Top Stories

Americold Acquires Cold Storage Owner Agro Merchants Group for $1.7B

by John Nelson October 13, 2020

ATLANTA AND SCHIPHOL, NETHERLANDS — Americold Realty Trust (NYSE: COLD) has agreed to acquire Agro Merchants Group, a privately held cold storage warehouse owner based in The Netherlands, for $1.74 billion. Atlanta-based Americold entered into the agreement with Agro Merchants’ owner, an investor group led by funds managed by Los Angeles-based Oaktree Capital Management LP. The move will give Americold its first cold storage properties in Europe. Agro Merchants, which has its North American headquarters in Alpharetta, Ga., owns and operates 46 cold storage properties in 10 countries. The company is the fourth largest cold storage owner in the United States and third largest in Europe. Agro Merchants serves more than 2,900 customers across multiple industries. “We are confident that by joining Americold, we will accelerate our growth and by combining our complementary networks, we will be able to provide a more comprehensive range of solutions to customers around the world,” says Carlos Rodriguez, CEO of Agro Merchants. Americold is the only publicly traded REIT specializing in cold storage, which is seeing an influx of investment and leasing demand since the onset of the pandemic. According to a June report from Vyzn Research, the global cold storage sector is estimated …

October 13, 2020

Development Hospitality Mississippi Southeast Top Stories

Universal Music, Dakia U-Ventures Plan $1.2B Entertainment Destination in Biloxi

by Taylor Williams October 12, 2020

BILOXI, MISS. — A joint venture between California-based Universal Music Group (UMG) and hospitality investment firm Dakia U-Ventures has unveiled plans for a $1.2 billion hotel and music-themed entertainment destination in the coastal Mississippi city of Biloxi. The new development will be the first of the joint venture’s UMUSIC Hotels, with additional locations coming to Atlanta and Orlando. Each hotel and entertainment district is designed to educate guests on the city’s musical heritage and will feature new venues for live performances. Pyramid Hotel Group, a Boston-based hospitality management firm, has also partnered with UMG and Dakia to operate the hotels. The new hotel and entertainment venue in Biloxi will be developed at the site of the former Broadwater resort. A construction timeline was not released. The number of hotel rooms was not disclosed, and the joint venture did not specify whether or not the development will include a casino, as many hospitality properties in Biloxi do. Should the project feature a casino, the hotel would then be legally required to have at least 300 rooms, according to regional news outlet nola.com. Local media outlets have also reported that the price tag of $1.2 billion would make the project the most …

October 12, 2020

Company News Restaurant Retail Southeast Tennessee Top Stories

Ruby Tuesday Files for Chapter 11 Bankruptcy Protection, Closes 185 Restaurants

by Katie Sloan October 9, 2020

MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles. “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” said CEO Shawn Lederman in a statement Wednesday, playing off the lyrics to the popular Ruby Tuesday song recorded by The Rolling Stones, which was released prior to the company’s founding in 1972. In response to the pandemic, Ruby Tuesday implemented a number of new practices including an expansion of third-party delivery and off-premise services, the introduction of a virtual kitchen initiative and the launch of ‘Ruby’s Pantry,’ an option which allows customers to purchase uncooked food, groceries and other essentials for delivery through the company’s website. With in-store dining historically representing over 90 percent of the company’s total sales, these initiatives are expected to play a part in Ruby’s Tuesday’s …

