Proposed merger to create $7B-plus real estate company
Madison Marquette, whose trendsetting projects range from the new District Wharf in the nation’s capital to Pacific Place in Seattle, plans to merge with PMRG to create a company with more than $7 billion in assets.
“The merger is an excellent match of culture and expertise, a tremendous win-win for our people, clients, and investment partners,” said PMRG CEO Rick Kirk.
In business since 1954, PMRG leases, manages, and provides investment and development services across a portfolio of office, industrial, medical, and multi-family space in 17 states. Its holdings are valued at over $2 billion and include a landmark 40-story multi-family development in Houston and the Confluence luxury multi-family tower in Denver.
Madison Marquette manages a national portfolio of premium retail and mixed-use assets on behalf of third-party clients and manages an investment portfolio valued at $5 billion. Other projects the company has in the works are the Asbury Park Boardwalk redevelopment in New Jersey and the revitalized District La Brea in Los Angeles.
The deal is expected to close this month with the leadership of both firms intact. The combined companies will maintain their primary office locations in Washington, D.C., and Houston.
Container Store exec named to chair ICSC
Valerie Richardson, who helped advance Containers Store’s nationwide presence in her 17 years with the company, has been named chairman of the International Council of Shopping Centers for the 2018-2019 term.
Richardson is the fifth woman to serve in the post and the first to come to it from an active retailing company. Earlier in her career, she administered the store expansion strategy for Ann Taylor and Ann Taylor Loft and served as VP of real estate and development for the superstore division of Barnes & Noble.
Richardson was a featured speaker at Chain Store Age’s 2018 SPECS Show, which was held in March, in Dallas. She joined other female retail executives in a presentation that focused on the challenges and opportunities facing women in the retail workplace.
“The value and service ICSC delivers to its retailer members is the reason I have been involved with the organization for 35 years,” Richardson said upon assuming the chairmanship.
Daniel B. Hurwitz, founder and CEO of Raider Hill Advisors, was named vice chairman by ICSC.
Tanger marks 25th year as a public company
Steven B. Tanger rang the closing bell at the New York Stock Exchange on May 30 to mark Tanger Factory Outlets’ 25th anniversary as a public company.
The company he serves as CEO grew from 17 centers to 44 since going public in 1993, and it remains the only publicly traded REIT focused on the outlet sector.
Tanger remarked that the event marked a special milestone in the history of the company, which was founded in 1981. “I could not be prouder to have celebrated this occasion alongside our over 600 Tanger employees across the country,” he said.
Tanger Outlets can be found in 22 states and in Canada. The portfolio totals approximately 15.3 million sq. ft.