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Dude-Perfect
Company NewsDevelopmentTexas

Reports: Dude Perfect Plans $100M Entertainment Facility, Eyes North Texas

by Taylor Williams

FRISCO, TEXAS — Sports and comedy entertainment group Dude Perfect is planning a $100 million headquarters facility and, according to a report from The Dallas Morning News, has placed North Texas at the top of its site selection list. Variety also reports that Dude Perfect has been planning the facility for about a year with San Antonio-based architecture firm Overland Partners, but is also pitching the project to Los Angeles and Atlanta. The facility would include a 330-foot trick shot tower, mini golf course, a museum and merchandise store, restaurants and two acres of outdoor space. Dude Perfect, which has about 58 million YouTube subscribers, is currently based in Frisco. All five members of the group originally hail from North Texas.

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AcquisitionsCompany NewsTop Stories

GIC, Oak Street Agree to Acquire STORE Capital in $14B Transaction

by Jeff Shaw

SCOTTSDALE, ARIZ. — GIC, a global institutional investor based out of Singapore, and Oak Street, a Chicago-based division of global alternative asset manager Blue Owl Capital, have agreed to acquire STORE Capital Corp. (NYSE: STOR) in an all-cash transaction valued at approximately $14 billion. STORE is a Scottsdale-based net-lease real estate investment trust that invests in single-tenant operational real estate. As of June 30, the company’s portfolio consisted of investments in 3,012 property locations, including restaurants, early childhood education, metal fabrication, automotive repair and maintenance facilities and health clubs. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, a premium of 17.8 percent to the 90-day volume weighted average stock price through that date and 20.4 percent to its closing price on Wednesday, the day before the announcement. STORE will become private following the transaction. The transaction was unanimously approved by STORE Capital’s board of directors and is expected to close in the first quarter of 2023. The closing of the transaction is not subject to any financing conditions. “This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, …

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Company NewsNAITexas

Partners Announces Split From NAI Global Affiliation, Will Open New Dallas Office

by Taylor Williams

HOUSTON — The Houston-based brokerage and advisory firm formerly known as NAI Partners has elected not to renew its affiliation with NAI Global and has rebranded the entire organization as Partners. All of the organization’s business lines, including brokerage services, investor services and valuation, will operate under this brand, as will Partners Capital, the company’s commercial investment arm. In addition, Partners, which already has additional offices in Austin and San Antonio, will open a new office in Dallas in the coming months.

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cooper
Company NewsDevelopmentRetailTop StoriesWashingtonWestern

Starbucks Plans to Open 2,000 New Stores by 2025, Invest $450M in Existing US Locations

by Katie Sloan

SEATTLE — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the United States.  The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ hometown of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up stores and drive-thru-only and delivery-only locations. “When we think about our existing store portfolio and our investments, they must deliver in a few critical areas,” said John Culver, group president for North America and chief operating officer. “Reducing the level of complexity and making work easier for our partners; enabling stronger engagement and connection between our partners and the customers they serve; and delivering experiential convenience.” Starbucks also plans to expand its mobile order offerings via the company’s app, allowing customers to know when their order is ready and making the process of mobile ordering easier and more efficient during peak hours. Mobile ordering will also be extended to the …

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Regal-Celebration-Pointe
Company NewsRetailTop Stories

Regal Cinemas’ Parent Company Cineworld Group Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

BRENTFORD, U.K. — Cineworld Group, parent company to Regal Cinemas among other international theater brands, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.  While a specific plan regarding the company’s real estate was not announced, Cineworld expects to pursue an “optimization strategy” regarding its locations across the U.S. as part of its bankruptcy proceedings. The company is engaging in discussions with its landlords on improving cinema lease terms in hopes of further positioning Cineworld for long-term growth in the U.S., the company says. The Brentford, U.K.-based company was founded in 1995 and has over 747 theaters open across 10 countries, with 511 located in the U.S. As part of its Chapter 11 proceedings, Cineworld is seeking to reduce debt and strengthen its balance sheet in order to accelerate growth. The company has nearly $2 billion in financial commitments from existing lenders to keep operating.  The company expects to operate its global business and cinemas as usual throughout the Chapter 11 process. Cineworld’s subsidiaries and affiliates not engaged in the U.S. or U.K. businesses were not included in the filing and are not part of the Chapter 11 process. Cineworld made …

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AcquisitionsCompany NewsNorthmarqTop Stories

Northmarq Agrees to Acquire Commercial Real Estate Brokerage Stan Johnson Co.

