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Advance-Auto-Parts_Kinston
AcquisitionsCompany NewsDistrict of ColumbiaIndustrialNorth CarolinaRetailSoutheastTop Stories

Advance Auto Parts Agrees to Sell Worldpac Distribution Business to Carlyle for $1.5B

by Katie Sloan

RALEIGH, N.C. AND WASHINGTON, D.C. — Advance Auto Parts Inc. (NYSE: AAP) has agreed to sell Worldpac, the Raleigh-based company’s automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash.  Advance Auto Parts operated 321 Worldpac locations primarily within the United States as of the end of the second quarter. These warehouses, 135 of which are branded Autopart International, are generally larger than the company’s retail locations, averaging approximately 26,000 square feet. Worldpac offers over 293,000 parts for domestic and import vehicles and primarily serves professional customers such as vehicle repair shops, with services including same-day delivery of automotive parts through a fleet of company-owned vehicles. Over the past 12 months, these locations generated approximately $2.1 billion in revenue and $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Advance expects to close the transaction before the end of the year, with Advance expecting net proceeds of approximately $1.2 billion after taxes and transaction fees.  These proceeds will be used to strengthen the company’s balance sheet and invest in its core retail business, said Shane O’Kelly, president and CEO of Advance Auto Parts, during an earnings call earlier …

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AcquisitionsHospitalityIllinoisMidwestNew YorkNortheastTop Stories

Hyatt Agrees to Acquire Hospitality Brand Standard International for up to $335M, Forms Lifestyle Group

by Kristin Harlow

CHICAGO AND NEW YORK CITY — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire the brands and most of the affiliates of lifestyle hospitality company Standard International, parent company of The Standard and Bunkhouse Hotels brands. The transaction is anticipated to close later this year. The acquired portfolio will be 100 percent asset-light and includes management, franchise and license contracts for 11 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique properties like Hotel Saint Cecilia in Austin, Texas; and Hotel San Cristóbal in Baja California, Mexico. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. The Standard hotels have attracted a loyal following among the most discerning lifestyle guests, says Mark Hoplamazian, president and CEO of Chicago-based Hyatt. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.” With this acquisition, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Amar Lalvani, …

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AcquisitionsCompany NewsNortheastPennsylvaniaRestaurantRetailTop Stories

Parent Company of Circle K Agrees to Acquire 270 GetGo Convenience Stores, Makes ‘Friendly’ Takeover Bid for 7-Eleven Owner

by John Nelson

LAVAL, QUEBEC AND CRANBERRY TOWNSHIP, PA. — Alimentation Couche-Tard Inc., the Canadian parent company of Circle K, has agreed to acquire GetGo Café + Markets from Giant Eagle Inc., a supermarket chain based in Pennsylvania. GetGo operates 270 gas station and convenience store locations in Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The company staffs approximately 3,500 employees. “We are excited to welcome GetGo into the Couche-Tard family,” says Brian Hannasch, president and CEO of Couche-Tard. “We look forward to growing together as we learn from and continue GetGo’s innovative approaches to serving its local customers and communities.” “We are energized by the potential for both Giant Eagle and GetGo as a result of this transaction,” adds Bill Artman, CEO of Giant Eagle. “This enhances our focus on our core supermarket and pharmacy businesses.” GetGo has multiple retail models, including open-concept stores and standalone kiosks, with an emphasis on “food first.” As part of this transaction, Couche-Tard and Giant Eagle have agreed to maintain and partner together on Giant Eagle’s myPerks loyalty program for customers. Couche-Tard expects the deal to close in 2025 following standard regulatory approvals and customary closing conditions. The financial terms of the transaction were not disclosed …

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Hyatt-Regency-Orlando
AcquisitionsFloridaHospitalitySoutheastTop Stories

