OAKVILLE, ONTARIO AND MIAMI — Burger King Worldwide Inc. (NYSE: BKW) has entered into a definitive agreement to buy Canadian restaurant chain Tim Hortons Inc. (NYSE: THI) for a reported $11.4 billion. According to a release, this merger will create the third-largest quick-service restaurant company in the world. The combined company will have more than 18,000 restaurants in 100 countries, and approximately $23 billion in annual sales. The new company will be based in Canada, where the majority of Tim Hortons’ stores are located. Under the terms of the transaction, which was unanimously approved by the board of directors of both companies, Tim Hortons shareholders will receive C$65.50 ($59.79 USD) in cash and 0.80 common shares of the new company per Tim Hortons share. Based on Burger King’s closing stock price as of Aug. 25, 2014, this represents total value per Tim Hortons share of C$94.05 ($85.78 USD). Alex Behring, executive chairman of Burger King and managing partner at 3G Capital, the Brazil-based investment firm that controls Burger King, will lead the new global company as executive chairman and director. “By bringing together our two iconic companies under common ownership, we are creating a global quick-service restaurant powerhouse,” says Behring. …
FORT WORTH — A 124-room Marriott Courtyard is set for construction in Fort Worth’s Stockyards National Historic District. Sunbelt-CFX LLC, which was represented by Lynn Dowdle of Dowdle Real Estate, acquired the 96,000-square-foot site located at 2533 N. Main St. Robert Grunnah and Lily Chang represented the seller, Exhibits Building Partnership. Construction is expected to begin immediately.
GOODLETTSVILLE, TENN. AND MATTHEWS, N.C. — Dollar General (NYSE: DG) has made a proposal to acquire Family Dollar Stores Inc. (NYSE: FDO) for $78.50 per share in cash, in a transaction valued at $9.7 billion. The combination would make Dollar General the largest small-box discount retailer in the United States with nearly 20,000 stores in 46 states and sales of more than $28 billion. Dollar General's all-cash proposal would provide Family Dollar shareholders with a superior valuation to the $74.50 per share cash/stock offer announced by Dollar Tree Inc. (NASDAQ: DLTR) on July 28, 2014. “For Family Dollar shareholders, our proposal is financially superior to the current transaction agreement with Dollar Tree and would provide Family Dollar shareholders with a substantial premium and immediate liquidity for their shares,” says Rick Dreiling, Dollar General's chairman and CEO. “For Dollar General shareholders, the proposed combination of Dollar General and Family Dollar would be a significant strategic opportunity to create immediate and lasting shareholder value. For both Dollar General and Family Dollar customers, we would be able to provide better value and greater selection.” Dreiling continues, “We have the utmost respect for Family Dollar, its leadership and its employees. We look forward to …
REDLANDS, CALIF. – Amazon has announced it will open a fifth California fulfillment center in Redlands. The 704,115-square-foot facility will join existing California fulfillment centers in San Bernardino, Moreno Valley, Patterson and Tracy. Once complete, the online retailer will have expanded its presence in California to 2 million square feet. “We are proud to be hiring for more than 2,500 full-time jobs in California that offer wages 30 percent higher than traditional retail stores and include comprehensive benefits on day one, bonuses and stock awards,” says Mike Roth, Amazon’s vice president of North America operations. “We have found great talent in the state and we’re excited to be growing quickly to serve our customers.” The new center will be used to pick, pack and ship large items, such as big-screen televisions and kayaks. The landlord, Clarion Partners, was represented by JLL’s Ruben Goodsell, Peter McWilliams, Mike McCrary and Nicole Welch. Trammell Crow Company will manage the construction.
CHARLOTTE, N.C. — Trinity Capital Advisors has purchased two office buildings in Toringdon Office Park (Toringdon 3 and 5), a six-building office park in south Charlotte. Trinity Capital now owns the entire office park, including 12 acres of land and a three-level parking garage. Trinity Capital purchased Toringdon 3 and 5 in a joint venture with Stockbridge Capital. The 527,392-square-foot park is leased to 16 tenants, including Nationwide Insurance, Ally Bank and Verizon Wireless. Trinity Capital also plans to develop a 175,000-square-foot, Class A office building at the park. Trinity Partners is responsible for the leasing and property management of Toringdon Office Park.
