Company News

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

by Alex Tostado May 8, 2020

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 the service was not disclosed. The Phoenix-based grocer recently expanded this service to 30 of its stores across Texas. Sprouts also partners with Instacart for same-day delivery services.

May 8, 2020

Company News Texas

Project Management Advisors Expands into Austin with Acquisition of ARPM

by Taylor Williams May 8, 2020

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 Austin office as general manager. Following the closing of the deal, PMA will have offices in Chicago, Austin, Los Angeles, Orlando, San Diego and San Francisco.

May 8, 2020

Company News Retail Texas

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

by Taylor Williams May 7, 2020

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 exit-financing package that would provide additional liquidity for the business. Neiman Marcus Group, which also owns Bergdorf Goodman and Last Call, recently extended temporary closures of all its stores through May 31, although a total of 10 Neiman Marcus stores in Texas, Tampa, Las Vegas and Tysons Corner, Virginia, are offering curbside pickup. About a month ago, several news outlets including Reuters, Bloomberg and The Dallas Morning News reported that the company would be furloughing the majority of its 14,000 store employees. Neiman Marcus, operates 43 Neiman Marcus stores, two Bergdorf Goodman locations and 22 Last Call outlets, expects to complete the proceedings by this fall.

May 7, 2020

Company News Retail Washington Western

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

by Amy Works May 7, 2020

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, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities in serving customers.” “More than ever, we need to work with flexibility and speed,” he adds. “Our market strategy helps with both, bringing inventory closer where customers live and work, allowing us to use our stores as fulfillment centers to get products to customers faster, and connecting digital and physical experiences with services like curbside pickup and returns.” The retailer is also restructuring its regions, support roles and corporate organization for greater speed and flexibility. This restructuring is expected to result in expense savings of approximately $150 million. That savings represents 30 percent of the company’s previously announced plans for net cash reductions of more than $500 million in operating expenses, …

May 7, 2020

Company News Retail Texas

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

by Taylor Williams May 7, 2020

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 any of its locally owned franchise gyms. Gold’s Gym has about 700 locations worldwide.

May 7, 2020

Company News Texas

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

by Taylor Williams May 6, 2020

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 to clients amid the COVID-19 outbreak. The firm has made several new hires of late and has not laid off or furloughed any employees in its three primary markets since the pandemic began.

May 6, 2020

Company News Restaurant Retail Western

Starbucks to Reopen More Than 85 Percent of Stores Nationwide by May 9

by Amy Works May 6, 2020

SEATTLE — This week, Seattle-based Starbucks started reopening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company plans to have more than 85 percent of stores opened by May 9 and expects to have more than 90 percent of stores open by early June. The company is using its experience in China, where more than 98 percent of its store are open and operating under revised protocols, as the foundation for its reopening in the United States amid the continued concerns of the global COVID-19 pandemic. “We have adapted these protocols for the U.S., and our goal is to exceed the standards outlined by the Centers for Disease Control and Prevention for a safe experience, including heightened emphasis on cleaning and sanitizing protocols in our stores,” says Kevin Johnson, CEO and president of Starbucks. The coffee company has expanded its service beyond drive-up to include mobile order for contactless pick-up, delivery and, in some locations, curbside parking and grab-and-go through the café. To that end, Starbucks is focusing on the safest and more convenient ways for customers to order through its Starbucks App, with expanded features including optimization for curbside …

May 6, 2020

Company News Texas

Restaurant Properties Group Announces Formation, Opens Metro Dallas Office

by Taylor Williams May 5, 2020

ADDISON, TEXAS — Real estate veteran Andy Anderson, formerly of Henry S. Miller, has formed Restaurant Properties Group, a new firm providing brokerage and consulting services to investors, owners and occupants of restaurant real estate. The company’s new office is located at 15305 Dallas Parkway in Addison on the city’s north side.

May 5, 2020

Company News District of Columbia Southeast

LoopNet Launches CoTour to Conduct Virtual Tours in Real Time Amid COVID-19

by Alex Tostado May 5, 2020

WASHINGTON, D.C. — LoopNet Inc. has launched CoTour, a virtual way for tenants, owners and brokers to browse commercial space in real time. CoTour can host a LoopNet member and up to 20 non-members at a time, giving all participants an opportunity to see the space and discuss with the others in the private meeting room. CoTour pulls its content from 3D virtual tours, HD video tours, aerial drone videography and architectural photography already existing on LoopNet listings. Washington, D.C.-based LoopNet’s marketplace covers all commercial property categories, including office, industrial, retail, apartments, hotel, land, specialty properties and investment properties. Due to the COVID-19 pandemic, 6.4 million tenants virtually toured properties on LoopNet in April, which is up 61 percent from the prior month.

May 5, 2020

Company News Hospitality Texas

Ashford Hospitality Trust to Return PPP Loan, Appoints New CEO

by Taylor Williams May 4, 2020

DALLAS — Ashford Hospitality Trust (NYSE: AHT) announced this weekend that it will return all funds from loans it received from the Small Business Administration’s Paycheck Protection Program (PPP), citing recently changed rules that would have put the Dallas-based company at compliance risk. Ashford, whose portfolio includes some 120 U.S. hotels totaling nearly 25,000 rooms, has also made a change in leadership, replacing CEO Douglas Kessler with J. Robison Hays III as the company’s new president and top executive effective May 14. According to The Dallas Morning News (DMN), Ashford originally applied for $126 million in PPP loans, seeking relief for each hotel with 500 or fewer employees. Per the DMN, the company originally said that it had laid off or furloughed 90 percent of its workforce and would be using the funds to help get those employees back to work. The PPP was established as part of the CARES Act to provide relief to owner-operators amid the COVID-19 pandemic.

May 4, 2020

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