Company News

Palazzo-West-Los-Angeles

NEW YORK CITY AND DENVER — Private equity behemoth Blackstone (NYSE: BX) has agreed to acquire AIR Communities (NYSE: AIRC) for $10 billion in an all-cash deal that would take the Denver-based multifamily REIT private. The deal is expected to close during the third quarter. AIR Communities, which is formally named Apartment Income REIT Corp., owns 76 multifamily properties totaling roughly 27,000 units across 10 states and Washington D.C. The properties are primarily concentrated in coastal markets such as Los Angeles, Miami and Boston. Under the terms of the deal, Blackstone will also assume all of AIR Communities’ outstanding debt. Blackstone also plans to invest more than $400 million to maintain and improve the existing communities in the portfolio. The purchase price of $39.12 per share represents a premium of 25 percent to AIR Communities’ closing share price on April 5, 2024, the last full day of trading prior to the announcement. The price also represents a 25 percent premium to AIR Communities’ weighted average share price over the previous 30 days. “AIR Communities represents the highest quality, large-scale apartment portfolio we have ever acquired and is located in markets where multifamily fundamentals are strong,” says Nadeem Meghji, global co-head …

FacebookTwitterLinkedinEmail

ISLANDIA, N.Y. — Forte Construction, a locally based general contractor that specializes in public works projects, has opened its new corporate headquarters facility in the Long Island community of Islandia. The company purchased the 30,000-square-foot, three-story building at 1770 Motor Parkway in 2021 as part of a planned relocation and expansion from an 8,000-square-foot facility in Holbrook. The new facility supports about 300 employees between Forte and its sister companies, TAP Electric and BR Construction.

FacebookTwitterLinkedinEmail
4000 Union Pacific Ave, Commerce, CA

COMMERCE, CALIF. — 99 Cents Only Stores LLC has announced plans to close all 371 of its stores and wind down business operations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of fixtures, furnishings and equipment at the stores. Sales under this agreement are expected to begin today. 99 Cents Only was founded in 1982 as a deep-discount retailer where every item cost less than a dollar. The company is headquartered in the southeast Los Angeles suburb of Commerce, and currently operates stores in California, Texas, Arizona and Nevada. The company consulted its financial and legal advisors to find a way to continue operating, but ultimately decided the wind-down was necessary and the best way to maximize the value of its assets. Hilco Real Estate will manage the sale of the company’s owned and leased real estate assets. The company has appointed Chris Wells, managing director at Alvarez & Marsal, as chief restructuring officer. Additionally, Mike Simoncic, interim CEO of 99 Cents Only and managing director at Alvarez & Marsal, will step down. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Simoncic. “Unfortunately, the …

FacebookTwitterLinkedinEmail
Academy-Sports

KATY, TEXAS — Sporting goods retailer Academy Sports + Outdoors has announced plans to open 160 to 180 new stores over the next five years.  Half of the new stores are expected to open in markets where the retailer has an existing footprint. The remaining 80 to 90 stores are planned for new and adjacent markets, with a focus on expanding to smaller and mid-sized markets. The company sees these locations as offering higher opportunities for profit despite lower sales volumes. These openings will increase the Katy-based retailer’s footprint from 282 stores across 18 states to between 442 and 462 nationally. The company will begin this effort by opening 15 to 17 new locations in 2024. The first of these stores recently opened in Knightdale, N.C. Another location is set to open on April 12 in Greenwood, Ind.  The company, which sees 95 percent of its sales fulfilled in brick-and-mortar locations, concurrently announced plans to enhance its omnichannel shopping experience by improving its mobile application and search capabilities, increasing the speed of online check-out, and offering more payment options.  Academy Sports + Outdoors was founded in 1938 and offers a full range of outdoor and sports apparel and footwear; hunting, …

FacebookTwitterLinkedinEmail

MCLEAN, VA. — Hilton plans to acquire Graduate Hotels, a hospitality brand with hotels in college towns such as Ann Arbor, Mich., and Chapel Hill, N.C. The brand was founded in 2014 and has grown to include hotels across the country, as well as in Oxford and Cambridge, United Kingdom. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. Adventurous Journey Capital Partners (AJ Capital) will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements. Hilton expects the deal to close in the second quarter, subject to customary closing conditions.

