Company News

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

by Alex Tostado July 9, 2020

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …

July 9, 2020

Company News Leasing Activity Maryland Office Southeast

Armada Hoffler, WeWork Agree to Terminate 69,000 SF Office Lease in Baltimore

by Alex Tostado July 7, 2020

BALTIMORE — Armada Hoffler Properties and WeWork have mutually agreed to terminate WeWork’s 69,000-square-foot office lease at Wills Wharf in Baltimore’s Harbor Point neighborhood. The New York City-based coworking company was slated to occupy the top two stories of the office portion of Wills Wharf. A Canopy by Hilton hotel will be situated on the top four floors of the 12-story, 325,000-square-foot building. Armada Hoffler has begun marketing the space again to join other office tenants, which include EY, Jellyfish and Bright Horizons. WeWork also terminated its lease with landlord Columbia Property Trust at 189 Madison Ave. in New York City.

July 7, 2020

Company News Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Acquires Beler Advisory Group, Expands NYC Capital Markets Team

by Taylor Williams July 6, 2020

NEW YORK CITY — Walker & Dunlop has acquired Beler Advisory Group (BAG), a locally based independent real estate finance firm. Mo Beler, former principal at BAG, will join Walker & Dunlop’s New York City capital markets debt and equity team, which is currently led by Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz. Beler, a 15-year industry veteran who has closed more than $6 billion in debt and equity transactions in his career, founded the company in 2019.

July 6, 2020

Acquisitions Company News Georgia Office Southeast

AT&T to Sell CNN Center in Downtown Atlanta, Consolidate Offices at Techwood Campus

by Alex Tostado July 1, 2020

ATLANTA — AT&T informed CNN employees Monday that it will sell the CNN Center in downtown Atlanta, according to multiple media reports. AT&T took control of CNN in 2018 when it acquired Time Warner Media. Employees were notified that the move will not happen right away, as CNN will lease One CNN Center for another five years before moving to Time Warner’s Techwood campus in Midtown Atlanta. Ted Turner founded media giant at Techwood in 1980 before moving to downtown in 1987. It was not immediately clear if AT&T had a buyer lined up. CNN Center totals 150,490 square feet. The building includes a food court with tenants such as Starbucks, BurgerFi, Dunkin’, Moe’s Southwest Grill and Chick-fil-A. Retail tenants include the Atlanta Braves Dugout Store and Wells Fargo. The building is situated next to Mercedes-Benz Stadium, Centennial Olympic Park, State Farm Arena, Omni Hotel & Resort, the Georgia Aquarium, World of Coca-Cola and the College Football Hall of Fame.

July 1, 2020

Acquisitions California Company News Development Mixed-Use New York Northeast Office Top Stories Western

Hudson Pacific, Blackstone Form Joint Venture to Grow Movie Studio and Office Platform in Hollywood

by John Nelson June 30, 2020

LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …

June 30, 2020

California Company News Hospitality Retail Western

Disneyland Resort Pushes Reopening Date Beyond July 17

by Amy Works June 25, 2020

ANAHEIM, CALIF. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen on July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings throughout California. Additionally, Disney and The Master Services Union, which represents retail employees at Downtown Disney District, reached an agreement for members to return to work at this location. Disney will negotiate agreements with its unions and agree to enhanced safety protocols that will allow the company to responsibly reopen Disneyland, the company says.