October 9, 2020

Development Mixed-Use Texas Top Stories

Centurion American Breaks Ground on $300M Mixed-Use Development in Metro Dallas

by Alex Tostado October 8, 2020

NORTH RICHLAND HILLS, TEXAS — Centurion American Development Group has broken ground on City Point, a 52-acre mixed-use development in the Dallas suburb of North Richland Hills. Development costs were not disclosed, but D Magazine reports it will cost the Farmers Branch, Texas-based developer $300 million. City Point will comprise 400 to 600 multifamily units, 60,000 square feet of commercial space, a trail system, outdoor greenspace and 366 single-family homes, including bungalows and townhomes. The commercial space will include office, retail and restaurant space. The City of North Richland Hills and Tarrant County each contributed a cap of $4.2 million and $1.7 million, respectively, through a Tax Increment Financing District (TIF) for infrastructure improvements surrounding the development. Cleveland-based NRP Group will build the apartment units, Plano, Texas-based CB Jeni Homes will construct the townhomes and Gunter, Texas-based New Synergy Homes will build the bungalow homes portion of the development. A developer for the commercial space was not disclosed. City Point is situated at the former site of North Mills Mall, which closed in 2004 and was torn down in 2007, according to D Magazine. The site has sat vacant since. The property is located along Grapevine Highway near Interstate 280, …

October 8, 2020

Development Georgia Mixed-Use Southeast Top Stories

Pinewood Atlanta Studios Rebrands, Unveils 935-Acre Master Development

by Kristin Harlow October 7, 2020

ATLANTA — Pinewood Atlanta Studios, home of blockbuster films such as Avengers: Endgame, has rebranded as Trilith Studios and unveiled a new 935-acre master development in South Atlanta. The project includes the studio as well as businesses, custom homes, “micro villages,” restaurants and schools, all aimed at servicing the film and creative industries. Plans call for more than 220,000 square feet of new spaces on the campus, including a “Creative Office Centre” designed to house content and technology companies as well as 60,000 square feet of stages with computer-generated production technologies. Trilith Development LLC says it “aims to connect business with lifestyle through a European-inspired town that serves as the development’s cultural center.” Construction on the walkable community began two years ago with plans to house 5,000 residents in 1,400 homes, including 600 multifamily units. Barleygarden Kitchen & Craft Bar is the first of 12 food concepts to complement the shops in Town Centre, a 270,000-square-foot retail development. Half of the project is dedicated to green space. Residents will have access to 15 miles of nature trails and 19 landscaped parks. Plans also call for Piedmont Wellness Center, The Forest School and a 60,000-square-foot fitness facility. The Georgia Film Academy …

October 7, 2020

Acquisitions Healthcare Midwest Ohio Seniors Housing Top Stories

Welltower Sells $1.3B of Seniors Housing and Outpatient Medical Facilities; CEO Steps Down

by John Nelson October 6, 2020

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief investment officer title. Details of seniors housing sales The sales price of the Western portfolio totaled $702 million, or $466,000 per unit. The unnamed properties are situated in California, Washington and Nevada and have an average age of 12 years. Welltower’s previous ownership stake in the portfolio was 80 percent. The buyer was not disclosed. The sales price of the Massachusetts portfolio totaled $200 million, or $395,000 per unit. The unnamed properties have an average age of 19 years. Welltower is reducing its ownership stake from 95 percent to 20 percent. The remaining 80 percent of the portfolio will be owned by a fund co-managed by Taurus Investment Holdings and …

October 6, 2020

Company News Retail Southeast Tennessee Top Stories

Regal Cinemas to Temporarily Suspend All U.S. Theater Operations Beginning Oct. 8

by Taylor Williams October 5, 2020

KNOXVILLE, TENN. — Regal Cinemas will temporarily suspend operations at all of its 536 U.S. theaters beginning Thursday, Oct. 8. British owner-operator Cineworld (LON: CINE) owns Knoxville, Tenn.-based Regal Cinemas, which has about 7,000 screens across its U.S. portfolio of theaters. Cineworld also announced plans to close all of its theaters in the United Kingdom this week. The closures will impact about 40,000 employees, according to Cineworld. “This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the United States,” says Mooky Greidinger, CEO of Cineworld. “From putting in place robust health and safety measures at our theaters to joining our industry in making a collective commitment to the CinemaSafe protocols to reaching out to state and local officials to educate them on these initiatives, we are grateful for and proud of the hard work our employees put in to adapt our theaters to the new protocols,” he adds. While theaters in several major markets, most notably New York City, remain closed, many large cities have permitted theaters to reopen at limited capacities in recent weeks. Venues located in Manhattan’s famous Broadway District that showcase plays also …