SURFSIDE, FLA. — HFF has arranged a $290 million construction loan for the development of The Surf Club Four Seasons private residences and Four Seasons Hotel in in Surfside, Fla, just north of Miami Beach. When completed, the development will include 151 condominiums, 77 hotel rooms, luxury retail and restaurant space. HFF worked on behalf of the borrower, SC Property Acquisitions LLC, an entity controlled by Fort Capital Management, to secure the construction loan. The loan was secured through The Blackstone Group’s debt strategies fund. The Surf Club is located at 9011 Collins Ave. with more than 900 linear feet of Atlantic Ocean frontage and is within walking distance of the Bal Harbour Shops. Situated on three parcels of land totaling 8.7 acres, the resort will be centered around the Mediterranean building, which has housed The Surf Club since its inception in 1930, playing as home to celebrities and politicians ranging from actress Elizabeth Taylor to Prime Minister Winston Churchill. Complementing the clubhouse will be three 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier. The project will be completed in 2016. Hotel amenities will include a restaurant, 15,000-square-fot spa, a swimming pool, fitness centers and lounge areas. The …
TOLEDO, OHIO — Health Care REIT Inc. (NYSE: HCN) has agreed to acquire HealthLease Properties REIT (HLP), a publicly traded Canadian company, in a transaction valued at $950 million. HCN has also entered into a partnership with Mainstreet Property Group, the external management company of HealthLease, to acquire 17 of its Next Generation properties currently under construction. In addition, HCN will also enter into a development partnership with Mainstreet with respect to 45 future properties, for a combined value of approximately $1.4 billion. In total, the transaction represents a potential $2.3 billion investment. The geographic footprint of this transaction reaches as far north as Canada, as far west as Arizona and Utah and as far east as New Jersey and Pennsylvania. The closing of HCN’s purchase of HLP remains subject to the approval of the REIT’s unit holders as well as other customary closing conditions. That transaction, as well as the closing of HCN’s partnership with Mainstreet, is expected to occur in the fourth quarter of this year. “Throughout HCN’s history, our strategy has been to fuel its growth by forming mutually beneficial partnerships with leading seniors housing and post-acute operators,” says Tom DeRosa, CEO of HCN. “We’re excited to …
DALLAS — HFF has arranged a $111.5 million refinancing for a seven-property portfolio across five states that totals approximately 1.4 million square feet. The properties include multifamily, industrial and mixed-use assets. HFF worked exclusively on behalf of the borrower, Madison Core Property Fund, a real estate fund managed by New York Life Real Estate Investors, to secure the fixed-rate loan that an HFF-correspondent life insurance company split into a five- and seven-year tranche. HFF is also servicing the loan. Senior Managing Director Trey Morsbach and Associate Director De’On Collins led the HFF team representing the borrower. The portfolio is 96 percent leased. The properties in the portfolio include two in California, the 156,880-square-foot office/retail property Centerstone Plaza, in Irvine, which was built in 1988; and the 136-unit multifamily property Pointe at Warner Center in Woodland Hills, built in 2004. Other assets in the portfolio include the industrial properties Bolingbrook in Bolingbrook, Ill., built in 2001 and 283,630 square feet; Auburn Park in Auburn, Wash., built in 2008 and 141,970 square feet; and Sumner North in Sumner, Wash., built in 2007 and 132,935 square feet. Multifamily properties are the remaining assets in the portfolio, including the 137-unit Wellington Place in Medford, …
OAK BROOK, ILL. — Inland American Real Estate Trust Inc. has announced its plan to spin off a significant portion of its lodging portfolio into a standalone, publicly traded company to be called Xenia Hotels & Resorts Inc. The new real estate investment trust (REIT) intends to list its shares of common stock on the New York Stock Exchange (NYSE) under the symbol “XHR.” Xenia Hotels & Resorts was formerly known as Inland American Lodging Group Inc. Upon completion of the proposed spin-off, Xenia will be headquartered in Orlando, Fla., and focus solely on the lodging sector. It is expected to own 46 hotels, comprising 12,636 rooms, across 19 states and the District of Columbia, and a majority interest in two hotels under development. Xenia will own and continue to invest primarily in premium full-service, lifestyle and urban upscale hotels in the top 25 U.S. lodging markets throughout the United States, focusing on urban and densely populated suburban markets with multiple demand generators and high barriers to entry. The company’s portfolio will include premium brands such as Marriott, Hilton, Hyatt, Starwood, Kimpton, Aston, Fairmont and Loews. “We are pleased to announce our intent to spin off Xenia Hotels & Resorts …
GLOUCESTER TOWNSHIP, N.J. — The popularity of outlet malls shows no signs of abating. Retail real estate giant Simon Property Group (NYSE: SPG) broke ground Thursday on Gloucester Premium Outlets in Gloucester Township. Slated to open in the summer of 2015, the multi-million dollar project will offer a diverse mix of more than 80 retailers “delivering great brands at extraordinary savings,” according to the company. Leaders from Simon and several political dignitaries commemorated the project with an official groundbreaking ceremony on Thursday morning for the 375,000-square-foot property. The dignitaries included Gloucester Township Mayor David Mayer and New Jersey State Senators Donald Norcross and Fred Madden. Gloucester Premium Outlets is a joint venture between Simon and PREIT-Rubin Inc., and will be developed and managed by Simon. The outlets will be located at the intersection of Robert Kelly Drive and Cooper Road in Blackwood, an unincorporated community within Gloucester Township. When completed, the outlet center will complement the other Simon Premium Outlets located in Limerick, Pa., sharing the greater Philadelphia market. The outlet center will feature designer and name brands at savings of 25 percent to 65 percent. With the center's proximity to both the Atlantic City Expressway and the Black Horse …