June 25, 2020

Company News Retail Texas

J.C. Penney to Close 13 Additional Stores As Chapter 11 Bankruptcy Continues

by Taylor Williams June 24, 2020

PLANO, TEXAS — J.C. Penney Co. has revealed the locations of 13 additional stores it will permanently close, including seven in Michigan, as part of its Chapter 11 bankruptcy filing. The Plano-based retailer says the other six locations set to close include two in Washington state, two in New York, one in California and one in Maryland. J.C. Penney filed for Chapter 11 protection on May 15 and unveiled a list of 154 stores in late May that were set to close. Multiple news outlets report that going-out-of-business sales at the 13 locations are expected to begin on or around July 3. According to The Wall Street Journal, mall owner Simon Property Group is teaming up with shopping center owner Brookfield Property Partners to explore the possibility of acquiring J.C. Penney Co. According to Business Insider, the 13 stores closing include: 201 S. Washington St, Owosso, Michigan; 125 S. Michigan Ave, Big Rapids, Michigan; Bay City Town Center, 4129 E Wilder Road, Bay City, Michigan; Greenville West Mall, 300 Greenville W. Drive, Greenville, Michigan; Meridian Mall, 1982 W. Grand River Ave., Okemos, Michigan; Mt. Pleasant Shopping Center, 2231 S. Mission Road, Mt Pleasant, Michigan; Northtown Village, 1680 Wright Ave., Alma, Michigan; …

June 24, 2020

California Company News Western

‘Exceptional Leader’: Marcus & Millichap Co-Chairman William Millichap Passes Away at 76

by Amy Works June 24, 2020

CALABASAS, CALIF. — William Millichap, co-chairman of Marcus & Millichap whose leadership and innovation helped pave the way for the company to become a national player and household name in commercial real estate, has passed away at the age of 76 following a year-long battle with cancer. The company made the announcement Tuesday in a press release highlighting his career accomplishments. Millichap joined the company, then known as G.M. Marcus Co., as an investment broker shortly after its founding in 1971. After serving as a regional manager of the Palo Alto, Calif., office in the mid-1970s, Millichap went on to become president and a director of the company from 1985 to 2000. He was co-chairman of the board until his death. “The company’s formative years benefited greatly from Bill’s push for innovation, including our training programs, professionalization of the industry and adoption of technology — key building blocks of the firm’s market leadership,” says George Marcus, founder and chairman of the Calabasas-based company. “Bill was the truest of friends that one could ever have and a real partner in good times and challenging ones,” adds Marcus. “He was a unique and exceptional leader, coach and innovator. All who knew him …

June 24, 2020

Company News Florida Southeast

Maskco Technologies, SharperTek to Manufacture 75M Respirator Masks to Combat COVID-19

by Alex Tostado June 23, 2020

MIAMI — Maskco Technolgies Inc. has teamed with SharperTek to create 75 million N95 respirator masks over the next two years beginning in November. Under terms of the agreement, Pontiac, Mich.-based SharperTek will send 56 units of its assembly lines to Maskco Technologies’ production facilities in Miami, where the masks will be produced. The partners are awaiting certification from the National Institute for Occupational Safety and Health (NIOSH). A group of healthcare providers created Maskco Technologies in April when they realized the need for more N95 masks amid the COVID-19 outbreak. SharperTek has been manufacturing automated ultrasonic systems since 2006.

June 23, 2020

California Company News Western

NAIOP Names Kilroy Realty 2020 Developer of the Year

by Amy Works June 22, 2020

LOS ANGELES — NAIOP, the commercial real estate development association, has selected Los Angeles-based Kilroy Realty Corp. as the 2020 Developer of the Year, which is the association’s highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Las Vegas this October. Kilroy is one of the West Coast’s foremost developers and landlords, with a major presence in San Diego, greater Los Angeles, San Francisco Bay Area and the Pacific Northwest. The company owns and manages more than 14 million square feet office, mixed-use, residential and life science projects. with over 7 million square feet of projects under construction or in the development pipeline. In granting the award to Kilroy, NAIOP cited the company’s innovative approach to sustainable, modern work environments that drive creativity, productivity and employee retention for some of the world’s most influential digital media, entertainment, health, research, science and technology companies. This annual award recognizes a developer demonstrating leadership and innovation in commercial real estate. Nominees must be a principal NAIOP member in good standing and are judged by a panel of industry peers.

June 22, 2020

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