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Hudson Yards West
DevelopmentMixed-UseNew YorkNortheastTop Stories

Related Cos., Oxford Properties Unveil Plans for Next Phase of $12B Hudson Yards Development in Manhattan

by Katie Sloan

NEW YORK CITY — A partnership between Related Cos. and Oxford Properties Group, alongside Wynn Resorts (NASDAQ: WYNN), has unveiled plans for the next phase of development at Hudson Yards, a $12 billion mixed-use project located on Manhattan’s west side.  The next phase of development, Hudson Yards West, will replace the undeveloped western rail yards at the site. The developers are currently seeking approval by city and state officials for the expansion. If approved, the project will include the addition of a hotel by Wynn Resorts dubbed Wynn New York City; Hudson Green, a 5.6-acre public park; 1,500 new housing units, including 324 units of affordable housing; and a new K-8 public school. Designed by Hollander Design and Sasaki, Hudson Green will feature a dog run, open lawns, gardens and playscapes. The park will include the addition of over 300 trees, 500 shrubs and flower beds. Wynn Design and Develop, Wynn Resorts’ in-house team of designers, architects and creatives, will lead the architecture and design of the hospitality component. All facets of Hudson Yards West are being designed as part of a master plan by Skidmore, Owings & Merrill. Wynn Resorts has also committed to creating The Wynn Neighborhood Improvement …

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DevelopmentLife SciencesTexasTop Stories

City of Plano Approves $4B Texas Research Quarter Life Sciences Project

by Kristin Harlow

PLANO, TEXAS — The Plano City Council has approved a development agreement to support the Texas Research Quarter (TRQ), a life sciences-focused innovation district. The first phase would involve redevelopment and new construction at the former Electronic Data Systems (EDS) headquarters, a 91-acre site that serves as the TRQ main campus. Plano is located approximately 20 miles north of Dallas. The development agreement provides reimbursement to incentivize investment and development within a newly created tax-increment reinvestment zone (TIRZ), which contains the TRQ properties and other parts of Plano’s Legacy neighborhood. Total project costs are estimated at $4 billion, according to the Dallas Business Journal. Future phases include additional redevelopment activity across the main campus, as well as the creation of an integrated multi-site district through development at adjacent and nearby properties. Dallas-based NexPoint, an alternative investment manager with a real estate arm, is spearheading the development. “The city council approval is just the first step in a comprehensive plan to develop the TRQ into a world-class hub for life sciences,” says Eric Danielson, managing director and head of real estate development at NexPoint. “We are committed to collaborating with the community to build a dynamic ecosystem that will drive innovation, …

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Go Store It Self Storage Nantucket
Company NewsIndustrialNorth CarolinaNortheastPennsylvaniaProperty TypeSelf-StorageSoutheastTop Stories

Go Store It, Snapbox Merge, Creating 10 MSF Self-Storage Giant

by Hayden Spiess

CHARLOTTE, N.C. AND PHILADELPHIA — Go Store It Self Storage and Snapbox Self Storage have merged. The combined company is now one of the largest private self-storage operators in the United States, according to a press release issued by the companies.  Operating under the Go Store It Self Storage brand name, the new entity will oversee a portfolio totaling more than 10 million square feet of storage space across 145 locations in 23 states. Executive leadership will include Ryan Hanks and Jake Ramage as chief executive officers (CEOs), with Matt Lang serving as president. The merger is designed to enhance operational efficiency as well as stimulate growth in the areas of acquisition, development and third-party management.  Founded in 2013 in Charlotte, N.C., Go Store It is a subsidiary of Madison Capital Group Holdings. Philadelphia-based Snapbox was also founded in 2013. Both companies are FrontRange Capital portfolio companies. FrontRange has invested roughly $100 million in Madison Capital and its affiliates, including Go Store It, and is making a co-general partner (co-GP) commitment to the new entity.  — Hayden Spiess

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ColoradoDevelopmentIndustrialTop StoriesWestern

Swire Coca-Cola to Build 570,000 SF Bottling Plant Near Denver International Airport Campus

by John Nelson

DENVER — Swire Coca-Cola USA, a prominent Coca-Cola bottler in the Western United States, has confirmed plans for a new bottling plant near Denver International Airport. According to the project’s website, Swire Coca-Cola plans to invest between $350 million and $500 million to construct the facility, which will be located at the airport’s Second Creek Campus. According to Denver Business Journal, the new facility will span 570,000 square feet. The project website estimates that Swire Coca-Cola will break ground in third-quarter 2025 and hold a grand opening in first-quarter 2027. Additionally, equipment is scheduled to be installed and commissioned in third-quarter 2026. Swire Coca-Cola plans to use the property to replace both an existing production center at 3825 York St. and a sales center at 2145 E. 40th Ave., which are located within a half-mile of each other and about 17 miles southwest of the airport. The new Swire Coca-Cola plant, which will be used for the bottling of both Coca-Cola plastic bottles and aluminum cans, will sit on 97 acres at the northeast corner of Tower Road and Pena Boulevard. The company plans to employ approximately 200 people at the new facility. Denver Business Journal reports that Denver City Council …

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80-Clarkson-NYC
DevelopmentLoansMultifamilyNew YorkTop Stories

Joint Venture Receives $985M Financing for 100-Unit Luxury Condo Towers in New York City 

by Hayden Spiess

NEW YORK CITY — A joint venture between Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC has received $985 million in financing for the development of 80 Clarkson, a full-block condominium project along the Hudson River in Manhattan’s West Village neighborhood. The two towers of the development will rise 450 feet and total 100 ultra-luxury units. The first tower is scheduled for completion in 2026, with the second following in 2027. Newmark arranged the loan for the project on behalf of the developers. Jordan Roeschlaub, Chris Kramer and Jonathan Firestone of Newmark secured the financing from Cale Street Partners and Farallon Capital Management. The community will feature outdoor space, luxury finishes, an amenity package and ground-floor retail space. 80 Clarkson is located on the northernmost portion of the former St. John’s Terminal Building, which was originally built in 1934 as the terminus to the High Line Rail Road. The building spanned almost four city blocks, nearly 850 feet along the Hudson River.  In 2016, Atlas led a prior venture in a complex rezoning which allowed for significantly increased density on the site. After negotiating early terminations with the building’s office tenants, the venture sold the portion of the …

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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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