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Company NewsFloridaRestaurantRetailSoutheast

Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales

by Alex Tostado

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of restaurants in its portfolio open, compared with 91 percent on Sept. 1. Despite the fall in sales, Darden is still progressing with its full-year outlook, which includes the addition of 35 to 40 new restaurants and total capital spending of $250 million to $300 million. As of Aug. 30, Darden operated 1,807 restaurants.

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Schluter-Systems-AllianceTexas
DevelopmentIndustrialTexas

Schluter-Systems Opens 500,000 SF Distribution Center at AllianceTexas in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Schluter-Systems, a German provider of tile products for the homebuilding industry, has opened a 500,000-square-foot distribution center at Alliance Northport 1 in Fort Worth. The facility was designed to house approximately 300 employees and offers proximity to Interstate 35, State Highway 114 and Fort Worth Alliance Airport. Tom Pearson and Chris Teesdale of Colliers International originally represented Schluter-Systems in its site selection and lease negotiations when the company committed to the 26,000-acre AllianceTexas development last fall.

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Pegasus-Park-Dallas
HealthcareLeasing ActivityLife SciencesOfficeTexas

BioLabs Signs 37,000 SF Life Sciences Lease at Pegasus Park in Dallas

by Taylor Williams

DALLAS — BioLabs, a Cambridge, Mass.-based biotechnology firm, has signed a 37,000-square-foot life sciences lease at Pegasus Park, a new 23-acre mixed-use development in Dallas. BioLabs expects to take occupancy of the new facility, which will feature both lab and coworking office space, in 2021. The lab will be equipped with an array of scientific equipment and will offer additional services and amenities for tenants. Pegasus Park is a redevelopment of the former campus of jewelry retailer Zale Corp. in the city’s Design District. The developer is a partnership between J. Small Investments and Lyda Hill Philanthropies.

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Company NewsDevelopmentOfficeTexas

New Firm August Real Estate Launches Two Dallas Office Redevelopment Projects in Deep Ellum

by Taylor Williams

DALLAS — August Real Estate, a Dallas-based development firm founded by brothers and industry veterans Evan and Jordan August, has launched with two redevelopment projects in the city’s historic Deep Ellum neighborhood. The first project involves the restoration of The Continental Gin Building, which was built in 1888, into a modern office complex with the feel of a boutique hotel that will feature a 22,000-square-foot coworking space from local operator Common Desk. August is also renovating the building at 333 1st Ave., which was built in 1926 and most recently occupied by Nordstrom’s Trunk Club, to offer 36,000 square feet of office space. The projects are expected to be complete in the first and second quarters of 2021, respectively.

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AcquisitionsMultifamilyTexas

The Multifamily Group Arranges Sale of 66-Unit Sungate Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sungate Apartments, a 66-unit community in San Antonio. The property was built in 1972 and features one-bedroom units and amenities such as a pool and an outdoor grilling area. Chris Siemasko of TMG represented the locally based seller in the transaction, and Bryce Smith of TMG procured the buyer. Both parties requested anonymity.

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AcquisitionsIndustrialTexas

Henry S. Miller Negotiates Sale of 11,800 SF Industrial Building in Dallas

by Taylor Williams

DALLAS — Henry S. Miller Brokerage has negotiated the sale of an 11,800-square-foot industrial building that is situated on roughly half an acre at 9101 Sovereign Row in northwest Dallas. Dan Spika of Henry S. Miller represented the seller, Hart-Willis Cos., in the transaction. Stephen Williamson of Lee & Associates represented the buyer, Dallas-based Mattu Enterprises LLC.

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CivicDevelopmentMassachusettsNortheast

Skanska Tops Out 118,000 SF New Building at Brookline High School in Boston

by Taylor Williams

BOSTON — International developer Skanska has topped out a new 118,000-square-foot building at Brookline High School by the MBTA Green Line Brookline Hills station in Boston. The building will include classrooms for physics, special education and general use, dedicated event space, dining and food service areas, a library, various collaboration spaces and room for general administrative work. Completion is slated for November 2021. In addition, Skanska is renovating an existing building to feature 70,000 square feet of biology and chemistry labs and classrooms, collaboration and maker spaces, a culinary arts kitchen and a student restaurant with café seating.

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Company NewsOregonRetailWestern

Nike’s Online Sales Jump 82 Percent Resulting in $10.6B in Quarterly Revenue

by Amy Works

BEAVERTON, ORE. — Nike Inc. (NYSE: NKE), the Beaverton-based footwear giant, has reported it revenues were $10.6 billion for its 2021 fiscal first quarter, which ended Aug. 31. The revenue represents a decrease of 1 percent from the same period in 2019, with its direct sales at $3.7 billion, up 12 percent, and Nike Brand digital sales swelling by 82 percent. The digital sales growth resulted from e-commerce increases across North America, Greater China, Asia Pacific, Latin America, Europe, the Middle East and Africa. According to the company, its first-quarter revenue performance was impacted by strong Nike Brand digital growth, offset by lower revenue in its wholesale business and Nike-owned stores. Nearly all of the Nike-owned physical stores were open during the quarter. Despite the open stores, Nike experienced year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety-related measures. Nike’s selling and administrative expenses decreased 11 percent to $3 billion, with demand creation expense down 33 percent at $677 million primarily due to lower marketing spend as many live sporting events were postponed or cancelled. Additionally, operating overhead expense decreased 1 percent to $2.3 billion as lower travel and related expenses were slightly offset …

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Riverworks-at-Aetna-Mills-Watertown
Leasing ActivityMassachusettsNortheastOffice

NKF Negotiates Two Office Lease Renewals Totaling 46,966 SF in Metro Boston

by Taylor Williams

WATERTOWN, MASS. — Newmark Knight Frank (NKF) has negotiated two commercial leases totaling 46,966 square feet at Riverworks at Aetna Mills in Watertown, a western suburb of Boston. In the first deal, industrial 3-D printer manufacturer Markforged signed a 36,291-square-foot renewal. In the second transaction, pharmaceutical intelligence provider InCrowd signed a 10,675-square-foot renewal. Mark Roth, Brianna Piacitelli, Brendan Daly and Matthew Malatesta represented the landlord, Paradigm Properties, in the lease negotiations. Chris Lawrence of JLL represented Markforged, and Brooke Blue of T3 Advisors represented InCrowd.

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AcquisitionsMultifamilyNew YorkNortheast

UMH Properties Acquires Manufactured Housing Community in New York for $4.5M

by Taylor Williams

FREEHOLD, N.J. — UMH Properties Inc. (NYSE: UMH), a New Jersey-based REIT, has acquired a manufactured housing community in New York for $4.5 million. The 21-acre property offers 163 developed home sites, about 70 percent of which are occupied. The seller was not disclosed. UMH Properties owns and operates 124 manufactured housing communities totaling roughly 23,400 developed home sites across eight states.

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