Cornerstone Real Estate Advisors plans to buy PMRealty, according to real estate sources. Terms were not disclosed. Jim Lacey, corporate spokesman for Cornerstone parent MassMutual Financial Group, did not return calls by press time. Jim McWalter, CEO at PMRealty, was not available for comment.
PMRealty has been on the block since spring, and Aberdeen Property Investors planned to acquire PMRealty by year's end. But the deal apparently fell through after several PMRealty senior executives defected in the fall for other firms. As a result, several pension fund clients put PMRealty on watch; one longtime client, the $12.5 billion Public Employees Retirement System of Nevada, moved its $260 million account to INVESCO Realty Advisors.