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FloridaRestaurantRetailSoutheastTop Stories

Restaurant Chain BurgerFi Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

FORT LAUDERDALE, FLA. — BurgerFi International (NASDAQ: BFI) has filed for voluntary Chapter 11 bankruptcy protection. The Fort Lauderdale-based company operates under two brands: BurgerFi and Anthony’s Coal Fired Pizza & Wings. The two entities have a total of 144 locations open across the United States, Puerto Rico and Saudi Arabia.  The filing pertains to 67 corporately owned locations operating under both the BurgerFi and Anthony’s banners. The remaining 77 franchisee-owned locations are excluded from the filing, with the company’s total portfolio expected to remain open and continue normal operations.  BurgerFi cited a drastic decline in post-pandemic consumer spending, sustained inflation and increasing food and labor costs as the key drivers in the decision to file for bankruptcy. The company joins a number of restaurants that have recently filed for bankruptcy protection, including Mediterranean fast-casual chain Roti, Italian dining chain Buca de Beppo and seafood chain Red Lobster. “We need to stabilize the business in a structured process,” says Jeremy Rosenthal, who has been named chief restructuring officer for the company. “We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital.” The company’s board …

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Expect Seniors Housing Liquidity Issues to Persist Into 2025, Says InterFace Panel

by John Nelson

As a bridge lender across the full spectrum of seniors housing, Live Oak Bank has been able to capitalize on the limited liquidity in today’s market that has resulted in stalled transactions and refinancing challenges in this niche property sector.  “Trust me, I have a certain advantage right now with the lack of lenders [active in the space], and I enjoy that because it enables me to be very strategic on relationships and the people that I choose to partner with and grow. But having liquidity back in our market is necessary for a healthy seniors sector,” believes Chad Borst, managing director of seniors housing at Live Oak Bank, headquartered in Wilmington, North Carolina. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Borst would like to see banks that moved to the sidelines in recent years due to the disruption in the capital markets return to the playing field. “I want the permanent financing market to open up more broadly. I want other banks to come back because it will help the overall health of our …

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IllinoisIndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

Key Industrial Industry Sectors in St. Louis Region Attract Investment

by Kristin Harlow

By Mary Lamie, Bi-State Development, St. Louis Regional Freightway The St. Louis regional industrial market continues to be a magnet for investment, with significant capital investment dollars flowing into four target industry sectors that remain key drivers of the bi-state economy. These sectors include metals, advanced manufacturing, food and AgTech, and chemicals. They are legacy industry sectors poised for continued innovation, job creation and economic diversification, in part due to the region’s exceptional logistics and transportation assets and established talent pipelines. Metals  The St. Louis metropolitan area ranks second in the United States for mineral and ore exports. With more than $2.9 billion exported in 2022, the figures prove the market is well established for metals manufacturing, processing and shipping. The metals market is expected to grow with nearly 17,000 metals industry workers already in the region, and with copper supplier Wieland making a $500 million investment at its East Alton, Illinois, facility — a move that will retain 800 jobs in the region. “Wieland is committed to a sustainable future and is taking significant steps to modernize its East Alton facility,” says Greg Keown, president of Wieland Rolled Products North America. “This effort solidifies our ability to supply the …

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The-Gild-Dallas
DevelopmentOfficeTexas

Fenway Capital, Waterfall Complete $50M Renovation of Dallas Office Complex

by Taylor Williams

DALLAS — Fenway Capital Advisors and Waterfall Asset Management have completed the $50 million renovation of an 878,564-square-foot office complex in Dallas. The two-building property, which was formerly known as Campbell Centre and has been renamed The Gild, was originally built in the 1970s and is located in the city’s North Central Expressway submarket. The project added new tenant lounges, a boutique café and coffee bars and dining areas, as well as a new conference center. In addition, the development team updated restrooms and corridors, expanded tenant suites and developed a connecting park between the two buildings. Gensler designed the project, which began in fall 2021, and Stream Realty Partners is the leasing agent.

