{"id":1004379164,"date":"2020-01-02T06:35:37","date_gmt":"2020-01-02T14:35:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004379164"},"modified":"2020-01-02T08:16:50","modified_gmt":"2020-01-02T16:16:50","slug":"broad-street-medamerica-close-mergers-first-phase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/broad-street-medamerica-close-mergers-first-phase\/","title":{"rendered":"Broad Street, MedAmerica Close Merger’s First Phase"},"content":{"rendered":"
\"\"

Image via Pixabay<\/em><\/p><\/div>\n

MedAmerica Properties Inc. is now Broad Street Realty Inc., courtesy of the completion of the first phase of the 19 definitive merger agreements<\/a> MedAmerica and Broad Street Realty LLC announced in May 2019. The transaction, which involved stock and cash, leaves the new fully integrated and self-managed real estate company with a portfolio of nine grocery-anchored shopping centers totaling approximately 865,600 square feet in the Mid-Atlantic region.<\/p>\n

Broad Street makes its debut with a footprint in Maryland, Virginia, Pennsylvania and Washington, D.C. The bulk of the collection is located in Maryland and includes the 85,900-square-foot Coral Hills Shopping Center in Capitol Heights; the 74,300-square-foot Crestview Square in Landover; the 98,900-square-foot Vista Shops at Golden Mile in Frederick; and Hollinswood Shopping Center, a Baltimore property featuring 112,600 square feet. The Virginia portion of the portfolio consists of the 109,600-square-foot West Broad Commons in Richmond along with Midtown Colonial and Midtown Lamonticello, which encompass 98,000 and 79,500 square feet, respectively, in Williamsburg. Broad Street’s largest asset, the 178,800-square-foot Dekalb Plaza is located in East Norriton, Pa., while the smallest property of the group, the 28,000-square-foot Avondale Shops, can be found in Washington, D.C.<\/p>\n

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READ ALSO: <\/strong>CRE Mega-Trends for 2020 and Beyond<\/a><\/p>\n

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In conjunction with the closing of the first tranche of mergers, certain Broad Street subsidiaries entered into two financing agreements with Basis Management Group LLC. Basis provided a $66.9 million loan secured by mortgages on six of the newly formed company’s properties and committed to investing as much as $10.7 million in Broad Street subsidiaries. Broad Street secured an additional $6.5 million loan through MVB Bank Inc. The company utilized proceeds from the financings for the repayment of debt as well as for general corporate purposes.<\/p>\n

Upon final completion of the transactions, Broad Street will have a portfolio totaling 17 shopping centers encompassing more than 2 million square feet in the Mid-Atlantic and Colorado. The new company will also operate, develop and redevelop grocery-anchored shopping centers and mixed-use properties and provide commercial real estate services.<\/p>\n

Portfolio Purchase Slowdown<\/strong><\/h2>\n

Despite such transactions as Tiffany & Co.’s $16 billion sale to LVMH Mo\u00ebt Hennessy Louis Vuitton, retail M&A activity did not garner the same high number of headlines in 2019 as they did the previous year. At the close of the third quarter of 2019, retail sector M&A volume was 21 percent below the two-year average, according to a report by PwC.<\/p>\n

However, grocery-anchored shopping centers continued to be an investor favorite in 2019. Notable transactions in the shopping center arena included Rosenthal Properties and PGIM Real Estate’s joint venture acquisition of a five-property, 742,000-square-foot portfolio in Richmond, Va., in a $125 million deal<\/a>. And First Washington Realty Inc. turned heads with its $485 million purchase<\/a> of five shopping centers totaling 800,000 square feet in metropolitan Washington, D.C. Broad Street expects the remaining 10 MedAmerica mergers to close within the next several months.<\/p>\n","protected":false},"excerpt":{"rendered":"

The newly formed company launches with a portfolio of nine grocery-anchored shopping centers totaling approximately 865,600 square feet in the Mid-Atlantic region.<\/p>\n","protected":false},"author":969,"featured_media":1004379167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21783,11,21742,10,1494,21749,36153,1615],"tags":[48290,45806,48287,48293],"class_list":["post-1004379164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-investment","category-midatlantic","category-latest","category-northeast","category-philadelphia","category-retail","category-richmond-hampton-roads","category-washington-dc","tag-basis-management-group","tag-broad-street-realty-inc","tag-medamerica-properties","tag-mvb-bank"],"acf":[],"yoast_head":"\nBroad Street, MedAmerica Close Merger's First Phase - 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