FacebookTwitterLinkedinEmail

HUDSON, OHIO — Joann Inc. (NASDAQ: JOAN), a fabrics and sewing retailer based in Hudson, has filed for prepackaged Chapter 11 bankruptcy. The company’s 829 stores and its website (JOANN.com) will remain open for business. Following the bankruptcy process, if approved, Joann will become a private company owned by some of its lenders and other industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange. As of this writing, the company’s stock has been delisted. Joann expects to emerge from the voluntary bankruptcy process as early as April. In addition to the bankruptcy decision, the 81-year-old company has entered into a transaction support agreement with a majority of its financial stakeholders and additional industry financing parties. As part of the agreement, Joann has received commitments for approximately $132 million in new financing and related financial accommodations. “This agreement is a significant step forward in addressing Joann’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver product assortments and enhance the customer experience wherever they are shopping with us,” says Scott Sekella, Joann’s chief financial officer. He adds that 95 percent of the company’s …

FacebookTwitterLinkedinEmail

FRISCO, TEXAS — Ruiz Foods, a provider of frozen Mexican foods, has opened a new 25,000-square-foot headquarters space at HALL Park in Frisco, according to reports from local media sources. According to Star Local Media, the company is in the process of relocating some employees from its existing headquarters facility in Dinuba, Calif., in addition to hiring some local workers. Ruiz Foods eventually plans to employ about 125 people at the new facility, the local paper reports.

FacebookTwitterLinkedinEmail

LOS ANGELES — FAT (Fresh. Authentic. Tasty.) Brands Inc., the Los Angeles-based parent company of 17 restaurant concepts, has inked a new development deal to open 20 new Johnny Rockets restaurants across Texas over the next 10 years. The locations were not disclosed, but the first restaurant is set to open sometime this year. The new locations will open in partnership with Brame Holdings LLC, a San Antonio-based private investment company with a portfolio of franchised restaurants and automotive stores.

FacebookTwitterLinkedinEmail

BATAVIA, ILL. — German discount grocer Aldi has announced plans to add 800 new locations across the United States by the end of 2028. The company will invest more than $9 billion into the expansion plan, which will be implemented through a combination of new openings and store conversions. In August, Aldi acquired American grocery brands Winn-Dixie and Harveys Supermarket as part of a larger divestiture of parent company Southeastern Grocers. Aldi’s expansion plans in the Southeast include both new openings and converting some of the former Winn-Dixie and Harveys locations to Aldi-branded stores. The locations that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Aldi plans to add nearly 330 stores across the Northeast and Midwest. Additionally, Aldi will expand its presence in the West by adding more stores in Southern California and Phoenix, as well as entering new markets such as Las Vegas. “Our growth is fueled by our customers, and they are asking for more Aldi stores in their neighborhoods nationwide,” says Jason Hart, CEO of Aldi. “With this commitment to add 800 stores in the next five years, we’ll be where our shoppers need us while positively impacting the communities we serve.”  Aldi …

FacebookTwitterLinkedinEmail
SRS-Wirick-Team-CA

RIVERSIDE, CALIF. — SRS Real Estate Partners has expanded its Southern California presence with the addition of Nick Wirick as senior vice president and managing principal; Chris Beauchamp as vice president; Miranda Montgomery as senior associate; and Jessica Henderson as marketing and transaction coordinator. Based in Riverside, the team is part of SRS’ first Inland Empire office, located at 3390 University Ave. The Wirick team has completed more than $900 million in deal volume in recent years. The team focuses on tenant and owner services primarily in the Inland Empire. The team will work alongside Garrett Colburn and Terrison Quinn in SRS’ Newport Beach office.

FacebookTwitterLinkedinEmail
Newer Posts