RIDA Development, Ares Buy Hyatt Regency Orlando Hotel for $1B

by Taylor Williams

ORLANDO, FLA. — A partnership between affiliates of Houston-based RIDA Development Corp. and Los Angeles-based Ares Management has purchased the Hyatt Regency Orlando hotel for approximately $1 billion. The seller was Hyatt Hotels Corp. (NYSE: H), and the purchase included a 45-acre adjacent, undeveloped parcel. The hotel spans 1,641 rooms, making it the fourth-largest Hyatt hotel in the world based on room count. The hotel was originally built in 1986 as The Peabody Orlando. Hyatt bought the hotel in 2013 and rebranded it later that year it as the Hyatt Regency Orlando. Guestrooms and suites at the hotel average 453 and 846 square feet, respectively. The accommodations feature marble-accented bathrooms, sleeper sofas, mini-fridges and 65-inch streaming TVs. Amenities include six onsite dining options, a 24-hour fitness center, tennis courts, a spa, outdoor pool and 315,000 square feet of meeting and event space. The hotel also connects to the Orange County Convention Center. The new ownership plans to implement a value-add program at the hotel and has also entered into a development agreement with Hyatt to construct a new Grand Hyatt hotel on the 45-acre parcel. That hotel is expected to have more than 2,500 rooms. Kevin Davis, Mike Huth and …

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Intuit Dome, Inglewood, California
CaliforniaCivicDevelopmentTop StoriesWestern

Public-Private Partnership Opens $2B Los Angeles Clippers Arena in Inglewood, California

by Jeff Shaw

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has opened Intuit Dome, a 915,000-square-foot events arena in Inglewood that will be the home of the National Basketball Association’s LA Clippers. Former Microsoft executive Steve Ballmer owns the team. Intuit Dome is situated on a 28-acre site between Prairie Avenue and Century Boulevard and near SoFi Stadium, the new home arena for the Los Angeles Rams football team. The arena will host home games for the Clippers, as well as sporting events not involving the Clippers, family shows, concerts, conventions and corporate events. The arena opened yesterday with a concert from Grammy award winner Bruno Mars. The Clippers have been headquartered at the Staples Center in Los Angeles since 1999. The team shared the facility with the Los Angeles Lakers. However, the Clippers will be the only tenant at the Intuit Dome, according to the Los Angeles Times. The development team broke ground on the project in September 2021. Intuit Dome offers 86,000 square feet of training, medical and player spaces, as well as five basketball courts with more than 17,700 seats and 640 bathrooms. The arena also features 48,000 square feet of retail and restaurant space …

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Pearl-Street
DevelopmentFloridaMixed-UseSoutheastTop Stories

Gateway Jax Receives Approval for $2B Mixed-Use Project in Downtown Jacksonville

by Katie Sloan

JACKSONVILLE, FLA. — Gateway Jax has received approval from the Jacksonville City Council for the development of Pearl Street District, a $2 billion mixed-use project set to span 25 blocks in downtown Jacksonville.  Plans for the development include 1,000 residential units; more than 100,000 square feet of retail space; public gathering spaces, including parks surrounding the historic Porter House mansion; widened and shaded sidewalks; and a curbless “festival street” with outdoor dining. Gateway Jax bought the site last year. Anticipated tenants for the retail portion of the project include a full-service grocery store, high-end fitness club, restaurants and daily service providers, like salons and shops.  Gateway Jax plans to break ground in October, pending receipt of city permits, and develop the project in phases over the next decade. The project is expected to create 2,700 permanent jobs and spur over $750 million in annual economic impact and full build-out, according to the developer. Partners include the Downtown Investment Authority and the City of Jacksonville. Gateway Jax is a Jacksonville-based commercial real estate development firm sponsored by JWB Real Estate Capital and DLP Capital. — Katie Sloan

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DevelopmentGeorgiaIndustrialSoutheastTop Stories

