"Size matters," says D'Arcy. "There are clear advantages for REITs in getting larger in terms of access to capital, share liquidity and e-commerce expansion opportunities. It's long been speculated that mergers would occur in the industry and it hasn't quite happened as much as anticipated yet. But more consolidation will occur than it has in the past."

Although D'Arcy will not be staying at the merged entity, which was essentially a sale of Bradley to Heritage, he did speculate on the possibility of Heritage doing a public offering of the merged companies. "I would guess that Heritage might do a public financing later on," said D'Arcy.

D'Arcy will not be walking away empty handed from the deal. He will be taking home a $3.1 million payday. D'Arcy pointed out that $1.5 million of that package represents options that were already vested. Bradley's top 5 executives will be walking away with a total of $7.5 million in severance and options.