REAL ESTATE TECHNOLOGY
PS Business Parks | May 31, 2022
PS Business Parks, Inc. announced the expiration of the “go-shop” period set forth in the previously announced definitive merger agreement with affiliates of Blackstone Real Estate, dated as of April 24, 2022 (merger agreement). Under the terms of the merger agreement, Blackstone has agreed to acquire all the outstanding shares of the Company’s common stock for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion, including transaction expenses. The “go-shop” period expired at 11:59 p.m. (New York City time) on May 25, 2022.
During the “go-shop” period, at the direction of PSB’s board of directors, representatives of J.P. Morgan Securities LLC and Eastdil Secured, financial advisors to PSB, actively solicited company acquisition proposals from 43 potentially interested third parties. To date, none of the third parties contacted by PSB or its financial advisors, or any other third parties, have made competing proposals following the execution of the merger agreement.
Upon expiration of the go-shop period, PSB became subject to customary “no-shop” provisions that limit PSB and its representatives’ ability to negotiate competing proposals with, or provide non-public information to, third parties, subject to exceptions specified in the merger agreement.
The transaction is expected to close in the third quarter of 2022, subject to approval by PSB’s stockholders and other customary closing conditions.
J.P. Morgan Securities LLC is acting as lead financial advisor to PSB and provided a fairness opinion to the PSB board of directors in connection with the transaction. Eastdil Secured is acting as real estate advisor to PSB and is also acting as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz is serving as PSB’s legal advisor.
About PS Business Parks
PS Business Parks, Inc., an S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space. Located primarily in major coastal markets, PS Business Parks’ 96 properties serve approximately 4,900 tenants in 27.0 million square feet of space as of March 31, 2022. The portfolio also includes 800 residential units (inclusive of units in-process).
REAL ESTATE INVESTMENT
JRW Realty | May 27, 2022
JRW Realty, a nationwide commercial real estate brokerage dedicated to finding and delivering net-leased properties, has facilitated the acquisition of six Walmart Neighborhood Markets in Louisiana on behalf of its client for a total price of $84 million.
The six stores account for approximately 43,000 square feet each and are located in the southern or coastal Louisiana towns of Meraux, Houma, Prairieville, New Iberia, Opelousas, and Thibodaux. All purchases have single-tenant net leases in place, with individual prices ranging from $11.8 million to just under $16.5 million. The total square footage of the six stores is 257,427.
JRW Realty's Jennifer Rodriguez Ventura facilitated the deal on behalf of an institutional buyer with a demand for specific net-leased properties. JLL's Alex Sharrin represented the seller in the transaction.
Jennifer worked diligently to bring this transaction to fruition. We always seek the right kinds of properties for our clients' private real estate investment firms. As they have solid backing and resources, they are actively engaging in deals of this size and higher."
Melinda Marston,JRW Realty's president of single-tenant net lease
Walmart Neighborhood Markets were designed in 1998 as a smaller-footprint option for communities in need of a pharmacy, affordable groceries, and merchandise. Each location employs up to 95 associates.
"Our clients have specific criteria for purchasing real estate," Marston said. "One such criteria is net-leased properties tenanted by creditworthy clients. These Walmart Neighborhood Markets fit that description as well as anything could, and we are delighted to have been able to bring this deal to our clients and to help them complete a successful closing."
About JRW Realty
JRW Realty is a commercial real estate brokerage firm that has closed on more than 900 properties valued at more than $3.6 billion on behalf of its clients. JRW Realty's team places special focus on due diligence, reviewing over 100 properties each week and only choosing to source for clients the best 3-4% according to their rigorous acquisition criteria.
Intero | June 21, 2022
Intero, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., is pleased to announce eleven agents have been named in the annual Top 250 Latino Agents Report by the National Association of Hispanic Real Estate Professionals (NAHREP).
The Top 250 Latino Agents Report recognizes outstanding Latino real estate agents and teams from around the country. This year’s report includes rankings of the top 250 agents and teams by volume, and the top agents and teams in their respective regions, representing more than $13.8 billion in combined sales volume in 2021.
We are proud of Ricardo Artega, Juan Barragan, Erika Carrasco, Hugo de Hoyos, Todd Fernandes, Joseph Gonzales, Rebecca Johnson, Teresa Navarro, Julio Orozco, Carlos Padilla, and Denise Villeneuve. Every one of our agents brings a unique story of personal determination and commitment, exemplifying true professionalism in making homeownership a reality for others and carrying out NAHREP’s mission.”
Brian Crane, CEO of Intero
Established in 2002, Intero is deeply rooted in the Bay Area’s diverse culture and social change.
“I consider it an honor and privilege to be a part of my client's homeownership journey here in the Bay Area,” said Carlos Padilla, Intero Los Altos Agent and Member of Intero’s Hall of Fame. “And I’m proud to be their trusted advisor along the way—not only at the time of purchase, but also beyond.”
In its eleventh year of publication, the report recognizes agents whose hard work and dedication have led them to close an outstanding number of transactions to increase the rate of sustainable Hispanic homeownership in communities across the country. The listing of the Top 250 Latino Agents in America is compiled through broker affirmed self-nomination and recognizes the nation’s most successful agents and brokers for their residential real estate transactions.
Intero, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America Inc., serves Northern California and Nevada with 23 offices throughout the greater Silicon Valley, San Francisco, Calaveras County, Western Nevada, and the Greater Lake Tahoe Region. The Intero Franchise network comprises 35 affiliates located in California, Nevada, Tennessee, and Texas. The company is headquartered in the heart of California’s Silicon Valley.