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Company NewsMultifamilyNew YorkNortheastSingle-Family RentalTop Stories

Blackstone Agrees to Buy Tricon Residential for $3.5B, Take Company Private

by Taylor Williams

NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Tricon Residential (NYSE: TCN) for $3.5 billion in a deal that will take the Canadian owner-operator private. The transaction is expected to close in the second quarter. One of the acquiring entities, Blackstone Real Estate Income Trust (BREIT), already has an 11 percent ownership stake in Tricon Residential following a $240 million equity purchase in 2020. Under the terms of the deal, the New York City-based global asset manager will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 days. Blackstone intends to maintain and leverage the Tricon platform as it undertakes $1 billion of single-family residential development in the United States and $2.5 billion of traditional multifamily development in Canada. Tricon’s U.S. platform encompasses roughly 2,500 single-family residences in various stages of development, as well as numerous land holdings that can support an additional 21,000 homes. Tricon’s apartment development pipeline in Canada consists of …

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AcquisitionsCompany NewsMultifamilySeniors HousingWestern

Transforming Age, Elder Care Alliance Complete Affiliation Agreement

by Jeff Shaw

BELLEVUE, WASH. — Transforming Age, a Bellevue-based nonprofit operator, has completed its affiliation with Elder Care Alliance (ECA).  By combining their expertise, the two organizations aim to strengthen and grow their mission impact and better address the evolving needs of older adults across the economic spectrum, according to Transforming Age. Transforming Age is one of the nation’s largest nonprofit senior living providers, serving more than 125,000 older adults by integrating housing, community services, technology, philanthropy and partnerships.  Guided by a similar set of values and rich culture, San Francisco Bay Area-based Elder Care Alliance is a nonprofit system serving almost 10,000 older adults across five communities and a system of community programs throughout California. The organization came together more than 25 years ago and has founding roots dating back to the 1870s with the Sisters of Mercy.  Under this new partnership, both organizations will leverage their combined strengths to broaden their service offerings, providing older adults with an expanded array of programs, care options and sustainable housing solutions. The ECA affiliation also bolsters Transforming Age’s presence in California, the state with the highest population of residents over the age of 65. The Transforming Age network of affiliates, which recently announced …

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Company NewsRestaurantRetailTexas

Smalls Sliders to Open Five Restaurants in Metro Dallas

by Taylor Williams

DALLAS — Burger chain Smalls Sliders has signed an agreement with hospitality group Om Texas to open five restaurants, dubbed “Cans,” in metro Dallas. This marks the second multi-unit franchise deal in the city for the brand. Potential locations include Mesquite, Garland, Rockwall, Greenville, Murphy, Rowlett and Richardson, with the first store scheduled to open in the fourth quarter. Smalls Sliders opened its first Can in 2019 and currently has more than 160 restaurants open or under development.

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AcquisitionsCompany NewsDistrict of ColumbiaRestaurantRetailSoutheast

Avison Young to Acquire Madison Marquette Retail Platform, 6.1 MSF Management Portfolio

by John Nelson

TORONTO AND WASHINGTON, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the United States; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence to Seattle. In 2022, Avison Young acquired Madison Marquette’s office and industrial property management, agency leasing and project management service lines. “Avison Young is going all-in into the retail sector, and I am eager to take the firm’s vision of expanding its retail platform to the next level with the help of our strong team of retail leasing, management, marketing and market intelligence experts and Avison Young’s innovative data capabilities,” says Gavin Farnam, principal and managing director of U.S. retail services with Madison Marquette. Farnam will lead Avison Young’s U.S. retail property management and leasing teams.

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AcquisitionsCompany NewsIllinoisIndustrialMidwestSelf-Storage

Inland Agrees to Acquire Majority Interest in Devon Self Storage

by Kristin Harlow

OAK BROOK, ILL. — The Inland Real Estate Group of Cos. Inc. has agreed to acquire a majority interest in the business of Devon Self Storage Holdings LLC. Financial terms of the agreement were not disclosed. Devon manages 202 properties totaling roughly 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries throughout its history. Since entering the self-storage sector in 2016, Oak Brook-based Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states. Inland plans to grow Devon’s third-party management and development platform.

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Company NewsIndustrialTexas

Peinado Construction Opens New Office in Metro Austin

by Taylor Williams

PFLUGERVILLE, TEXAS — Peinado Construction, a Texas-based general contractor that specializes in industrial projects, has opened a new office in the northern Austin suburb of Pflugerville. Peinado first established its presence in the region with industrial projects for major end users like Caterpillar and Carrier Corp. and most recently completed a 141,282-square-foot data center project in Pflugerville for Skybox and Prologis. Ed Motley will lead the new office as executive vice president.

