{"id":1004328845,"date":"2019-06-04T04:31:30","date_gmt":"2019-06-04T12:31:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004328845"},"modified":"2019-06-04T05:57:37","modified_gmt":"2019-06-04T13:57:37","slug":"medamerica-to-merge-with-broad-street","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/","title":{"rendered":"Broad Street, MedAmerica Strike Merger Deal"},"content":{"rendered":"
\"Cromwell<\/a>

Cromwell Field Shopping Center. Image via Google Street View<\/em><\/p><\/div>\n

MedAmerica Properties Inc., which had operated as railroad support services company Banyan Rail Services Inc. before changing its name and shifting its strategy to focus on the acquisition and management of medical office buildings in 2017, is transitioning again. The company just inked a deal to merge with Broad Street Realty LLC and Broad Street Ventures LLC in a transaction that will create Broad Street Realty Inc., a company with a 2 million-square-foot portfolio of shopping centers located in Colorado, Maryland, Pennsylvania, Virginia and Washington, D.C.<\/p>\n

MedAmerica entered into 19 definitive merger agreements with the Broad Street entities, including one for each of the 17 LLCs behind the 17 shopping centers that will comprise the new company\u2019s asset collection. The retail properties range in size from the 28,000-square-foot Avondale Shops in Washington, D.C., to the 233,500-square-foot Cromwell Field Shopping Center in Glen Burnie, Md. MedAmerica\u2019s plans for MOB acquisitions never came to fruition, so the company is not bringing a portfolio of owned properties to the table.<\/p>\n

Following completion of the merger, Broad Street entities will own a total of 92 percent of the shares of common stock of the new public real estate company, leaving MedAmerica shareholders with the remaining 8 percent.<\/p>\n

Retail’s bright spot<\/h2>\n

MedAmerica\u2019s entry-by-merger into retail real estate comes at a time when the national sector is struggling with a growing list of store closures<\/a>. However, there are still solid areas of the retail real estate market and grocery-anchored properties are among them. Roughly half of the 17 shopping centers that will fall under the merged Broad Street company\u2019s ownership count leading national or regional grocery chains as anchors. MedAmerica expects the merger to reach completion by the end of 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

MedAmerica, which has focused on medical office buildings since a name and strategy change in 2017, will be part of a new company with a 2 million-square-foot retail portfolio.<\/p>\n","protected":false},"author":969,"featured_media":1004328857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21743,21808,23891,21742,21749],"tags":[45806],"class_list":["post-1004328845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-deals","category-featured","category-national","category-latest","category-retail","tag-broad-street-realty-inc"],"acf":[],"yoast_head":"\nBroad Street, MedAmerica Strike Merger Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Broad Street, MedAmerica Strike Merger Deal\" \/>\n<meta property=\"og:description\" content=\"MedAmerica, which has focused on medical office buildings since a name and strategy change in 2017, will be part of a new company with a 2 million-square-foot retail portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-04T12:31:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-04T13:57:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Cromwell-Field-Shopping-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/\",\"name\":\"Broad Street, MedAmerica Strike Merger Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Cromwell-Field-Shopping-Center.jpg\",\"datePublished\":\"2019-06-04T12:31:30+00:00\",\"dateModified\":\"2019-06-04T13:57:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/medamerica-to-merge-with-broad-street\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Cromwell-Field-Shopping-Center.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/Cromwell-Field-Shopping-Center.jpg\",\"width\":800,\"height\":620,\"caption\":\"Cromwell Field Shopping Center. 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