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Madison Marquette, PMRG Confirm Merger Discussions

by Kristin Harlow

HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …

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CaliforniaCompany NewsWestern

Real Estate Veterans Launch Matter Real Estate Group

by Amy Works

SAN DIEGO — Real estate veterans Matt Root, Jim Stuart and Kevin Burke have formed Matter Real Estate Group. Based in San Diego, the real estate development company unites design, construction and operating strategy. Matter Real Estate primarily develops within the Western United States with projects in planning or under construction in major cities, including Dallas, Las Vegas, Los Angeles and Phoenix. Together the principals bring more than 80 years of combined experience and over 20 million square feet developed or acquired. The company strives to blend institutional operating expertise with a hands-on approach. Matter Real Estate also looks to improve cities alongside the development of innovative projects. To that end, the company created its ’10 in 10′ initiative where it invests 10 percent of profits into the community within the immediate 10 miles of a project.

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AcquisitionsCaliforniaCompany NewsWestern

DivcoWest, CalSTRS Enter into $300M Acquisition Venture

by Amy Works

SAN FRANCISCO — DivcoWest Real Estate Services has entered into a new $300 million venture with the California State Teachers’ Retirement System (CalSTRS). The joint venture will focus on acquiring core and core-plus commercial real estate assets in growth-oriented markets throughout the United States. The partnership will concentrate its activities on commercial real estate opportunities in targeted markets, including San Francisco, Los Angeles, San Diego, Seattle, Boston, New York City, Washington, D.C. and Austin, Texas. These markets have been identified for their strong local economics and highly qualified workforces, as well as substantial tenant bases in new economy industries. DivcoWest and CalSTRS have a 15-year history of investing together, with DivcoWest putting the more than $1.5 billion that CalSTRS committed into various DivcoWest-sponsored investment vehicles.

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Company NewsMarylandMultifamilyNew YorkNortheastSeniors HousingSoutheastTop Stories

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

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Company NewsMidwestMultifamilyOhioSeniors HousingTop Stories

Welltower, ProMedica Form Joint Venture, Will Acquire Quality Care Properties for $2B

by Camren Skelton

TOLEDO, OHIO — Toledo-based healthcare REIT Welltower Inc. (NYSE: WELL) has entered into an 80/20 joint venture with ProMedica Health System to acquire Quality Care Properties (NYSE: QCP) for nearly $2 billion in cash. The joint venture will acquire the real estate of QCP’s principal tenant, HCR ManorCare, the nation’s second-largest nursing home chain. Toledo-based HCR ManorCare filed for Chapter 11 bankruptcy in March after struggling to pay rent to QCP, which owns nearly all of the facilities in which HCR ManorCare operates. QCP won a court approval earlier this month to acquire HCR ManorCare out of bankruptcy. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company in 2016 specifically to remove HCR ManorCare’s 320 properties from its portfolio. As part of the transaction, ProMedica has agreed to buy the operations of HCR ManorCare, making the nonprofit healthcare organization a national U.S. healthcare provider. “This acquisition will enable ProMedica to expand their service offering beyond acute care hospitals to include home health, post-acute care and residential memory care,” says Tom DeRosa, CEO of Welltower. The HCR ManorCare chain has more than 50,000 employees providing services in 450 assisted living facilities, skilled nursing and rehabilitation …

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Company NewsGeorgiaIndustrialSoutheast

Goodyear, Bridgestone Form Joint Venture, Choose Atlanta for New Headquarters

by Camren Skelton

ATLANTA — Akron, Ohio-based The Goodyear Tire & Rubber Co. and Nashville-based Bridgestone Americas Inc. have formed a tire distribution joint venture and will locate the newly created company’s headquarters in Atlanta. TireHub LLC will provide U.S tire dealers and retailers with a range of passenger and light truck tires, with an emphasis on distributing larger rim diameter premium tires. TireHub will lease 30,000 square feet at One Ravinia in Atlanta’s Central Perimeter submarket for its new headquarters, according to the Atlanta Business Chronicle. The 50-50 joint venture will initially operate more than 80 distribution centers and warehouse locations throughout the country. TireHub will combine and complement Goodyear’s company-owned wholesale distribution network with the Bridgestone-owned Tire Wholesale Warehouse (TWW). The new company will also complement both Goodyear and Bridgestone’s existing networks of third-party distributors and provide distribution, warehousing, sales and delivery solutions following the closing of the transaction, which is expected in mid-year. At launch, TireHub will have the scale to reach the vast majority of retail locations across the country daily.

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Company NewsGeorgiaSoutheast

John Williams, Prominent Atlanta Apartment Developer and Founder of Post Properties, Dies at 75

by Camren Skelton

ATLANTA — Renowned Atlanta apartment developer John A. Williams died Monday, April 16 at the age of 75. Williams founded Post Properties in 1970 and took the company public in 1993. When he resigned as chairman in 2003, the company had roughly 30,000 apartment units in its portfolio. In 2016, Memphis-based Mid-America Apartment Communities (MAA) acquired Post in a deal valued at nearly $4 billion. Life After Post Preferred Apartment Communities Inc., (PAC) the company Williams founded in 2009 after leaving Post, released a statement Monday saying employees are saddened to announce the unexpected passing of their company’s co-founder, chairman and CEO. “The board and the company are indebted to Williams for his strong leadership, real estate vision, outgoing personality and boundless energy,” said PAC in the statement. PAC’s board of directors has appointed Daniel DuPree to succeed Williams as chairman of the board and CEO. Leonard Silverstein, a co-founder of the company along with Williams, has been appointed vice chairman of the board and will continue as president and chief operating officer. “John was a dear friend, partner, mentor and influence in our lives and careers,” said Silverstein and DuPree in a joint statement. “He was a visionary and …

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CaliforniaCompany NewsWestern

A&G Realty Partners Launches Healthcare Property Division

by Amy Works

LOS ANGELES — A&G Realty Partners has launched a new division focused on increasing the productivity of U.S. healthcare providers’ real estate holdings. Peter Lynch, a Los Angeles-based principal, will led the company’s new Healthcare Property Division. “Healthcare over the next five years will undergo an accelerating metamorphosis driven by the need for innovation, convenience and affordability,” says Lynch. “The forces in play are every bit as disruptive as those afoot in retail or higher education. Real estate must be central to any strategic response.” The company’s new division will offer a variety of services tailored to healthcare real estate, including the disposition of excess medical office space and renegotiation of urgent care center leases to selling a city hospital to a mixed-use developer, notes Lynch.

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AcquisitionsCompany NewsIllinoisMidwestNew YorkNortheastProperty TypeRetailTop Stories

Brookfield to Buy Mall Owner GGP for $9.25B in Cash Plus Stock

by John Nelson

NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …

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Company NewsNew JerseyNortheastRetailTop Stories

Toys ‘R’ Us to Close or Sell All 735 U.S. Stores

by John Nelson

WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said David Brandon, chairman and CEO of Toys ‘R’ Us, in an official statement. In January, the toy chain announced plans to shutter up to 182 underperforming stores, including those under the Babies ‘R’ Us banner, as part of its restructuring efforts to revive business. The 70-year-old retailer filed for Chapter 11 Bankruptcy last September. Toys ‘R’ Us was facing $5 billion in debt, largely stemming from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Continued debt, combined with poor holiday sales, forced the retailer’s latest move. For …

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