both organizations. Jim Hinton, CEO of Baylor Scott & White, will be the CEO of the proposed combined system and will be joined in the proposed office of the CEO by Chuck Stokes, president and CEO of Memorial Hermann, and Pete McCanna, president of Baylor Scott & White. “This is about two mission-driven organizations — both committed to making safe, high-quality healthcare more convenient and affordable — building something transformative together,” says Hinton. “Through this combined system, we have a …

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Company NewsGeorgiaSoutheast

Cousins Properties Names Colin Connolly CEO, Gellerstedt Remains as Executive Chairman

by Camren Skelton

ATLANTA — Atlanta-based REIT Cousins Properties Inc. (NYSE: CUZ) has named Colin Connolly CEO, effective Jan. 1, 2019. Larry Gellerstedt, the company’s current chairman and CEO, will transition to executive chairman. “Colin’s promotion is part of a deliberate and planned succession effort that will allow Cousins Properties to benefit from his ideas, energy and strategic leadership skills, while continuing its evolution into a larger, highly focused company,” said Gellerstedt. Since joining Cousins Properties in 2011, Connolly, 42, has held the roles of senior vice president, chief investment officer, executive vice president and chief operating officer. Last year, he was named president of the company, a title he will retain in addition to his role as CEO. “Growing up in Atlanta, I have a deep appreciation for Cousins Properties and its importance to this community,” said Connolly. “The opportunity to work side by side with Larry and our outstanding team for more than seven years has been tremendous, and I have total confidence that our top-quality Sunbelt portfolio and strong balance sheet leave us well positioned to maintain our position as one of the top urban [REITs] in the marketplace.” Cousins Properties’ stock price closed at $9.08 per share on Tuesday, Sept.18, …

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Company NewsMultifamilyTexas

NorthMarq Capital Adds Six Multifamily Investment Specialists to Dallas Office

by Taylor Williams

DALLAS — NorthMarq Capital has added six multifamily investment sales specialists to its Dallas branch, which is the Minneapolis-based financial intermediary’s top-producing debt and equity advisory office. Joining the Dallas team is Taylor Snoddy, the top overall producer for Transwestern over the last two years, along with former Transwestern associates James Roberts and Philip Wiegand. Over the past two years, Snoddy, Roberts and Wiegand have closed more than $2.5 billion in multifamily sales and are on pace to exceed $1 billion in sales in 2018. Also joining NorthMarq’s Dallas office from Transwestern are Eric Stockley, Devin Etzold and Charles Hubbard, who will provide financial analysis, client service and transaction coordination.

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Company NewsMassachusettsNortheast

CBRE Acquires CBRE/New England

by David Cohen

BOSTON — CBRE Group has acquired CB Richard Ellis-N.E. Partners LP (CBRE/New England), a long-standing joint venture with Whittier Partners Group. The acquisition price was not disclosed. The CBRE/New England leadership team and professionals will join CBRE immediately with the CBRE/New England brand remaining through the end of the year. “We felt the timing was right for this transition to better serve our clients and our employees,” says Andy Hoar, president and co-managing partner at CBRE/New England. “Joining forces with CBRE and our new colleagues will ensure CBRE’s market leadership in the New England market for the foreseeable future.” CBRE/New England has seven offices throughout New England including Boston, Hartford, New Haven, Providence, Portsmouth, Manchester and Portland.

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Company NewsNew YorkNortheast

Moody’s to Acquire Commercial Real Estate Data Provider Reis for $278M

by David Cohen

NEW YORK CITY — Moody’s Corp. (NYSE: MCO) has agreed to acquire all outstanding shares of Reis Inc. (NASDAQ: REIS) in an all-cash transaction valued at approximately $278 million. Reis is a provider of commercial real estate (CRE) data. The acquisition expands Moody’s Analytics’ network of data and analytics providers in the CRE space, including recent investments in start-ups that apply innovative approaches and new technologies to source data and deliver tools to the market. Under the terms of the merger agreement, Moody’s will commence a tender offer to acquire all issued and outstanding shares of Reis common stock for $23 per share in cash. The transaction is subject to customary closing conditions and regulatory approvals. Moody’s expects to complete the acquisition in the fourth quarter of 2018.

