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Simon, URW Among Latest to Temporarily Close Retail Centers Amid Coronavirus Outbreak

by Alex Tostado

INDIANAPOLIS AND LOS ANGELES — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, the Czech Republic and Slovakia on March 16. In a corresponding move, the company began actively reducing non-staff expenses and deferring non-essential capital expenditure. Unless instructed otherwise by local authorities, URW will reopen its properties March 29. URW says “essential” retailers will remain open. Essential stores are typically defined as grocery stores, pharmacies, convenient stores, etc. “We have not made this decision lightly and believe this is in the best interest of protecting our various stakeholders. We look forward to reopening these centers in the very near future,” says Jean-Marie Tritant, U.S. President of URW. “In the meantime, we are doing everything possible to make sure that ‘essential’ retail outlets …

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Company NewsHospitalityMarylandSoutheast

Marriott Reportedly Set to Furlough Tens of Thousands of Hotel Employees Amid Coronavirus Outbreak

by Alex Tostado

BETHESDA, MD. — According to a report from The Wall Street Journal, Marriott International Inc. is in the beginning stages of furloughing what could be up to tens of thousands of employees. The hotel chain cited travel cancellations and government travel bans due to the worldwide COVID-19 outbreak as the basis for its decision. Through a Marriott spokeswoman, the Journal reported the jobs are from hotel managers down to housekeeping. The spokeswoman said there have not been any corporate-level furloughs, but those are being discussed. According to Marriott, the Bethesda-based company employs 130,000 people nationwide. Additionally, on Tuesday afternoon, the CEO of Marriott, Arne Sorenson, as well as CEOs from Best Western, Choice Hotels International, Hilton Worldwide, Hyatt Hotels Corp., InterContinental Hotels Group, MGM Resorts, Pebblebrook Hotel Trust, Universal and The Walt Disney Co. met with President Donald Trump and Vice President Mike Pence in an effort to work with the federal government to protect the millions of employees working in the hospitality sector. Based on current occupancy estimates, the American Hotel & Lodging Association (AHLA) says 4 million hospitality jobs have been eliminated or are on the verge of being lost in the next few weeks. The AHLA reports …

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Company NewsMississippiRetailSoutheast

Eldorado Resorts Temporarily Closes Three Casinos in Mississippi

by Alex Tostado

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has temporarily closed Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi, due to the worldwide COVID-19 outbreak. The Reno, Nev.-based company said in a press release that the closures are in accordance with the Mississippi Gaming Commission order to shut down operations as of midnight local time, March 16. Eldorado agreed to sell Lady Luck last summer to Twin River Worldwide. The sale is expected to close this year. Eldorado acquired Tropicana Entertainment Inc. and all of its real estate assets in April 2018 for $1.85 billion.

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Company NewsNew YorkNortheastRetailTop Stories

Modell’s Sporting Goods to Close All 153 Stores

by Alex Tostado

NEW YORK CITY — Modell’s Sporting Goods has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey. The fourth-generation, family-owned retailer will close all of its 153 stores throughout New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington, D.C. The New York City-based sporting goods, athletic footwear, active apparel and fan gear retailer was founded in 1889. The company will begin liquidation sales Friday, March 13 and plans to continue operating its online platform. Modell’s lenders, which include Wells Fargo and JP Morgan Chase, will provide the company with the financial flexibility to operate the business in the near term, including paying employee wages and benefits. According to the New York Post, Modell’s employs 3,623 workers. With the rising competition and plethora of online options to shop for athletic gear, CEO Mitchell Modell cites an “extremely challenging environment for retailers” as a reason for the bankruptcy. “Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations,” says Modell. “While we achieved some success, in partnership with our landlords and vendors, it was not enough to …

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Company NewsMichiganMidwestRetail

Art Van Furniture Officially Files for Chapter 11 Bankruptcy

by Alex Tostado

WARREN, MICH. — Art Van Furniture LLC officially filed for Chapter 11 bankruptcy Sunday night after announcing Thursday that it would close all of its stores. The Warren-based retailer filed with the U.S. Bankruptcy Court District of Delaware. In the filing, Art Van said it operates 169 locations, including 92 furniture and mattress showrooms and 77 freestanding mattress and specialty locations. The company expects to close the stores by May 31 and lay off all of its 3,100 employees. Multiple media outlets reported that the company has between $100 million and $500 million in both assets and liabilities.

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Company NewsOfficeTexas

Cushman & Wakefield Acquires Houston-Based Colvill Office Properties

by Taylor Williams

HOUSTON — Cushman & Wakefield has acquired Colvill Office Properties, a Houston-based provider of office agency leasing services. The company currently oversees marketing and leasing efforts for roughly 17 million square feet of Class A office space throughout the Houston area. The Colvill portfolio includes more than 30 individual properties in the central business district, Energy Corridor/Katy Freeway, Galleria/Uptown, Westchase, West Belt, Springwoods and Inner Loop submarkets. Colvill CEO and president Chip Colvill will join Cushman & Wakefield as executive vice chairman.

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Company NewsRetailTexas

Pier 1 Imports Files for Chapter 11 Bankruptcy

by Taylor Williams

FORT WORTH, TEXAS — Home furnishing retailer Pier 1 Imports has filed for Chapter 11 bankruptcy in federal court in Richmond, Va., according to a report from The Wall Street Journal. The filing comes about six weeks after the Fort Worth-based retailer announced that it would close some 450 stores, about half of its total store count. The company is also closing two distribution centers. Pier 1 has entered into a plan support agreement with its term loan lenders, which include Bank of America and Wells Fargo, and is pursuing a sale of the company.

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Company NewsDistrict of ColumbiaGeorgiaSoutheast

CoStar Group to Acquire Atlanta-Based Apartment Data Company for $588M

by Alex Tostado

WASHINGTON, D.C. AND ATLANTA — CoStar Group has entered into an agreement to acquire Atlanta-based RentPath Inc. Although the sales price was not disclosed, The Wall Street Journal reports the sales price will be $588 million. RentPath, a digital marketing solutions provider to the multifamily housing industry, is voluntary filing for Chapter 11 bankruptcy. CoStar is a stalking horse bidder, meaning if another qualifying bid to purchase RentPath emerges, a bankruptcy auction bid will be held. Washington, D.C.-based CoStar primarily focuses on selling real estate data but is continuing its push into the multifamily sector, having previously bought Apartments.com and ForRent.com. RentPath received $74.1 million in financing to remain operational through the sales process.

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Company NewsTexas

SVN International Opens New Office in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — SVN International Corp., a full-service real estate franchisor of the SVN brand, has opened SVN | Westar Commercial Realty in Lubbock. Blake Truett and Bill Young will lead the new office, which will serve the greater West Texas area. The branch will offer services in brokerage, property management, tenant representation, investment sales, development consulting and real estate advisory.

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Company NewsDevelopmentIndustrialMidwestOfficeOhioTop Stories

Sherwin-Williams to Develop World Headquarters, R&D Center in Metro Cleveland for $600M

by Alex Tostado

CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities. The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland. The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866. “We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and …

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