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Affordable HousingLoansLumentMultifamilyTexas

Lument Provides $42.7M Agency Acquisition Loan for Mixed-Income Property in Boerne, Texas

by Taylor Williams

BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac acquisition loan for Estraya Boerne, a 288-unit mixed-income multifamily property located on the northwestern outskirts of San Antonio. Built in 2022, Estraya Boerne offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. Half the units are subject to income restrictions. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.

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AcquisitionsRetailTexas

Ziff Real Estate Partners Sells 97,682 SF Shopping Center in San Antonio

by Taylor Williams

SAN ANTONIO — South Carolina-based investment firm Ziff Real Estate Partners has sold Castle Hills Market, a 97,682-square-foot shopping center in the northern-central area of San Antonio. According to LoopNet Inc., the center was built in 1986 and is home to tenants such as Allstate Insurance Co., Alamo Bridal, Edward Jones and Rainbow Language Academy. The buyer was an undisclosed Dallas-based investor. John Indelli, Whitney Snell, Chris Gerard, Ryan West and Gianna New of JLL brokered the deal. Ziff acquired the property in 2020 and implemented a value-add program prior to the sale.

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IndustrialLeasing ActivityTexas

Catalyst Trading Signs 49,911 SF Industrial Lease Near Downtown Houston

by Taylor Williams

HOUSTON — Chemical wholesaler Catalyst Trading Co. has signed a 49,911-square-foot industrial lease near downtown Houston. According to LoopNet Inc., the space at 3401 Navigation Blvd. features 32-foot clear heights, 38 exterior dock doors, two drive-in bays and 20 car parking spaces. Jeremy Lumbreras and Boone Smith with Stream Realty Partners represented the landlord, Stonelake Capital Partners, in the lease negotiations. The tenant representative was not disclosed.

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Leasing ActivityOfficeTexas

Cushman & Wakefield Arranges 23,537 SF Office Lease in Downtown Houston

by Taylor Williams

HOUSTON — Cushman & Wakefield has negotiated a 23,537-square-foot office lease in downtown Houston. The tenant, law firm Frost Brown Todd LLP, will relocate from the city’s Galleria area to the entire 43rd floor of the 55-story building at 1100 Louisiana St. Winfield Haggard Jr. and Diana Bridger of Cushman & Wakefield represented the landlord, an entity doing business as Fantome Tower LP, in the lease negotiations. Jon Lee, Claire Douthit and Paul Tingley of CBRE represented the tenant.

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AcquisitionsRetailSoutheastTennessee

Poag Acquires 400,000 SF Macy’s Department Store at Oak Court Mall in Memphis

by John Nelson

MEMPHIS, TENN. — Poag Development Group has purchased a 400,000-square-foot Macy’s at Oak Court Mall, an enclosed regional mall in Memphis that opened in 1988. Memphis-based Poag purchased the department store for $7 million in a joint venture with a group of local investors that purchased Oak Court Mall in December 2023. New York City-based Macy’s sold the store to the Poag-led investment group in a sale-leaseback structure. Poag, which also recently purchased the 1.3 million-square-foot RiverTown Crossings in Grandville, Mich., plans to work with JLL to maximize the potential of Oak Court Mall. Future plans for the mall were not disclosed.

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Affordable HousingDevelopmentLoansLouisianaMultifamilySoutheast

Churchill Stateside Closes $47.7M Construction Financing for Affordable Housing Project in Lake Charles, Louisiana

by John Nelson

LAKE CHARLES, LA. — Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a new 144-unit affordable housing development in Lake Charles, a city in western Louisiana. Once complete, the property will feature 18 one-bedroom units, 84 two-bedroom apartments and 42 three-bedroom units that will cater to families. The construction timeline and developer/sponsor were not disclosed. The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan via Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent loan commitment; and a $600,000 Equitable Recovery Program loan commitment through Churchill Mortgage Investment LLC. The Clearwater, Fla.-based financial services company utilized its PUBLIC-TEL loan program to facilitate the financing.

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