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Omega Healthcare to buy MedEquities Realty; JBG Smith's DC office fetches $377M

Commercial real estate

* Omega Healthcare Investors Inc. signed a definitive merger agreement to acquire all of the outstanding shares of MedEquities Realty Trust Inc. in a deal that reflects an enterprise value of approximately $600 million.

The deal will be executed with MedEquities stockholders receiving a fixed exchange ratio of 0.235 of an Omega common share and $2.00 in cash for each share of MedEquities common stock that they hold.

The transaction is expected to close in the first half, subject to customary closing conditions, including approval by stockholders of MedEquities.

* JBG Smith Properties sold The Warner building in Washington, D.C., to an affiliate of CBRE Global Investors LLC for $376.5 million, the Washington Business Journal reported, citing the D.C. Recorder of Deeds. The 621,000-square-foot office building at 1299 Pennsylvania Ave. NW is almost fully leased, with major tenant Baker Botts LLP slated to move out in March 2020, according to the Dec. 31, 2018, report.

* The Rabsky Group LLC refinanced its Halo LIC apartment complex in the Long Island City neighborhood of Queens, N.Y., with about $134.2 million from Berkadia, The Real Deal reported, citing property records.

Rabsky paid $32.2 million in 2013 to buy the site at 44-35 Purves St. The complex offers 284 units in total, the report added, citing StreetEasy.

* Property Reserve Inc., a real estate venture of The Church of Jesus Christ of Latter-Day Saints, purchased the Bridge Point industrial complex at 555 Northwest Ave. in Northlake, Ill., from Prudential Real Estate Investors for $70.6 million, The Real Deal reported, citing Cook County records.

Home Depot Inc. and Frozen Assets Cold Storage are among the tenants at the 257,000-square-foot property.

* Omnibuild Inc. pre-filed plans to develop a mixed-use complex, featuring 123 residential units across two buildings at 290 E. 149th St. in the Bronx, N.Y., The Real Deal reported, citing the new filing with the city's Department of Buildings. The 85-foot-tall complex will offer about 146,000 square feet of total building space at the site, where a three-story, mixed-use building stands.

* PDS Development secured $50 million in additional financing for its two luxury condominium projects at Fisher Island in Miami-Dade County, Fla., The Real Deal reported, citing property records. The new financing was obtained from Mack Real Estate Credit Strategies, which also provided a $90 million bridge loan in January 2018, bringing the total borrowings to $140 million.

The new loan will finance the sellout of the remaining 13 units at the 43-unit, 10-story Palazzo Del Sol, and a portion of the loan will also be used to complete the construction of the planned 50-unit sister project, dubbed Palazzo Della Luna.

* The overall development activity for self-storage properties rose in December 2018, compared to the previous month, with secondary markets including Orlando, Fla.; Portland, Ore.; Nashville, Tenn.; and Seattle witnessing the highest demand, The Real Deal reported, citing a new report by Yardi Matrix.

Inventory under construction as well as planned projects in Miami increased 16.4% in December 2018 from 15.3% in November 2018.

After the bell

* Government Properties Income Trust completed its merger with fellow real estate investment trust Select Income REIT. After the effective time of the merger, the merged entity changed its name to Office Properties Income Trust and effected a 1-for-4 reverse split of its outstanding common shares.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng fell 2.77% to 25,130.35.

In Europe, around midday, the FTSE 100 decreased 0.82% to 6,672.97, and the Euronext 100 was down 1.36% to 904.15.

On the macro front

The Redbook report and the PMI manufacturing index report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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