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J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt Restructuring

PLANO, TEXAS — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on the evening of Friday, May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total …

CoStar Group Agrees to Purchase Ten-X for $190M

WASHINGTON, D.C. — CoStar Group Inc. (NASDAQ: CSGP) has agreed to purchase Ten-X for $190 million. The all-cash deal is expected to close in the third quarter of this year. Irvine, Calif.-based Ten-X was launched in 2009 with the goal of providing a digital platform to complete commercial real estate transactions during the Great Recession. Since its founding, nearly $24 billion worth of commercial real estate transactions have been completed on the site. Companies such as Fannie Mae, Bank …

Peterson Cos. Unveils Plans for Reopening Shopping Centers Around Washington, D.C.

WASHINGTON, D.C. — In the midst of the COVID-19 pandemic, Peterson Cos. has unveiled its plans for welcoming back tenants and customers, once permitted to do so. Peterson owns and operates open-air, mixed-use and power center properties. The company will implement the plan across several of its properties, including at National Harbor, Downtown Silver Spring, Rio in Gaithersburg, Fairfax Corner and Fair Lakes. Virginia Gov. Ralph Northam says he wants to slowly begin reopening retail …

Sunshine Retirement Rolls Out Portfolio-Wide COVID-19 Testing

BEND, Ore. — Sunshine Retirement Living, a Bend-based seniors housing operator with 32 communities in 16 states, now offers FDA-approved “Respira-ID” testing for COVID-19 at all its properties. Residents and employees that are exhibiting symptoms will now all be tested, as well as any new residents moving in regardless of symptoms. Produced by Vikor Scientific, Respira-ID tests for over 40 pathogens known to cause respiratory illness including COVID-19. The manufacturer will provide …

Sprouts Farmers Market Expands Grocery Pick-Up Service to 46 Stores Across Southeast

PHOENIX — Sprouts Farmers Market has expanded its grocery pick-up service to 46 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee as the grocer faces heightened demand amid the COVID-19 outbreak. The service allows customers to plan grocery pick-up for the same day or to schedule several days in advance. Their personal shopper will bring the groceries to a designated pickup parking spot when the customer arrives and checks in. A list of specific stores offering …

Project Management Advisors Expands into Austin with Acquisition of ARPM

AUSTIN, TEXAS — Project Management Advisors Inc. (PMA), a Chicago-based advisory and management firm, has acquired Austin-based American Realty Project Management (ARPM), effectively giving the company a new office in the Texas state capital. PMA is a national real estate advisory firm that provides consulting services to developers and owners in the commercial, healthcare, hospitality, life sciences and residential sectors. Ross Anders, former managing partner at ARPM, will lead PMA’s …

Neiman Marcus Files for Chapter 11 Bankruptcy, to Shed $4B in Debt

DALLAS — Neiman Marcus Group has filed for Chapter 11 Bankruptcy protection as the Dallas-based luxury retailer enters into negotiations with creditors to restructure its debt. Upon emergence, the company anticipates that it will eliminate approximately $4 billion of its existing debt. Neiman Marcus has secured $675 million in debtor-in-possession financing from creditors to enable business continuity during the bankruptcy proceedings. These creditors have also committed to a $750 million …

Nordstrom to Permanently Close 16 Stores, Plans Phased Reopening for Others

SEATTLE —Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, …

Gold’s Gym Files for Chapter 11 Bankruptcy, Permanently Closes 30 Centers

DALLAS — Gold’s Gym, a fitness chain founded in California in 1965 and now headquartered in Dallas, has filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code as it works to restructure its debt. In a statement issued earlier this week, the company said that the financial fallout from COVID-19 has forced it to permanently close about 30 company-owned gyms. The company also said that the filing would not impact its licensing division and was not associated with …

NAI Partners Steps Up Recruiting Efforts, Utilizes Technology to Close Deals

HOUSTON — NAI Partners, which provides brokerage and consultant services to the office, retail and industrial markets of Houston, Austin and San Antonio, has announced its intention to hire at least 20 new investment sales professionals across its three core markets by the end of 2020. The company cites its use of key technological platforms such as Google Earth Tour Builder, Matterport, Microsoft Teams and Zoom as critical to its ability to share information and deliver real-time solutions …

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