Top Stories

White Lodging, Crescent Communities Top-Out 22-Story JW Marriott in Charlotte

by Alex Tostado June 18, 2020

CHARLOTTE, N.C. — White Lodging Services Corp. and Charlotte-based Crescent Communities have topped out the first JW Marriott in the Carolinas. The planned 381-room hotel is 22 stories and is located at 600 S. College St. in Uptown Charlotte. The hotel will be part of the Ally Charlotte Center a 742,000-square-foot mixed-use development featuring more than 30,000 square feet of retail space, a 12,000-square-foot public plaza and a 1,436-space parking garage. Ally Financial will occupy 400,000 square feet of office space and anchor the property, with move-in scheduled for second-quarter 2021. The hotel was first announced in November 2018, and the developers expect to deliver the JW Marriott in the first half of 2021. “The construction has remained on track as we adjusted to appropriately respond to the COVID-19 pandemic,” says Terry Dammeyer, president and CEO of investments and development at Merriville, Ind.-based White Lodging. The hotel will feature 34 suites, 15,000 square feet of event space, a pool, fitness center, spa, ballroom, rooftop terrace, Italian steakhouse and oyster bar. Guests rooms will include floor-to-ceiling windows, marble showers and 24-hour room service. In conjunction with the topping out, David Malmberg has been named general manager of the hotel upon opening. …

June 18, 2020

Development Mixed-Use Texas Top Stories

Marketplace Real Estate, Presidium Unveil Plans for 7 MSF Mixed-Use Project in Southeast Austin

by Kristin Harlow June 17, 2020

AUSTIN, TEXAS — Marketplace Real Estate Group and joint venture partner Presidium Group have unveiled the full plans for Velocity, a 314-acre, 7 million-square-foot, mixed-use project in southeast Austin. The co-developers expect to break ground in early 2021. Velocity will be built in phases over 10 to 15 years. Ultimately it will feature an H-E-B grocery store; a total of 2,683 multifamily units; 2.9 million square feet of office space comprising two corporate campuses, along with traditional office properties; 585,000 square feet of flex industrial and creative office space; 310,000 square feet of retail, restaurants and a movie theater; and three hotels. The various assets will surround a seven-acre central park. Financing is in place to move forward with the project’s roads and the first apartment complex, Presidium Velocity, which will take approximately 18 months to build. Formerly branded Velocity Crossing, the property will be situated at the southwest corner of State Highways 71 and 130 within an opportunity zone. The site is also within the city of Austin’s Desired Development Zone and a Triple Freeport Zone, meaning businesses operating within the site can be exempt from paying taxes on inventory that leaves the state of Texas within 175 days. …

June 17, 2020

California Company News Retail Top Stories Western

24 Hour Fitness Files for Chapter 11 Protection, Opts to Permanently Close 132 Stores

by John Nelson June 16, 2020

SAN RAMON, CALIF. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the country. “If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” says Tony Ueber, CEO of 24 Hour Fitness. “With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders.” Although Ueber says the COVID-19 pandemic is the main culprit in the company’s struggles, the retailer’s debt load is also a contributing factor. Brad Umansky, president of Progressive Real Estate Partners, says that the retailer’s ownership group, including private equity firm AEA Investors, hampered 24 Hour Fitness from operating to the best of its ability …

June 16, 2020

Development Georgia Mixed-Use Multifamily Retail Southeast Top Stories

Hunt Underway on $166M Herndon Square Mixed-Use Project in Downtown Atlanta

by Jeff Shaw June 15, 2020

ATLANTA — Hunt Development Group has started construction of Phase I of Herndon Square, a 12-acre, mixed-use project in downtown Atlanta. Upon full build-out, the project will feature 700 residential units, 40,000 square feet of retail space and 20,000 square feet of community space open to the general public. The site is located on Northside Drive, approximately one mile north of Mercedes-Benz Arena, Philips Arena, Centennial Olympic Park and the other attractions in the heart of the city. The project, a redevelopment of the former Herndon Homes affordable community, will feature a mix of affordable and market-rate apartments and for-sale townhomes. Development costs are estimated at $166 million. Phase I of the project will include a five-story affordable housing building for seniors totaling 97 units, as well as an associated surface parking lot. Phase II will include a residential building and mixed-use building with a grocery store as the ground-floor anchor. Phase III will add another residential building and a second mixed-use building with ground-floor retail and apartments above, as well as the Herndon Green public outdoor area and a community supportive services building. Phase IV will add a final apartment building, while the fifth and final phase will add …

June 15, 2020

Development Illinois Midwest Office Top Stories

Trammell Crow Plans to Develop 423,454 SF Fulton Labs Life Science Facility in Chicago

by Alex Patton June 12, 2020

CHICAGO — Trammell Crow Co. (TCC), a Texas-based developer, has unveiled plans for Fulton Labs, a 423,454-square-foot life science facility in the Fulton Market neighborhood of Chicago. Located at 400 N. Aberdeen St., Fulton Labs will span 16 floors, with 12 floors of wet or dry lab space, dependent on the tenant’s needs. The lab space will be equipped for drug, chemical and biological testing as well as digital research and analysis. The facility’s 34,000-square-foot, column-free floor plates will be able to accommodate small startups as well as multi-floor tenants. The building will also feature passenger and freight elevators, as well as chemical and equipment storage space for tenants. “With Fulton Labs’ advanced research and development infrastructure, flexible lab spaces, and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” says Grady Hamilton, managing director of TCC’s Midwest Business Unit. The building will feature 35,000 square feet of amenity space, which will include a health and wellness center, a 190-person collaboration center, a rooftop fire lounge and two private balconies per floor. The property will offer access to interstates 90, 94 and 290, as well …

