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. …

July 31, 2020California, Restaurant, Retail, Top Stories, Western

Brasfield & Gorrie Completes $90M Office Building in Nashville

NASHVILLE, TENN. — Brasfield & Gorrie has completed the $90 million Peabody Plaza at Rolling Mill Hill, a nine-story, 280,000-square-foot office building in Nashville’s Rolling Mill Hill neighborhood.The Birmingham, Alabama-based general contractor built the project on behalf of the owner, Eakin Partners. The building sits on the site of a former surface parking lot at 10 Lea Ave., one mile south of downtown Nashville.Peabody Plaza features a 6,000-square-foot amenity deck …

July 30, 2020Development, Office, Southeast, Tennessee, Top Stories

Clayco to Redevelop Vacant Hospital into $100M Mixed-Use Project in St. Louis

ST. LOUIS — Clayco is underway on Delmar Divine, a $100 million redevelopment of a long-vacated hospital campus along Delmar Boulevard in St. Louis. The 500,000-square-foot project will become “a hub for innovation and enterprise,” according to Clayco. Completion is slated for fall 2021.The first phase will establish a nonprofit working space, a café and residential apartments. The 150 multifamily units will be geared toward professionals in fields such as social work, nursing and …

July 29, 2020Development, Midwest, Missouri, Mixed-Use, Top Stories

Developer Trio Plans 11-Acre ATC West Mixed-Use Project in Downtown Durham

DURHAM, N.C. — A trio of real estate owners and developers has unveiled plans for an 11-acre mixed-use development in downtown Durham. Capitol Broadcasting Co. (CBC), Hines and USAA Real Estate have formalized a joint venture to move forward with the 700,000-square-foot project known as ATC West. Construction is expected to begin in late 2021 or early 2022.The development will be situated on the west side of the American Tobacco Campus (ATC), an adaptive reuse district that houses …

July 28, 2020Development, Mixed-Use, North Carolina, Southeast, Top Stories

Extell Development Opens First Units at 68-Story Brooklyn Point Residential Tower

NEW YORK CITY — New York City-based Extell Development Co. has begun closing condo sales and allowing resident move-ins at Brooklyn Point, a 68-story multifamily tower that is the borough’s tallest building. In addition to sales commencing and the return to in-person appointments and tours, the building's first model residences will soon be unveiled.Designed by Kohn Pedersen Fox, the 720-foot-tall Brooklyn Point is located in downtown Brooklyn, across the street from Willoughby Square …

July 27, 2020Development, Multifamily, New York, Northeast, Top Stories

Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

MAHWAH, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia.The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of …

July 24, 2020Company News, New Jersey, Northeast, Retail, Top Stories

Tesla Selects Development Site Near Austin for $1B Vehicle Manufacturing Plant

AUSTIN, TEXAS — Electric automaker Tesla (NASDAQ: TSLA) has selected a 2,000-acre site near Austin for the development of its latest $1 billion ‘Gigafactory.’The vehicle manufacturing plant will build Tesla’s new Cybertruck pick-up truck and will be the second U.S. manufacturing site for the Model 3 and Model Y automobiles, distributing largely to the eastern half of North America.The development site is located in southeast Travis County, five minutes from the Austin …

July 23, 2020Development, Texas, Top Stories

McCarthy Breaks Ground on 1 MSF Forsyth Pointe Mixed-Use Development Near St. Louis

CLAYTON, MO. — McCarthy Building Cos. Inc. has broken ground on Forsyth Pointe, an office and retail development in the central business district of Clayton, just west of St. Louis.Developed by US Capital Development, the project will include two Class A office towers with more than 20,000 square feet of street-level retail space. The office portion will rest atop a seven-story parking structure, bringing the project’s total square footage to nearly 1 million square feet.A 10-story, …

July 22, 2020Development, Midwest, Missouri, Office, Top Stories

Parent Company of Men’s Wearhouse, Jos. A. Bank to Shutter Up to 500 Stores, Cut Staff by 20 Percent

FREMONT, CALIF. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont-based firm says the “unprecedented and industry-wide" disruption caused by the COVID-19 outbreak was the catalyst behind the move.Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in …

July 21, 2020California, Company News, Leasing Activity, Retail, Top Stories, Western

Chevron Agrees to Acquire Noble Energy for $5B in Oil Industry Merger

SAN RAMON, CALIF. — Chevron Corp. (NYSE: CVX) has agreed to acquire Houston-based exploration firm Noble Energy (NASDAQ: NBL) in an all-stock transaction valued at $5 billion, or $10.38 per share.Under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron common stock for each share of Noble Energy stock they own. Inclusive of debt, the deal carries a total enterprise value of $13 billion.The price represents a premium of roughly 12 percent on the …

July 20, 2020California, Company News, Texas, Top Stories, Western