REBusinessOnline

SHVO, Deutsche Finance Acquire Iconic ‘Big Red’ Office Tower in Chicago for $376M

CHICAGO — A joint venture between SHVO and Deutsche Finance Bank has acquired the CNA Center, more commonly known as “Big Red” due to the bold color of the 45-story office tower, for $376 million. The 1.2 million-square-foot property is situated at 333 S. Wabash Ave. in Chicago’s East Loop district.At the time of sale, the property was leased to CNA Insurance, financial services company Northern Trust and the Chicago Housing Authority. Graham, Anderson, Probst & White originally …

Stein Mart Files for Chapter 11 Bankruptcy, Plans to Close Most Stores

JACKSONVILLE, FLA. — Discount retailer Stein Mart Inc. (NASDAQ: SMRT) has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.”Jacksonville-based Stein Mart expects to close a significant portion, if not all, of …

VEREIT, Ocean West Purchase Distribution Center in Dallas for $246.7M

DALLAS — VEREIT Inc. and Ocean West Capital Partners LLC have teamed up to acquire a 2.3 million-square-foot industrial facility in Dallas. The newly built property is located at 9314 W. Jefferson Blvd. and is fully leased to The Home Depot.NorthPoint Development sold the build-to-suit property to the buyers for $246.7 million. The Missouri-based developer is staying on as a joint venture partner. There are 20 years remaining on the lease with The Home Depot.“The property’s …

Trammell Crow Completes 345,000 SF, Transit-Served Office Building in Metro Atlanta

DUNWOODY, GA. — Dallas-based developer Trammell Crow Co. has completed Twelve24, a 345,000-square-foot office building located at 1224 Hammond Drive in Dunwoody, a suburb of Atlanta in the metro's Central Perimeter submarket.The 16-story building features a skybridge with direct access to the Dunwoody MARTA Station. Twelve24 is also located adjacent to Perimeter Mall and in close proximity to Interstate 285 and State Route 400.In addition, Twelve24 houses 11,000 square feet of …

Urban Outfitters to Build $350M Distribution Center Near Kansas City

KANSAS CITY, KAN. — Urban Outfitters (Nasdaq: URBN) has announced plans to develop a $350 million omni-channel distribution center near Kansas City. The 880,000-square-foot development will be located on ancillary land owned by the Kansas Speedway in Wyandotte County, roughly 15 miles outside downtown Kansas City. The Philadelphia-based retailer is set to begin construction on the facility this fall with completion scheduled for early 2022. Documents obtained by The Kansas City Star …

McCarthy Completes $86M Omaha VA Ambulatory Center in Nebraska

OMAHA, NEB. — McCarthy Building Cos. has completed construction of the Omaha VA Ambulatory Care Center, an $86 million, 157,000-square-foot outpatient facility for veterans.The property includes seven primary-care units, an outpatient surgery suite and a specialty medicine unit allowing 400 additional patients to visit the clinic each day, as well as a dedicated women’s health clinic area. The new facility, which is connected to the existing 12-story VA Medical Campus, will open to …

Dollar General Plans $65M Distribution Center in Northern Kentucky, Expansion of Cold-Storage Footprint

WALTON, KY. — Dollar General (NYSE: DG) has unveiled plans to open a 630,000-square-foot distribution facility in Walton, approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores.The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January.Dollar General has also announced plans to build …

Facebook Leases 730,000 SF of Office Space at Vornado’s Farley Building in Manhattan

NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building.The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed.“The …

Parent Companies of Lord & Taylor, Men’s Wearhouse Both File for Chapter 11 Bankruptcy

NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads.Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of …

California Pizza Kitchen Files for Chapter 11 Bankruptcy

PLAYA VISTA, CALIF. — California Pizza Kitchen (CPK) is the latest fast casual restaurant chain to file for bankruptcy protection due to strain brought on by the coronavirus (COVID-19) pandemic.The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday in order to “close unprofitable locations, reduce its long-term debt load and quickly emerge from bankruptcy as a much stronger company,” according to the filing. …

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