by Katie Sloan

MINNEAPOLIS AND TULSA, OKLA. — Commercial real estate capital markets platform Northmarq has agreed to acquire Stan Johnson Co., a Tulsa-based real estate brokerage and advisory firm, for an undisclosed price. The acquisition will include Stan Johnson’s affiliated debt services company, Four Pillars Capital Markets. Minneapolis-based Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing. The company boasts an annual transaction volume of $33 billion and has 22 investment sales offices across 13 states. Stan Johnson Co. has closed nearly 7,500 transactions exceeding $45 billion in sales volume since it was founded in 1985. The firm focuses on investment sales transactions involving retail, office, industrial, healthcare and specialty properties.  “This is an important milestone for our growing platform as our company now has investment sales professionals across the country that can service investors across all major asset classes,” says Jeffrey Weidell, CEO of Northmarq. “Adding this talented group of real estate professionals further establishes Northmarq as a full-service investment sales and capital markets platform.” Stan Johnson employs more than 100 brokerage professionals across 16 offices in 10 states, including Oklahoma, Arizona, California, Colorado, Georgia, Illinois, New York, Ohio, Oregon and Texas. “Our …

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Company NewsDevelopmentGeorgiaSoutheastStudent Housing

Landmark Properties Announces $2B Partnership with ADIA to Target Student Housing Development

by John Nelson

ATHENS, GA. AND ABU DHABI, UNITED ARAB EMIRATES — Landmark Properties has announced a $2 billion joint venture with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The partnership will be focused on developing and operating student housing properties in targeted markets throughout the United States. The new build-to-core joint venture follows the $1 billion value-add student housing platform formed by Landmark and ADIA announced in March 2022. “We remain disciplined in our strategy of growing the highest quality student housing portfolio in the country,” says Wes Rogers, president and CEO of Athens, Ga.-based Landmark. “Student housing continues to demonstrate, in all market cycles, a resilient asset class with strong fundamentals, and we continue to see compelling opportunities for development throughout the U.S.,” adds Rogers. “This latest joint venture offers the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.”

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AcquisitionsCompany NewsDistrict of ColumbiaIndustrialOfficeSoutheast

Avison Young to Acquire Trio of Business Lines from Madison Marquette

by John Nelson

TORONTO AND WASHINGTON, D.C. — Toronto-based commercial real estate services firm Avison Young has signed an agreement to acquire Washington, D.C.-based Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand as part of the acquisition, which is expected to close in September. Financial terms of the deal were not disclosed. The acquisition includes more than 20 million square feet of affected real estate, as well as 235 team members, including property managers, agency leasing professionals, project managers, building engineers and accountants. The former Madison Marquette staffers will integrate with Avison Young’s existing markets, primarily in Texas and California, the East Coast region and a new Hawaii office. Avison Young will integrate its data analytics, technology and global real estate intelligence platform with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trustand Principal Global Investors. “This is a transformative opportunity for both companies to build on their core strengths to achieve competitive advantage,” says Vince Costantini, CEO of Madison Marquette. “We made the strategic choice to move a portion of our services to Avison Young to better serve our office …

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Company NewsIndustrialLoansMultifamilyWestern

JB Capital, Taylor Street Partner on Commercial Real Estate Lending Fund

by Amy Works

BELLEVUE, WASH. — JB Capital has partnered with Taylor Street for its Real Estate Lending Income Fund. The fund provides capital to professional owners, operators and developers of multifamily and industrial real estate assets in key markets across the United States. Under the partnership, JB Capital will leverage Taylor Street’s national real estate expertise, further allowing Taylor Street to serve its clients across to institutional alternative asset management. While the equity gap required to invest continues to increase, professionals are looking outside traditional sources of capital with equity and mezzanine structured solutions. The fund’s purpose is to continue JB Capital’s commitment to providing its investors with a high-yield debt investment that delivers consistent monthly income while minimizing the risk of loss of principal and maintaining near-term liquidity.

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AcquisitionsCompany NewsHealthcareWestern

Amazon Agrees to Acquire Primary Care Chain One Medical for $3.9B

by Jeff Shaw

SEATTLE AND SAN FRANCISCO — Seattle-based tech giant Amazon (NASDAQ: AMZN) has agreed to acquire San Francisco-based primary medical care chain One Medical (NASDAQ: ONEM) for $3.9 billion. One Medical operates over 180 doctor’s offices throughout major metro areas in the United States.  Approximately 767,000 people have memberships to One Medical, paying a $200 annual subscription fee for the service. The company also mixes in-person, digital and virtual care services, with the intent of being convenient to where people already work, shop and live. Amazon has been pushing its way into healthcare in recent years, and the One Medical acquisition represents its biggest push into the sector to date, particularly regarding the physical real estate. “We think healthcare is high on the list of experiences that need reinvention,” says Neil Lindsay, senior vice president of Amazon Health Services. “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality …

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