LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) plans to reopen almost all of its U.S. and U.K. theaters in July. The Leawood, Kan.-based movie theater chain has already reopened 10 theaters in Norway, Germany, Spain and Portugal, and expects to be fully open globally in July ahead of the release of Christopher Nolan’s Tenet on July 17 and Disney’s Mulan on July 24. AMC is working closely with local, national and international officials to coordinate timing and requirements of reopening. It is consulting with the Harvard University School of Public Health on how to best create a safe environment for guests and associates. This includes personal protection equipment, cleaning protocols, limited theater capacity and blocked seating. AMC has also partnered with The Clorox Co. for advice on making theater environments as safe as possible. Last week, AMC said it had “substantial doubt” about staying in business if it was forced to keep theaters closed for a longer period. AMC operates 1,000 theaters and 11,000 screens across the globe. Its stock price closed at $5.98 per share on Tuesday, June 9, down from $10.94 one year ago.
BLUE ASH, OHIO — The Chicago office of United Kingdom-based 90 North Real Estate Partners, acting as the investment advisor to Kuwait-based Rasameel Investment Co., has purchased a 400,296-square-foot office property in Blue Ash. The campus serves as the new headquarters of Ensemble Health Partners. 90 North acquired the property from a local developer for an undisclosed price. The campus, situated at 11311 Reed Hartman Highway in suburban Cincinnati, formerly served as the Procter & Gamble Sharon Woods Technical Center. Over the last year, the campus has been redeveloped for Ensemble, which is a medical billing management company. The property consists of a 390,096-square-foot main building, a newly constructed 75,554-square-foot addition and a separate 10,200-square-foot building that is being converted into a conference center. The campus also includes 2,262 car parking spots and sits on 51.3 acres. Ensemble expects to be operational in the facility by September. The company is expected to bring approximately 2,000 employees to the property.
NAPERVILLE, ILL. — McShane Construction Co. has completed the construction of Avenida Naperville, a 146-unit senior living community in Naperville. Reserved for adults age 62 and older, the six-building property is geared toward residents who want to maintain an active lifestyle. Residents have access to 13,000 square feet of amenity space, including a clubhouse with a bistro, fitness and yoga studios, a theater, library, private dining room and arts studio. Outdoor amenities include a pool, game lawn and barbecue areas. Meeks + Partners designed the community. Avenida Partners is the developer and owner.
CHICAGO —BlockPoint, a project development and general contracting company, has acquired Pacific Construction, a general contractor, construction management and development services firm. The purchase price was undisclosed. Both companies are based in Chicago. Pacific, which will continue to operate under its same name, has built projects such as the Fermilab R&D building in Batavia, the Adler Planetarium in Chicago and military bases around the state such as the Army Reserve Center in Fort Sheridan. Pacific works in the institutional and public works, healthcare, retail, restaurants and multifamily sectors.
INDIANAPOLIS — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” according to a statement from Simon. “Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.” Taubman failed to take steps to mitigate the impact of the pandemic as others in the industry have, such as not making essential cuts in operating expenses and capital expenditures, according to Simon. The merger agreement specifically gave Simon the right to terminate the transaction in the event that a pandemic disproportionately hurt Taubman. Simon says that Taubman’s significant proportion of enclosed retail properties in densely populated metropolitan areas — …
ST. LOUIS — Midas Hospitality has opened the St. Louis region’s first Aloft hotel in the heart of the 200-acre Cortex Innovation Community. The Aloft by Marriott hotel is located at 4245 Duncan Ave. and offers 129 rooms. Amenities include a fitness center, indoor pool, bar and two meeting rooms. The fitness center is closed until June 15 per St. Louis guidelines for the coronavirus. The five-story hotel is the 12th hotel Midas will manage in the greater St. Louis region, bringing its total hotel count nationwide to 40. The Aloft brand “caters to today’s modern traveler who craves jet-setting style and a vibrant social scene at an affordable price,” says Midas. The Cortex Innovation Community is a technology and science-driven district in the Midtown neighborhood of St. Louis. It serves as the main location for many of the city’s technology startups.
CHICAGO — Chicago-based Frontline Real Estate Partners LLC, Four Corners Advisors Inc. and Aries Capital LLC have formed a joint venture known as Frontline Real Estate Partners: Hospitality Division. The venture will provide competitive marketplace analysis, broker valuations, financing services, receivership management and disposition services aimed at hotel, luxury resort and gaming properties valued at $5 million to more than $100 million. “The hotel market is facing a downturn unlike any we’ve experienced in recent history owing to the global pandemic,” says Michael Schindler, president and CEO of Four Corners Advisors. “Hotel owners are finding it necessary to defer loan payments or enter forbearance agreements, all of which are likely to expire before the market can fully recover. This is creating an unprecedented need for financing and receivership analysis, as well as expert guidance on how to best generate maximum recovery for lien holders.”
REYNOLDSBURG, OHIO — RED Mortgage Capital, a division of ORIX Real Estate Capital, has provided an $11.4 million Freddie Mac loan for the refinancing of Redwood Reynoldsburg in suburban Columbus. Formerly known as Blacklick Pointe, the 89-unit multifamily community consists of 20 one-story buildings. Each residence has an attached two-car garage. Built in 2018, the property is 94.4 percent occupied. Reynoldsburg One LLC was the borrower. The 10-year loan features a 30-year amortization schedule.
PAINESVILLE, OHIO — The Boulder Group has arranged the $2.6 million sale of a 15,048-square-foot property net leased to Walgreens in Painesville within metro Cleveland. The building is located at 132 Richmond St. Walgreens has nearly eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Northeast-based private real estate company. A West Coast-based investor purchased the asset.
CLINTON TOWNSHIP, MICH. — Fast-casual seafood restaurant Captain D’s has opened its newest franchised location in Clinton Township, about 25 miles north of Detroit. Situated at 35134 Groesbeck Highway, the restaurant marks Captain D’s only Michigan location and expands the brand’s footprint into its 23rd state. Currently, the Clinton Township Captain D’s is open for drive-thru, call-ahead ordering for curbside pickup and delivery. The dining room will remain closed for the immediate future due to COVID-19. Detroit native and restaurant industry veteran Kirit Patel of J&D Restaurant Group LLC owns and operates the Clinton Township building, which was formerly occupied by Dunkin’. Patel has plans to develop two additional Captain D’s restaurants in metro Detroit by 2023. There are now more than 530 Captain D’s locations across 23 states.