A California real estate investor is acquiring a Dallas REIT in an all-stock deal.
Realty Income, based in San Diego, is acquiring Spirit Realty Capital in a deal valued at $9.3 billion, the Wall Street Journal reported. The deal is expected to close in the first quarter.
Spirit stockholders will receive 0.762 shares of newly issued Realty Income shares.
Existing shareholders of Realty Income will retain about 87 percent of the company, and Spirit shareholders will own the rest.
Spirit Realty Capital is a REIT that invests in retail, industrial and office properties with long-term net leases. Its top tenants include Lifetime Fitness, At Home, Dollar Tree and Home Depot. Its president and CEO is Jackson Hsieh, and its chairman of the board of directors is Richard Gilchrist.
Realty Income has a similar portfolio with some of the same tenants. Walgreens, CVS, Dollar General, Dollar Tree, LA Fitness and Lowe’s are among the top tenants listed on its website.
Here’s what else is shaking in Texas real estate:
Corcoran Group launched a franchise in Houston recently.
The newly formed Corcoran Prestige Realty is owned and led by founder and CEO James Krueger, and also has a presence in North Houston and The Woodlands with Corcoran Ferester Realty. Krueger was born and raised near Houston and graduated from Texas A&M University.
Brian Adams has joined the JLL Dallas office’s retail division, specializing in food and beverage advisory. Adams previously worked at Retail Street Advisors, according to LinkedIn. He’s represented Michelin Star winners and James Beard Foundation Award semifinalists, along with retailers and hoteliers, according to a news release from JLL. He has also been a partner in hospitality related ventures.
Houston-based Transwestern Real Estate launched a Central Texas division. Austin-based Brandon Lester, who’s been with Transwestern since 2006, will lead the firm’s Central Texas division, which includes the Austin and San Antonio regions. Robert Gaston was Transwestern’s Austin city leader, and he will assume the role of Central Texas regional operations officer. Leah Gallagher will continue her role as San Antonio city leader.
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