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AcquisitionsCompany NewsLoansTop Stories

Blackstone Acquires 20 Percent Stake in $16.8B FDIC-Run Signature Bridge Bank Portfolio

by Jeff Shaw

WASHINGTON, D.C. — The Federal Deposit Insurance Corp. (FDIC), as receiver of Signature Bridge Bank, has sold 20 percent of its equity stake in the defunct bank. The agency received the loan portfolio after the failure of Signature Bank in March. Hancock JV Bidco L.L.C. (Hancock), an entity indirectly controlled by Blackstone Inc. and other investors, paid $1.2 billion for a 20 percent equity interest. The portfolio consists of approximately $16.8 billion in commercial real estate loans collateralized by office, retail and market-rate multifamily assets. FDIC will retain an 80 percent equity interest in the venture. Hancock will be responsible for the management, servicing and liquidation of the venture’s assets. The entity will also be required to manage the portfolio in accordance with the terms of the transaction, subject to monitoring and oversight by FDIC. The New York State Department of Financial Services (DFS) took possession of Signature Bank on March 12. The bank failed after depositors withdrew substantial amounts of money in the wake of the collapse of Silicon Valley Bank on March 10. DFS named FDIC as receiver, and FDIC in turn transferred all deposits of Signature Bank to a new entity called Signature Bridge Bank. The bridge bank …

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Company NewsNortheastPennsylvaniaRetailTop Stories

PREIT Files for ‘Prepackaged’ Chapter 11 Bankruptcy, Will Operate as Private Company

by John Nelson

PHILADELPHIA — PREIT (OTCQB: PRET), a mall REIT giant based in Philadelphia, has filed for Chapter 11 bankruptcy protection. The “prepackaged” bankruptcy was agreed to ahead of time by PREIT’s creditors, which will shorten the duration of the company’s bankruptcy proceedings. PREIT expects it will be able to emerge from bankruptcy by early February 2024. PREIT owns and operates 18 malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has also expanded in recent years to the multifamily, hotel and healthcare sectors. According to PREIT’s third-quarter financial results, the company’s same-store net operating income declined 5.3 percent year-over-year. Additionally, its total mall occupancy was 93.6 percent, a decrease of 70 basis points from third-quarter 2022. Joseph Coradino, chairman and CEO of PREIT, cites a trifecta of COVID-19 disruptions, inflation and rising interest rates as leading to its voluntary filing with the U.S. Bankruptcy Court for the District of Delaware. “Following the pandemic disruption, PREIT has worked tirelessly to enhance the portfolio, dramatically improve occupancy and diversify its tenancy,” says Coradino. “However, unusual economic conditions have limited the company’s options with respect to its debt obligations as meaningful achievements on the operating front were …

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AcquisitionsCompany NewsNew YorkRetailTop Stories

Investor Group Offers $5.8B Buyout of Venerable Retailer Macy’s

by Hayden Spiess

NEW YORK CITY — An investor group comprising Arkhouse Management and Brigade Capital Management has made a bid to buy out Macy’s (NYSE: M) for $5.8 billion, according to The Wall Street Journal. The offer from two of the retailer’s largest shareholders would include taking the company private. Real estate investment firm Arkhouse and global asset manager Brigade submitted the acquisition proposal Dec. 1, according to the publication. Macy’s boasts a total real estate portfolio value of $8.5 billion, according to J.P. Morgan analysts cited by Reuters.  Equating to $21 per share, the offer follows six quarters of net sales declines, reports Reuters. Shares are down roughly 15.8 percent this year and closed at $17.39 Friday, but saw a surge Monday following the news, trading at $20.13. Adjusted net income in the third quarter of this year was reported as $59 million by the retailer, including all Bloomingdale’s stores, marking a year-over-year decline of $84 million. Net sales for the quarter totaled $5 billion, down 7 percent from the third quarter of 2022, with comparable decreases to both digital and brick-and-mortar sales. Recently, the Macy’s retail strategy has included partnerships with Toys “R” Us, as well as a focus on the introduction of …

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CosMc
Company NewsDevelopmentIllinoisMidwestRestaurantRetailTop Stories

McDonald’s to Test Small-Format, Beverage-Led CosMc’s Concept with First Location in Metro Chicago

by Katie Sloan

BOLINGBROOK, ILL. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu boards, cashless payment devices and pick-up windows. The concept’s menu will be beverage-focused, including specialty lemonades and teas, blended beverages and cold brew coffees.  Drink offerings — which will include churro- and s’mores-flavored coffees, sour cherry energy drinks and lemonades — will be customizable, to include the addition of boba, energy and Vitamin C shots.  CosMc’s locations will also feature a small lineup of food items, including new offerings like a spicy queso sandwich and pretzel and hash brown bites, alongside traditional menu standbys like Egg McMuffin sandwiches and McFlurrys.  The new concept is named after CosMc, a mascot that McDonald’s launched in the late 1980s.  Chicago-based McDonald’s is …

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