AUSTIN, TEXAS — Project Management Advisors Inc. (PMA), a Chicago-based advisory and management firm, has acquired Austin-based American Realty Project Management (ARPM), effectively giving the company a new office in the Texas state capital. PMA is a national real estate advisory firm that provides consulting services to developers and owners in the commercial, healthcare, hospitality, life sciences and residential sectors. Ross Anders, former managing partner at ARPM, will lead PMA’s Austin office as general manager. Following the closing of the deal, PMA will have offices in Chicago, Austin, Los Angeles, Orlando, San Diego and San Francisco.
Brick-and-mortar retailers in Texas that have found creative ways to develop new income streams and to leverage technology to directly engage their customer bases have proven most resilient in battling the financial headwinds the sector faces as a result of the COVID-19 outbreak. A panel of retail real estate professionals in Dallas and Austin spoke to this trend and others during the Texas Retail Reboot webinar, which was held on Thursday, May 7. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event, which drew more than 600 registrants. The panelists’ insights, which touched on both past successes and future opportunities, were delivered roughly a week after Texas Gov. Greg Abbott approved a Phase I plan to reopen retail and restaurant establishments at reduced occupancies and with heightened sanitation guidelines. The webinar was also held less than 24 hours before the governor allowed service retailers like hair and nail salons to reopen. Tanya Hart Little, CEO of Dallas-based Hart Advisors Group, moderated the discussion. Hart Advisors Group also sponsored the event. Jennifer Pierson, co-owner of Dallas-based investment brokerage firm STRIVE, was the first panelist to identify this commonality among retailers that …
DALLAS — Neiman Marcus Group has filed for Chapter 11 Bankruptcy protection as the Dallas-based luxury retailer enters into negotiations with creditors to restructure its debt. Upon emergence, the company anticipates that it will eliminate approximately $4 billion of its existing debt. Neiman Marcus has secured $675 million in debtor-in-possession financing from creditors to enable business continuity during the bankruptcy proceedings. These creditors have also committed to a $750 million exit-financing package that would provide additional liquidity for the business. Neiman Marcus Group, which also owns Bergdorf Goodman and Last Call, recently extended temporary closures of all its stores through May 31, although a total of 10 Neiman Marcus stores in Texas, Tampa, Las Vegas and Tysons Corner, Virginia, are offering curbside pickup. About a month ago, several news outlets including Reuters, Bloomberg and The Dallas Morning News reported that the company would be furloughing the majority of its 14,000 store employees. Neiman Marcus, operates 43 Neiman Marcus stores, two Bergdorf Goodman locations and 22 Last Call outlets, expects to complete the proceedings by this fall.
PLANO, TEXAS — Dallas-based Gaedeke Group has revealed new plans for Two Legacy West, a 414,000-square-foot, 17-story office tower that will be located at the corner of Leadership Drive and the Sam Rayburn Tollway in Plano. Designed by Gensler, the building will be situated adjacent to the headquarters campuses of FedEx, Toyota and JPMorgan Chase. Amenities will include a market-style grocery, community park, game lounges and a wellness center with saunas and workout classrooms. In addition, Two Legacy West will feature convenience-oriented amenities such as a digital concierge, complimentary shuttle service to Legacy West and electric car charging stations. A covered walkway will connect the building to its counterpart, the 14-story, 308,000-square-foot One Legacy West. Completion is slated for 2022.
LEWISVILLE, TEXAS — Berkadia has provided an undisclosed amount of Fannie Mae permanent financing for Wellington Park, a 260-unit multifamily asset in the northern Dallas suburb of Lewisville. Built in 2005, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a playground. Charles Christensen, Vincent Punzi and Lowell Takahashi of Berkadia originated the loan on behalf of the undisclosed, California-based borrower.
LONGVIEW, TEXAS — JLL has negotiated the sale of Summer Lake, a 252-unit apartment community in Longview, about 100 miles east of Dallas. The property features one- and two-bedroom units averaging 852 square feet and amenities such as two pools, an outdoor grilling area, sports court, fishing lake and a dog park. Greg Toro and Steven Hahn Jr. of JLL represented the seller, Little Rock, Ark.-based BSR REIT, in the transaction. Mark Brandenburg and Chad Russell of JLL arranged acquisition financing on behalf of the buyer, Dallas-based Saxony Capital Management.
DALLAS — Gold’s Gym, a fitness chain founded in California in 1965 and now headquartered in Dallas, has filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code as it works to restructure its debt. In a statement issued earlier this week, the company said that the financial fallout from COVID-19 has forced it to permanently close about 30 company-owned gyms. The company also said that the filing would not impact its licensing division and was not associated with any of its locally owned franchise gyms. Gold’s Gym has about 700 locations worldwide.
AUSTIN, TEXAS — Texas Gov. Greg Abbott announced on Tuesday that he would expand the reopening of certain businesses and activities. Beginning Friday, May 8, retailers such as barbershops, nail salons, tanning salons and similar businesses may reopen provided they maintain six-foot distances between workstations. Public swimming pools may also reopen this Friday. Beginning Monday, May 18, office buildings and manufacturing plants that produce nonessential goods may also restart their operations at 25 percent of their normal occupancies. Abbott issued orders last week allowing retailers, restaurants, gyms and entertainment venues to resume business under limited capacity. Officials also announced the formation of surge response teams comprising members of the Texas Military Department, the Texas Emergency Medical Task Force and BCFS Health and Human Services. Surge response teams will serve nursing homes, prisons, packing plants and other facilities that experience flare-ups of COVID-19 by providing personal protective equipment, testing supplies, onsite staffing and assessment assistance. These teams will also work with local officials to establish health and social distancing standards to contain these outbreaks.
AUSTIN, TEXAS — Travis County Judge Sarah Eckhardt said on Tuesday that she is working to extend the Central Texas county’s stay-at-home order that expires on May 8, according to The Austin American-Statesman. Austin Mayor Steve Adler also said earlier this week that he supports an extended stay-at-home order throughout the state capital and its metro area. Texas Gov. Greg Abbott lifted the statewide stay-at-home order on Friday, May 1.
HOUSTON — NAI Partners, which provides brokerage and consultant services to the office, retail and industrial markets of Houston, Austin and San Antonio, has announced its intention to hire at least 20 new investment sales professionals across its three core markets by the end of 2020. The company cites its use of key technological platforms such as Google Earth Tour Builder, Matterport, Microsoft Teams and Zoom as critical to its ability to share information and deliver real-time solutions to clients amid the COVID-19 outbreak. The firm has made several new hires of late and has not laid off or furloughed any employees in its three primary markets since the pandemic began.