June 12, 2020

California Development Multifamily Top Stories Western

LaTerra, QuadReal Plan Two Mixed-Use Projects in Hollywood, Burbank

by Taylor Williams June 11, 2020

LOS ANGELES AND BURBANK, CALIF. — A joint venture between Los Angeles-based LaTerra Development and Canadian investment firm QuadReal Property Group has launched a $250 million fund to develop and operate multifamily communities in Southern California. The joint venture has acquired land for two different projects in the greater Los Angeles area. The first project will be a 573-unit, transit-served community that will be situated on an eight-acre site at 777 N. Front St. in Burbank. The site is located near the corporate headquarters of Walt Disney Studios and Warner Bros. and will also house a 300-room hotel that will be developed separately. This community, which will be branded The Line at Burbank, will be just the second new multifamily project to be constructed in Burbank in the last 20 years. The other, the 241-unit Talaria at Burbank, was completed in February 2019 following years of setbacks that included adjustments to surrounding traffic flows and various environmental concerns. The second development will be a 71-unit complex at 7617 Santa Monica Blvd. in West Hollywood that will also house 10,000 square feet of ground-floor retail space. Amenities at this property will include a rooftop pool and two levels of subterranean parking. …

June 11, 2020

Indiana Midwest Retail Top Stories

Simon Property Group Terminates $3.6B Taubman Centers Merger Agreement

by Kristin Harlow June 10, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” according to a statement from Simon. “Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.” Taubman failed to take steps to mitigate the impact of the pandemic as others in the industry have, such as not making essential cuts in operating expenses and capital expenditures, according to Simon. The merger agreement specifically gave Simon the right to terminate the transaction in the event that a pandemic disproportionately hurt Taubman. Simon says that Taubman’s significant proportion of enclosed retail properties in densely populated metropolitan areas — …

June 10, 2020

Acquisitions California Leasing Activity Office Top Stories Western

PG&E to Move to Oakland, Sell San Francisco Headquarters

by John Nelson June 9, 2020

SAN FRANCISCO AND OAKLAND, CALIF. — PG&E Corp. (NYSE: PCG), parent company of West Coast utilities company Pacific Gas and Electric Co., has entered into a long-term lease at 300 Lakeside, a 824,469-square-foot office building situated along Lake Merritt in Oakland. Starting in 2022, the publicly traded firm will move away from its longtime downtown San Francisco headquarters at 77 Beale St. and 245 Market St. The company plans to sell the buildings, pending approval of the bankruptcy court. PG&E entered into bankruptcy protection in January 2019 that included a $13.5 billion settlement for approximately 70,000 victims of the Northern California wildfires in 2017 and 2018, according to the San Francisco Business Times. The company’s power lines were reported to have sparked the fires. PG&E plans to request approval from the California Public Utilities Commission to return the net gain realized upon the future sale of its San Francisco headquarters to its customers. The company currently owns and occupies roughly 1 million square feet of office space in San Francisco, according to the San Francisco Business Times. PG&E’s lease in Oakland includes a purchase option from landlord TMG Partners taking effect in 2023, the same year that PG&E plans to …

June 9, 2020

Company News Massachusetts Northeast Retail Top Stories

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado June 8, 2020

CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …

June 8, 2020

Acquisitions Industrial Top Stories

Sealy & Co. Acquires Industrial Portfolio in Midwest, Southeast for $108M

by Alex Patton June 5, 2020

DALLAS — Sealy & Co., a developer headquartered in Dallas, has acquired a 34-property industrial portfolio for $108 million. The sale included three off-market acquisitions of warehouse properties located in Kansas City, Missouri; Oklahoma City; and Memphis, Tennessee. The Kansas City transaction included five buildings in Executive Park, a master-planned industrial park constructed by ADCO Group on 1,200 acres in 1974. That transaction also included a second industrial park in the East Bottoms submarket. Sealy also acquired a 20 distribution warehouses in Memphis’ Southeast submarket consisting of single-tenant buildings averaging 50,500 square feet. The last acquisition was for five modern, Class A distribution warehouse facilities in Oklahoma City. The fully occupied assets are situated 2.5 miles from the Will Rogers World Airport. The sellers were undisclosed in all three transactions. “In a time when many have been forced to the sidelines, we are pleased to continue to capture compelling deals in enduring distribution hubs,” says Michael Sealy, executive vice president of capital markets for Sealy & Co. “Each investment was reviewed for the reliability and stability of future income, the potential for capital appreciation and the impact of each acquisition as it relates to the portfolio as a whole.” Sealy …

June 5, 2020

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