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Good Morning!

Happy Hanukkah! What was expected to be a quiet week for deals has turned out to be a race to close before New Years. Nordstrom is going private with a family-led buyout, Party City and Big Lots might have hopes with a potential offer coming this week, Turkey lowers interest rates to a whopping 47.5%, Metlife to acquire PineBridge Investments for $1.2bn, and the Japanese car manufacture merger adds a 3rd

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Capital Markets

Headlines

• Nordstrom Agrees To $6.25bn Buyout

  Amid a wave of big box retail bankruptcies Nordstrom is being bought out at $24.25 a share. The Nordstrom family members and a Mexican retail group will take the retail store private and take a long-term view of the business

• Japanese Car Manufacturer Merger Grows

  Previously, Nissan and Honda had confirmed they exploring merger talks, and now Mitsubishi has confirmed its part of a 3-way merger to potentially create the world’s 3rd largest car manufacturer

• Turkey Lowers Interest Rates To 47.5%

  On Thursday Turkey’s central bank lowered rates by 2.5% to 47.5%, the first rate cut in nearly 2 years

• Mitch Modell Looking To Buy Party City, Big Lots

  Mitchell Modell, the former president and CEO of Modell's Sporting Goods Inc., is looking to submit a term sheet to acquire the failing retail stores

• MetLife To Buy PineBridge Investments:

  In a deal valued at $1.2bn, the insurance group will increase its AUM by $100bn Shaked Acquisitions has purchased Cobb Place, a 335,190-square-foot retail center in Kennesaw, Ga., for $63.5 million. Wicker Park Capital Management

Deals Deals Deals

Sales

• Office: Norges Bank Investment Management acquired the remaining 50.1% of a 3.7mm SF office portfolio for $977mm from TIAA subsidiaries. The portfolio is valued at $1.95bn and spans across D.C., San Francisco, and Boston

• Hospitality: Slate Property Group acquires a 289-key hotel in New York’s FiDi for $95mm from Sam Chang

• Multifamily: The Westover Companies acquires a 13-property, 147-unit portfolio from Black Spruce in New York’s Chelsea neighborhood for $95mm

• Office: Envision and Faring acquire a 133K SF office asset in Los Angeles, CA for $90mm from Tishman Speyer

• Retail: Orion Buying Corp. acquires an $89mm 31 single-tenant retail portfolio across the NorthEast from Neil Mellen, founder of Town Fair Tire

• Retail: Shaked Acquisitions acquired Cobb Place, a 335K SF retail center in Kennesaw, GA, for $64mm from Wicker Park Capital Management

• Industrial: Alterra IOS acquires an outdoor storage site for $51mm in Jurupa Valley, CA

• Multifamily: Viking Capital and GW Capital acquired The Townhomes at Bluebonnet Trails, a 114-unit, single-family rental asset south of Dallas, TX for $35mm from Quannah Partners

• Multifamily: AHV Communities acquires a 330-unit multifamily asset in San Antonio, TX

• Multifamily: A partnership between Security Properties and an affiliate of Rockwood Capital acquire a 284-unit multifamily asset in Portland, OR from an undisclosed seller

• Industrial: B&D Holdings acquired a 109K SF industrial building in Avon, MA for $19mm from Oliver Street Capital and Bain Capital Real Estate

Debt

• Multifamily: The Estate Companies secured a $78mm construction loan form Banesco Bank to develop a multifamily asset in Fort Lauderdale, FL

• Multifamily: Dominium secured a $60mm construction loan from Associated Bank for Emblem at Tower, a 324-unit affordable housing project north of Austin, TX

• Industrial: Apricus Realty Capital secures a five-year, fixed-rate loan to acquire a 7.5 acre industrial outdoor storage facility in Dallas, TX

• Senior Housing: The Jamaica Plain Neighborhood Development Corp. has received a mix of public, private and grant financing to develop a 48-unit affordable senior housing community in Boston, MA

Distress

• Senior Housing: An undisclosed buyer acquired The Oaks at Bartlett, a 283-unit senior housing community in Chicago, IL, for $64mm via a court-supervised process. Continuum Advisors brokered the deal

• Office: Real Capital Solutions acquires a 179K SF office asset in D.C. from JP Morgan Investment Management for $29mm. The asset previously traded for $79mm in 2010

Meme Summary

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