Hub Group Inc. has sold its Mode Transportation LLC subsidiary to an affiliate of York Capital Management for $238.5 million. The sale does not include the Temstar business. Although Hub Group has reported success with the Mode subsidiary, there was a "lack of strategic alignment with Hub's centralized business model," said Hub Group Chairman and Chief Executive Officer David Yeager in a press release. Mode is a non-asset-based third-party logistics company delivering truckload, less-than-truckload, intermodal, rail, ocean, air and managed transportation services.
The Metropolitan Transportation Authority (MTA) has chosen Greystone Management Solutions to provide real estate management services for a five-year term. Services will include account management, construction management, accounting and collections, insurance compliance and dispute resolution. The MTA's portfolio consists of 4,000 occupancies that include retail agreements, utility right-of-way agreements, parking agreements and easements stretching from Montauk to Poughkeepsie, New York, according to a Greystone press release.
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