New York City — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust.
Birmingham, Ala. — Birmingham-based Retail Specialists has named Beau Young senior vice president.
Las Vegas — Las Vegas-based NewMarket Advisors has hired Michelle Bauer as a retail real estate advisor.
Boca Raton, Fla. — The merger agreement between Staples Inc. (NASDAQ: SPLS) and Office Depot Inc. (NASDAQ: ODP) has been terminated. As a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016.
Winston-Salem, N.C. — Jab Beech Inc. and Krispy Kreme Doughnuts Inc. have entered into a definitive merger agreement under which JAB will acquire Krispy Kreme for $21-per-share in cash, or a total equity value of approximately $1.35 billion.
San Diego, Calif. — San Diego-based Excel Trust has named Luke Petherbridge president and CEO.
Hoffman Estates, Ill. — Sears Holdings will close 68 Kmart and 10 Sears stores this summer, 23 of which are located in the Midwest.
Meriden, Conn. — Vestis Retail Group LLC, the parent company of sporting goods and apparel retailers Eastern Mountain Sports (EMS), Bob’s Stores and Sport Chalet, filed for Chapter 11 bankruptcy on Monday.
Cincinnati —Cincinnati-based Phillips Edison Grocery Center REIT II Inc. and TPG Real Estate have formed a partnership to acquire high-quality, value-added grocery-anchored shopping centers throughout the U.S.
Newport Beach, Calif. — Dallas-based SRS Real Estate Partners has launched SRS National Net Lease Group, a newly created platform offering advisory services for investors of single-tenant and net lease retail properties nationwide.