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MGM-Grand
Company newsNevadaNew YorkNews

VICI Properties to Acquire MGM Growth Properties for $17.2 Billion

by Katie Sloan

New York City and Las Vegas — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across …

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Company newsIndianaNews

Simon Property Group: Retail Sales Returned to Pre-Pandemic Levels in June

by Katie Sloan

Indianapolis — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020. Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent. “I am pleased with the profitability and substantial improvement in cash flow that were generated in the second …

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Company newsIllinoisNews

Old Second to Acquire West Suburban Bank for $297 Million

by Julia Sanders

Aurora and Lombard, Ill. — Old Second Bancorp Inc. and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a news release, the merged company will have approximately $6.2 billion in …

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Mark Toro
Company newsGeorgiaNews

Former North American Properties Executive Mark Toro Launches Toro Development Co.

by Julia Sanders

Atlanta — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square …

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Miramar Square
Company newsIllinoisIndianaNews

Kite Realty, RPAI Enter Into $7.5 Billion Merger Agreement to Create New Shopping Center REIT

by Julia Sanders

Indianapolis and Chicago — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five …

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Company newsNewsOhio

Retail REIT Phillips Edison & Co. Files for IPO

by Julia Sanders

Cincinnati — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July …

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Company newsIllinoisNews

Walgreens Reports Uptick in Sales, Plans to Make Technology Investments

by Julia Sanders

Deerfield, Ill. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), the company behind pharmacy retailers Walgreens and Duane Reade, predicts a 10 percent increase in adjusted earnings per share this fiscal year. The Deerfield, Illinois-based firm’s new CEO, Roz Brewer, says she plans to make investments in the coming months, including digital automation and technology efforts. Additionally, Walgreens and VillageMD have agreed to open hundreds of doctor offices in drugstores, which will span around 3,300 square feet each. VillageMD says it will find staff members and operate these clinics, and over …

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Company newsNew YorkNews

ShopOne Names Michael Makinen Chief Operating Officer

by Julia Sanders

New York, N.Y. — ShopOne Centers REIT Inc. has appointed Michael Makinen to the position of chief operating officer. In his new position, Makinen will be responsible for overseeing the New York City-based company’s operations and financial performance, including the execution of its strategic priorities. He will report to ShopOne’s Chief Executive Officer, John Roche. “We are very pleased to further enhance our management team with such a distinguished REIT executive as Michael,” says Roche. “His strong understanding of retail real estate landscape will be an asset to our organization …

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Barrett Bradley
CaliforniaCompany newsNews

Newmark Merrill Cos. Hires Barret Bradley as Vice President of Acquisitions and Development

by Julia Sanders

San Diego, Calif. — Newmark Merrill Cos. has hired Barret Bradley as vice president of acquisitions and development for the company’s San Diego division. In his new role, Bradley will be responsible for sourcing and overseeing the acquisition of existing retail properties, in addition to identifying and managing new development projects within San Diego County, South Orange County and South Riverside County. Prior to joining Newmark Merrill, Bradley worked on the development and acquisitions team at CenterCal Properties.

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AlabamaCompany newsNews

The Retail Brokers Network Selects Bryan Holt as President

by Julia Sanders

Birmingham, Ala. — The Retail Brokers Network (RBN) has selected Bryan Holt as president. In his new role, Holt will be responsible for helping grow the organization’s brand, representing RBN at industry-related events, recruiting new brokerage offices and facilitating education, networking and sharing of brokerage best practices between the 58 RBN member offices. Holt is a principal at Southpace Properties, where he oversees the company’s retail division. With nearly 25 years of experience in the commercial real estate industry, Holt specializes in retail tenant representation and investment sales. “I am …

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