Aertssen Logistics to Open 380,800 SF Facility at 2,600-Acre Savannah Gateway Industrial Hub

by Kristin Harlow

RINCON, GA. — Aertssen Logistics USA Inc. has unveiled plans to open a 380,800-square-foot equipment processing center at Savannah Gateway Industrial Hub (SGIH) in Rincon near the Port of Savannah. Broe Real Estate Group is the developer of the larger, 2,600-acre industrial park. Aertssen specializes in the transportation, handling, final assembly and management of construction, agriculture and aerial lift equipment. The new 35-acre facility marks the Belgian company’s first U.S.-based operation. Aertssen Logistics is a division of Aertssen Group NV. The property will provide comprehensive logistics services, indoor and outdoor storage, and various tailor-made technical services. Aertssen says it selected the location due to land to expand on, a strong local labor market, strategic highways and quick access to the Port of Savannah’s 35-plus weekly services to world markets. To catalyze its expansion in the U.S., the company established Aertssen Logistics USA as a separate entity that aims to double the current number of machines it processes annually by 2030. In the coming years, Aertssen plans to open additional equipment processing centers in Baltimore, Houston and Tacoma, Wash. “We see significant opportunities for growth, fueled by a strong U.S. economy with substantial investments in infrastructure, which are driving an increased …

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AcquisitionsCompany NewsGeorgiaMixed-UseSoutheastTop Stories

Jamestown to Acquire North American Properties Atlanta Office, Including $2B Real Estate Portfolio

by John Nelson

ATLANTA — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati. Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast. As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony Square in Midtown Atlanta; The Forum Peachtree Corners in Peachtree Corners, Ga.; Avenue East Cobb in Marietta, Ga.; Birkdale Village in Huntersville, N.C.; Ridge Hill in Yonkers, N.Y.; and Newport on the Levee in Newport, Ky. The acquisition also includes the platform’s real estate services business that manages Avalon in Alpharetta, Ga.; Mercato in Naples, Fla.; and Riverton in Sayreville, N.J. These third-party services will add to Jamestown’s real estate services business, which currently includes 22 projects across 19 cities and 10 countries. “This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” says Michael Phillips, president of Jamestown. …

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Samsung_Austin-Texas
Data CentersDevelopmentIndustrialTexasTop Stories

Reports: City Council Approves $225M Data Center Project in Taylor, Texas

by Taylor Williams

TAYLOR, TEXAS — The City Council of Taylor, a northern suburb of Austin, has approved a proposal and economic development agreement for a $225 million data center project, according to multiple publications, including the Austin Business Journal, Taylor Press and Community Impact Newspaper. Taylor Press reports that the city council approved the proposal during its meeting on Aug. 8, voting unanimously to grant tax rebates to Austin-based data center owner-operator BPP Projects. Taylor Press also reports that the project will be developed on 52 acres of city-owned land, and that construction will be carried out in three phases, each of which will deliver 45,000 square feet of space. Construction could begin as soon as next summer. Community Impact Newspaper reports that the city council approved a 10-year, 50 percent tax rebate for each phase of construction on the data center. In addition, the outlet states that BPP will also receive a 50 percent rebate on the local use tax collected on materials used during construction. Multiple publications report that the city’s economic development department expects the project to generate more than $1 billion in capital investment for the region over the next decade. The company has also agreed to guarantee …

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Cleveland Browns Brook Park Proposal
CivicDevelopmentMidwestOhioTop Stories

Cleveland Browns Propose $2.4B Suburban Stadium Development, City Offers $461M Financing Plan Toward Rehabbing Current Stadium

by Jeff Shaw

CLEVELAND — The Cleveland Browns NFL franchise owner Haslam Sports Group has released renderings and development plans for a new $2.4 billion stadium in the suburb of Brook Park, near Cleveland Hopkins International Airport. The proposal comes on the heels of the City of Cleveland releasing its plan to fund $461 million in renovations to the current lakeside stadium, which has been the Browns’ home for 24 years. Haslam Sports Group is seeking a 50/50 split between its own funding and public financing, regardless of whether it elects to build a new stadium or renovate its existing home. This means the team would seek $1.2 billion in public funding were it to seek a new stadium in the suburbs. The team has not disclosed any plans on how to achieve either the private or public funding for that project. The Browns in particular want an indoor stadium for the notoriously cold and snowy area, and putting a dome on the existing venue is not possible due to flight-path issues from the city’s airport. The City of Cleveland renovation proposal for the current stadium, located in the North Coast Harbor area of downtown Cleveland, would offer $461 million in public money, just under …

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