AUBURN, WASH. — Domino’s Pizza has opened its 13,000th store in the world, located in Auburn, outside of Seattle. The new store features the pizza theater design, which includes a comfortable lobby, open-area viewing of the food preparation process and the ability to track carryout orders electronically on a lobby screen. The store also features energy-efficient electric bikes and a Domino’s DXP, the company’s new specialized delivery car.
MEMPHIS, TENN., AND ATLANTA — Mid-America Apartment Communities (NYSE: MAA) has agreed to acquire Post Properties (NYSE: PPS) in an all-stock deal that values Post, a developer and operator of upscale multifamily communities, at nearly $4 billion. The merger will create a Sunbelt-focused, publicly traded multifamily REIT. The acquisition brings together two multifamily portfolios totaling approximately 105,000 multifamily units in 317 properties. The combined company plans to focus on urban and suburban locations in large and secondary markets within the Sunbelt region, which stretches from coast to coast along the southern United States. The combined company’s 10 largest markets by unit count will be Atlanta; Dallas, Fort Worth, Austin and Houston, Texas; Charlotte and Raleigh, N.C.; Orlando and Tampa, Fla.; and Washington, DC. Each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock, per the agreement. Former MAA equity holders will maintain about 67.7 percent of the combined company’s equity, while former Post equity holders will hold the remaining 32.3 percent on a pro-forma basis. The all-stock merger is intended to be a tax-deferred transaction. The combined company is expected to have a pro-forma equity market capitalization of about $12 billion, as …
Miami is coming into its own as an increasingly international city that continues to attract new residents, visitors and investment and development activity. The city’s urban core is flourishing, with residents gravitating toward a downtown area that allows them to live, work and play in the same neighborhood. The Miami retail market is experiencing a development surge to accommodate the city’s growth. Through the end of the first quarter of 2016, about 2.3 million square feet of retail space was under construction, according to CoStar. The developments are bringing a new class of retailers to the market. Major projects include Brickell City Centre, a 500,000-square-foot shopping center with a roster of tenants that includes Armani Collezioni, anchor tenant Saks Fifth Avenue and Valentino. North of downtown Miami, the $1.7 billion Miami Worldcenter project will introduce a high-street retail concept that is similar to the popular Lincoln Road open-air mall in Miami Beach. In Miami’s Design District, the $1 billion redevelopment of the neighborhood is attracting luxury retailers like Hermès, Louis Vuitton and Cartier. Downtown residents will have easy access to all of these retail destinations. Retail operating fundamentals remain strong in the Miami market. Vacancies closed the first quarter of …
SAN ANTONIO — CBRE has arranged the sale of Northwest Atrium, a three-story, 93,540-square-foot office building in San Antonio. Austin-based Kennedy Wilson purchased the asset from San Antonio-based NWA Limited Partnership for an undisclosed price. Carrie Caesar, Todd Mills and Hunter Mills of CBRE’s San Antonio office represented the seller. The property, located at 11550 W. Interstate Highway 10 in the northwest San Antonio submarket, is adjacent to University Park, a 3.2-million-square-foot master-planned business park. The asset was 89 percent occupied at closing to tenants including Civil Engineering Consultants, Benefit Management and NovaTel.
PASADENA, TEXAS — Colliers International represented John Harris Ventures LP in the sale of Fairmont Central Shopping Center, located at 4118 Fairmont Parkway in Pasadena. Marshall Clinkscales of Colliers represented John Harris Ventures. Bill Pyle with Edge Realty Capital Markets and Ray Orazani of Main Realty represented the buyer, Fairmont Central LLC. Bill Barnett with Charter Title Co. handled the closing.
SOUTHLAKE, TEXAS — Bright Realty has brokered the lease for a new Texas Rug Gallery in Southlake. The 6,082-square-foot retail space will be at Cornerstone Plaza on East Southlake Boulevard and Nolan Road. Mason Bakken and Britton Lankford of Bright Realty represented the landlord, BTR-8 Southlake LLC, in the lease transaction.
SAN MATEO, CALIF. — New York Life Real Estate Investors has provided $48 million in financing to the owners of a 181,219-square-foot office building in San Mateo. The Class A building is located at 777 Mariners Island Blvd. The mortgage loan has a seven-year term. Financing was provided on behalf of a fund managed by Wafra Investment Advisory Group.
DALLAS — The Vitorino Group has brokered the sale of an Empire Petroleum gas station and convenience store in Grapevine. The single-tenant, net-leased asset is located on State Highway 121 just north of Dallas/Fort Worth International Airport. The Vitorino Group acted as an intermediary between a local Dallas owner and a private, Dallas-based REIT. Terms of the sale were not disclosed.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired two seniors housing communities and two skilled nursing facilities in California’s Central Valley for approximately $34.4 million. The portfolio consists of 79 assisted living units and 293 skilled nursing beds, and is currently leased to affiliates of California-based Covenant Care LLC. The sellers included three related ownership groups. The names and specific locations of the communities were not disclosed. The existing leases have terms that expire in 2019, subject to two five-year extension options, and include CPI-based rent escalators. CareTrust funded the acquisition through its $400 million unsecured revolving credit facility. CareTrust is a publicly traded seniors housing and healthcare REIT based in San Clemente. It owns properties in 20 states.
YORBA LINDA, CALIF. — Thorofare Capital has funded a $15 million floating-rate commercial mortgage for a 60,740-square-foot retail property in Yorba Linda. Kevin Miller and Felix Gutnikov of Thorofare arranged the acquisition, CapEx and TI/LC facility financing for the undisclosed borrower.