October 5, 2020

Development Hospitality Southeast Tennessee Top Stories

Southwest Value Partners Opens 591-Room Grand Hyatt Hotel Within Nashville Yards

by Alex Tostado October 2, 2020

NASHVILLE, TENN. — Southwest Value Partners has opened Grand Hyatt Nashville, a 25-story, 591-room hotel located within the 18-acre Nashville Yards development in downtown Nashville. The hotel features a signature restaurant from James Beard Award-winning chef Sean Brock; a rooftop lounge; a fifth-floor “wellness level” that includes a fitness center, pool overlooking downtown and spa; and 77,000 square feet of event and pre-function space, including a 20,000 square-foot grand ballroom. Southwest Value Partners built the hotel in partnership with Clark Construction Group and Bell & Associates Construction, with HKS Architects as designer. The project is the first building to open within Nashville Yards, a mixed-use development set to include more than 3.5 million square feet of office space, 1,000 residential units, 400,000 square feet of retail and entertainment space, 1,100 hotel rooms and a 1.3-acre urban park upon completion. In addition to the Grand Hyatt Nashville, the Clark/Bell team is working with Southwest Value Partners to develop Parcel 4 of Nashville Yards, a planned 24-story office tower and associated parking garage that will serve as Amazon’s new Operations Center of Excellence. Southwest Value Partners is a privately-held real state investment company based in San Diego. — Katie Sloan

October 2, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Fallon, Inlivian to Develop 1.4 MSF Centre South Mixed-Use Project in Charlotte

by Alex Tostado October 1, 2020

CHARLOTTE, N.C. — The Fallon Co. and Inlivian have unveiled plans for Centre South, a 1.4 million-square-foot mixed-use development in Charlotte’s South End neighborhood. The 16.2-acre site will feature 330,000 square feet of office space, a hotel, 750 residential units and 145 affordable housing units. The developers expect to break ground on Phase I, which will comprise 310,000 square feet of office space, in 2021. The project was formerly named Strawn Cottages and announced in 2016, but plans have changed dramatically since that time. Development costs are expected to be in excess of $400 million, according to the developers. Inlivian, a nonprofit real estate holding company, will develop the affordable housing units, which will be reserved for residents earning 60 percent and 80 percent of the area median income (AMI). The locally based organization reports that as of April 2020, that was between $45,120 and $60,150 for a family of three. “With construction at Centre South set to begin, we are proud to join the Fallon Co. in bringing to life our vision of creating a dynamic, healthy community of choice that provides quality housing for families with diverse incomes,” says A. Fulton Meachem Jr., Inlivian president and CEO. “The …

October 1, 2020

Development Office Top Stories Washington Western

Urban Visions, Mitsui Fudosan America Plan 36-Story Office Tower in Downtown Seattle

by Kristin Harlow September 30, 2020

SEATTLE — Urban Visions and Mitsui Fudosan America Inc. have unveiled plans for The Net, a 36-story, 812,000-square-foot office tower in Seattle’s central business district. The joint venture purchased the half-block site on Third Avenue for $127.7 million, according to the Puget Sound Business Journal. Gerry Rohm and Logan Greer of JLL Capital Markets arranged the joint venture partnership for the development. Designed by Urban Visions and architectural firm NBBJ, the Class A tower will comprise 800,000 square feet of office space and 12,000 square feet of street-level retail space. Six levels of subterranean parking will provide 390 spaces. With an emphasis on health, the project will feature abundant natural light and green space, including a sky park on the upper three levels. Tenants will enjoy views of Seattle’s waterfront, Pioneer Square, the Stadium District and Mount Rainier. The property will be surrounded by many transportation options, including bus lines, the Seattle Ferry Terminal and the Marion Street Pedestrian Bridge. Completion of the project is slated for 2024. “The future supply of this scope and type of development is limited,” says JLL’s Rohm. “The developers will define an entirely new generation of office buildings that are foremost focused on occupant …

September 30, 2020

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