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Company NewsNew YorkNortheast

Adelaide Polsinelli, Ronda Rogovin Launch Commercial Division at Compass in New York

by David Cohen

NEW YORK CITY — Two former Eastern Consolidated principals have launched a commercial division at Compass in the firm’s New York metropolitan region. Adelaide Polsinelli and Ronda Rogovin will help the residential brokerage firm build an investment sales team, following Eastern’s closure in July. Compass Commercial will focus on providing technology, marketing and support to help agents grow their business in the commercial real estate sector. The team also includes agents Mitchell Goldstick and Trystan Polsinelli.

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Company NewsNorth CarolinaRetailSoutheastTop Stories

Lowe’s to Close All 99 Orchard Supply Hardware Stores

by Camren Skelton

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has announced it will close all 99 of its Orchard Supply Hardware stores by Feb. 1. Founded in San Jose, Calif., in 1931 and acquired by Lowe’s in 2013, Orchard Supply Hardware operates locations in California, Oregon and Florida. Lowe’s is closing the stores to focus on its core home improvement business. “Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business investments,” said Marvin Ellison, president and CEO of Lowe’s, in an earnings statement. “While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy.” In addition to shuttering Orchard Supply stores, Lowe’s said it plans to “aggressively” tighten its store inventory, reducing lower-performing stock and increasing the depth of high-selling items. Mooresville-based Lowe’s increased sales 7.1 percent, year-over-year, in the second quarter of 2018. However, the company adjusted its full-year earnings and profits forecast to account for closing costs. The Orchard Supply closure is expected to cost the company between $390 million and $475 million. The company lowered the forecast for its full-year increase in sales from 5 percent to 4.5 percent. Store …

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Company NewsDevelopmentIndustrialTexas

Paradigm Metals to Open $10M Headquarters Facility in Hutto, Texas

by Taylor Williams

HUTTO, TEXAS — Paradigm Metals, a provider of precision machining and sheet metal fabrication, will relocate its headquarters from Pflugerville to Hutto, a northern suburb of Austin. Paradigm Metals expects to invest about $10 million to acquire and develop a new facility within Innovation Business Park, a 72-acre development that broke ground in 2017. Construction of the new facility, which will initially house 250 employees, is slated to begin later this year. Paradigm Metals plans to begin relocating to the new facility in 2019.

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Company NewsNorth CarolinaSoutheast

Grandbridge Real Estate Capital Appoints Matthew Rocco as New President

by Camren Skelton

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has promoted Matthew Rocco to president. Rocco will continue to serve as national production manager, overseeing the company’s national loan origination platform, but will take on additional responsibilities from a corporate perspective in his new role. In addition to overseeing Grandbridge’s loan origination efforts, Rocco will be responsible for the company’s Agency Underwriting (Fannie Mae, Freddie Mac and FHA) and Balance Sheet Closing groups. Rocco joined Grandbridge in 1998. He is a member of the company’s Board of Managers, senior leadership team and risk committee, as well as a member of BB&T’s senior leadership team. “Matt brings a wealth of knowledge and expertise to his new role,” said Thomas Dennard, chairman of the board and CEO of Grandbridge. “His leadership skills and commercial real estate finance background are tremendous assets to the company as we continue to grow and expand both our loan product offerings and staffing nationwide.” In addition to Rocco’s appointment, Grandbridge has promoted Joe Lovell to chief operating officer, Dan Husak as head of business systems and corporate operations and John Boone as senior vice president and head of asset management. John Randall will also be taking on an expanded role, …

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Company NewsRestaurantRetailTexas

CAVA Group to Acquire Plano-Based Zoës Kitchen for $300M

by Taylor Williams

PLANO, TEXAS — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million. The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.

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