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Company NewsIndustrialOfficeRetailTexas

BH Properties Buys Former Golfsmith HQs in Austin Out of Bankruptcy for $20.5M

by Amy Works

AUSTIN, TEXAS — Los Angeles-based BH Properties has acquired the former Golfsmith International Holdings Inc. headquarters facility in Austin out of Golfsmith’s bankruptcy liquidation process for $20.5 million. Situated on 40 acres, the four-building, 332,345-square-foot property features a 93,000-square-foot building, which housed retail and office space, and three manufacturing and distribution facilities totaling 239,000 square feet. BH Properties was represented in-house, while Michael Jerbich of A&G Realty Partners represented Golfsmith in the deal.

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CaliforniaCompany NewsRetailWestern

Banana Republic Brand President to Depart Gap Inc.

by Nellie Day

SAN FRANCISCO — Andi Owen, global brand president of Banana Republic, will leave Gap Inc. in late February. While a search is underway for Banana Republic’s next president, Gap Inc. CEO Art Peck will directly oversee the brand. Since joining Gap Inc. in 1991, Owen has held a variety of leadership roles at the company, including executive vice president and general manager for Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores. San Francisco-based Gap Inc. oversees the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Gap Inc. has approximately 3,300 company-operated stores, 450 franchise stores and e-commerce sites.

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Company NewsMultifamilySeniors HousingSoutheastVirginia

WM Dougherty Buys Memory Care Project in Virginia Out of Bankruptcy for $7.5M

by Katie Sloan

WILLIAMSBURG, VA. — WM Dougherty & Co. LLC has acquired an unfinished memory care community in Williamsburg for $7.5 million. The Jacksonville, Fla.-based investment bank and brokerage firm will open the community as Berkeley Oaks. Solvere Senior Living, a New Jersey-based operator, will manage the property upon completion. New Dawn Assisted Living was developing the community before the project declared bankruptcy in late 2015. In addition to the purchase price, WM Dougherty plans to invest $2 million in the community. When completed, Berkeley Oaks will offer 48 memory care units divided into three 16-unit buildings that will operate as separate neighborhoods. Architectural firm Lantz-Boggio designed the project, which is scheduled to open in February 2017. Berkeley Oaks will be the fourth developer-operator partnership between Dougherty and Solvere.

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Company NewsOfficeTexas

HDR Opens Regional Office in San Marcos

by Haisten Willis

SAN MARCOS, TEXAS — HDR has opened an office in San Marcos to serve Hays County and nearby cities including San Marcos, Kyle, Buda and Dripping Springs. The employee-owned engineering firm has leased space in the Red Oaks shopping center, located at 1290 Wonder World Drive, near the Hays County Government Center. Allen Crozier has been named manager of HDR’s San Marcos office. Crozier has been with HDR since 2005 and previously worked with the Texas Department of Transportation.

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Company NewsHospitalityMidwestMissouri

John Q. Hammons Hotels & Resorts Files for Chapter 11 Bankruptcy

by Christina Cannon

SPRINGFIELD, MO. — John Q. Hammons Hotels & Resorts (JQH) has filed for Chapter 11 bankruptcy. Springfield-based JQH is an owner and manager of hotels throughout the United States featuring brands such as Marriot, Hilton, Embassy Suites, IHG and more. The company is financially sound, but is filing for bankruptcy to restructure the organization and “navigate a litigious environment,” says Jacquie Dowdy, CEO of JQH. According to the Wall Street Journal, the legal battle is a result of a 2005 buyout in which John Hammons sold a portfolio of 43 hotels of hotels to Jonathan Eilian. Under terms of the contract, Hammons received equity interest in the acquiring company, and Eilian received right of first refusal for the sale of the JQH’s remaining 35 hotels. Eilian later sued JQH, claiming the company has made no move to sell those remaining properties. JQH’s Gregg Groves is providing in-house legal counsel in connection with the Chapter 11 filing, and Stinson Leonard Street LLP is providing outside counsel for the restructuring. JQH currently maintains a portfolio of 35 hotels that include 8,500 rooms scattered throughout 16 states.

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CaliforniaCompany NewsWestern

PIMCO Names Former Fed. Chairman Ben Bernanke as Senior Advisor

by Nellie Day

NEWPORT BEACH, CALIF. — PIMCO has announced Dr. Ben Bernanke, former Chairman of the Federal Reserve, as a senior advisor to the firm. Bernanke will utilize his economic expertise to advise the firm throughout the investment process. He will also engage with PIMCO’s clients from time to time. Bernanke served a 14-year term as a member of the Federal Reserve Board of Governors. He spent eight of those years as Chairman of the Board. Bernanke maintained a seat on the Financial Stability Oversight Board, which oversaw the Troubled Asset Relief Program, throughout his two terms as Chairman. Bernanke was succeeded as Chairman of the Federal Reserve by Janet Yellen, the first woman to hold the position. She overtook the role on Jan. 6 of last year.

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