California Pizza Kitchen Files for Chapter 11 Bankruptcy

PLAYA VISTA, CALIF. — California Pizza Kitchen (CPK) is the latest fast casual restaurant chain to file for bankruptcy protection due to strain brought on by the coronavirus (COVID-19) pandemic.The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday in order to “close unprofitable locations, reduce its long-term debt load and quickly emerge from bankruptcy as a much stronger company,” according to the filing. …

Tesla Selects Development Site Near Austin for $1B Vehicle Manufacturing Plant

AUSTIN, TEXAS — Electric automaker Tesla (NASDAQ: TSLA) has selected a 2,000-acre site near Austin for the development of its latest $1 billion ‘Gigafactory.’The vehicle manufacturing plant will build Tesla’s new Cybertruck pick-up truck and will be the second U.S. manufacturing site for the Model 3 and Model Y automobiles, distributing largely to the eastern half of North America.The development site is located in southeast Travis County, five minutes from the Austin …

Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue

CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon …

Sur La Table Files for Chapter 11 Bankruptcy, Plans to Close 56 Stores

SEATTLE — Privately held kitchenware retailer Sur La Table has filed for Chapter 11 bankruptcy protection. The Seattle-based company is set to close 56 of its 121 stores, according to reports by The New York Times, making it the latest retailer to struggle under strain caused by the COVID-19 pandemic.Following store closures and bankruptcy proceedings, Sur La Table has entered into a stalking horse agreement — or an initial bid on the assets of a bankrupt company — to affiliates of …

Student Housing Q&A: Tim Bradley Provides Capital Markets Update, Post-Pandemic Outlook

In June, Student Housing Business, sister publication to REBusinessOnline, reached out to Timothy Bradley, founder of TSB Capital Advisors, for an update on the market for financing in the student housing sector and the outlook for the year ahead.SHB: How would you describe the market for financing student housing at present?Tim Bradley: The market is challenging but not impossible for the right deal with strong sponsorship. For cash-flowing student housing assets, there is still an …

Hospitality Executives See Pockets of Resilience Amid Harsh Impact of COVID-19

A “black swan” event, the COVID-19 pandemic has had a devastating impact on the hospitality sector, affecting everything from revenue to operating models and the ability for hotel owners to pay debt service, says Brian Waldman, executive vice president of investments for Peachtree Hotel Group.The insights from Waldman came last Wednesday, July 1, during a webinar he moderated on the current state of the hospitality sector. The session was titled “Distressed Hotels: Sourcing Debt and …

NAIOP Sentiment Index Drops Below 50 for the First Time Since Its Inception

The NAIOP CRE Sentiment Index — based on a survey of commercial real estate developers, owners, investors and service providers — has come in at 45 for the month of March, dropping from 57 in September 2019 to a number below 50 for the first time since its inception in 2016.The NAIOP Sentiment Survey is conducted semi-annually, in March and September. The survey is sent to roughly 10,500 NAIOP members in the U.S. who are developers, building owners, building managers, brokers, analysts, …

Outlook is Bright for Student Housing in Post-COVID-19 World, Says Developer

The student housing industry has been uniquely affected by the coronavirus (COVID-19) pandemic. The niche asset class has been proclaimed "recession-proof" since its inception, and COVID-19 has been the ultimate test. One after another, universities across the country shut down, transitioned to online classes and sent their students home.What we have found during this time is that college students do not go home just because class is cancelled. Across the nation, students are still living …

The Coronavirus Outbreak: A Guide to The Impact on Student Housing

The impact of the coronavirus (COVID-19) is being felt across every sector of the U.S. economy as the virus continues to spread worldwide. The student housing industry is not exempt, as the number of colleges and universities canceling in-person classes continues to grow, with some requesting that students vacate residence halls immediately for the remainder of the spring semester.The number of confirmed cases in the U.S. has climbed to 10,442 and the death toll has risen to 150 as of …

EEE Keynote: Successful Retail Centers Set the Stage for a Great Visitor Experience

LOS ANGELES — The retail industry is evolving, and the tried and true formulas for development are no longer enough to attract shoppers. The convenience of e-commerce is cutting into purchases once almost exclusively entrusted to local strip centers, and consumer tastes are evolving to demand better experiences from the centers they choose to shop at with their discretionary dollars.Joseph Pine, author of “The Experience Economy,” shared these thoughts during a keynote address on the …

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