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Tinder Founder Justin Mateen Leads $211M Acquisition of Wilshire Rodeo Plaza Office/Retail Property in Beverly Hills

by Katie Sloan July 25, 2024

BEVERLY HILLS, CALIF. — Tinder founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in the posh Los Angeles suburb of Beverly Hills. Nuveen sold the asset for $211 million. The 300,000-square-foot property includes three six-story office and retail buildings along Wilshire Boulevard and a three-story office building along Rodeo Drive. The buyers plan to rebrand the property as One Rodeo, as well as upgrade and re-program the buildings to cater to luxury retail and office tenants. Current tenants include Merrill Lynch/Bank of America, USB, William Morris Endeavor and Encore Recordings. The Mateen brothers and Abdi view the acquisition as a generational property, and hope to take advantage of the “flight to quality” in a struggling office sector with limited new Class A supply. “Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-COVID world,” says Tyler Mateen, who is CEO of Cannon TTM, a Los Angeles-based real estate investment firm. “We are grateful to be acquiring these buildings at …

July 25, 2024

Development Illinois Midwest Mixed-Use Top Stories

Bulls, Blackhawks Owners Unveil Plans for $7B Transformation of Chicago Athletic District

by Taylor Williams July 24, 2024

CHICAGO — The owners of the NBA’s Chicago Bulls and NHL’s Chicago Blackhawks have unveiled plans for the transformation of the area around their shared venue, the United Center. The initiative is known as The 1901 Project, and development costs are estimated at $7 billion. Michael Reinsdorf, CEO of the Bulls and son of owner Jerry Reinsdorf, formally announced the project on Tuesday, July 23. The elder Reinsdorf, along with Blackhawks owner Danny Wirtz, co-owns the United Center, where both teams have played since 1994. The name is a reference to the venue’s address at 1901 W. Madison St. The 1901 Project will be privately funded by the Reinsdorf and Wirtz families and developed in phases over approximately 10 years. The areas in question span roughly 55 acres on the city’s west side. Phase I could commence as soon as next spring, pending the completion of various permitting and approvals processes. Preliminary plans call for a mix of uses, including more than 1,000 transit-oriented residential units and a new entertainment venue that can accommodate up to 6,000 people. The residential component will feature both market-rate and affordable housing units. International architecture firm RIOS will lead design and planning. The 1901 …

July 24, 2024

Development Georgia Leasing Activity Retail Southeast Top Stories

Cosm to Open Entertainment Venue at $5B Centennial Yards Development in Atlanta

by Hayden Spiess July 23, 2024

ATLANTA — Immersive technology, media and entertainment company Cosm has announced plans to open an entertainment venue at Centennial Yards, a $5 billion mixed-use development currently underway in downtown Atlanta. Situated within the project’s Sports and Entertainment District, the venue will comprise 70,000 square feet across three levels. Architecture firm Gensler is designing the facility. Dubbed Shared Reality, the venue will feature Cosm’s proprietary technology, including a 12K+ LED dome spanning 87 feet in diameter. Shared Reality will offer immersive live sports viewing through Cosm’s partnerships with entities including ESPN, the NBA, NBC Sports, TNT Sports, FOX Sports and the UFC. Programming at the venue will also include Cirque du Soleil’s “O” production and immersive art experiences by members of the Cosm Studios Creator Program. An opening date was not disclosed. This marks the first addition to the next phase of Centennial Yards, which will encompass roughly 470,000 square feet of entertainment, retail and restaurant space, as well as a flagship hotel. The new phase of development will be positioned on a 7.5-acre site adjacent to the Atlanta Hawks’ State Farm Arena and Mercedes-Benz stadium, which is home to the Atlanta Falcons and Atlanta United sports teams. Upon full build-out, …

July 23, 2024

Loans Multifamily Northeast Pennsylvania Student Housing Top Stories Walker & Dunlop

Walker & Dunlop Provides $285.5M Refinancing for Two Student Housing Properties at Temple University in Philadelphia

by Kristin Harlow July 22, 2024

PHILADELPHIA — Walker & Dunlop Inc. has provided a $285.5 million loan for the refinancing of Vantage and The View at Montgomery, two student housing properties located on Temple University’s campus in Philadelphia. The Class A communities total 1,816 beds. Completed in 2019, Vantage rises 19 stories with 368 units. The property features more than 30,000 square feet of amenity space, retail offerings and floor plans ranging from studios to four bedrooms. Opened in 2014, The View at Montgomery includes 238 units and is located in the center of Temple University’s main campus. The 14-story building features studios through four-bedroom layouts. The Goldenberg Group acquired the site for Vantage and The View at Montgomery in 2008 as part of a multi-phase student housing project to bring much-needed rental product to Temple University. Walker & Dunlop’s multifamily finance and capital markets teams originated the seven-year, fixed-rate loans through Freddie Mac on behalf of The Goldenberg Group. Additionally, Walker & Dunlop Investment Partners (WDIP) provided a preferred equity investment as part of the refinancings. “In the face of macro headwinds stemming from the financial crisis, the COVID pandemic and nationwide enrollment pressure, the student housing sector has proven its resiliency time and …

July 22, 2024

Development Hospitality Mixed-Use Multifamily Retail Texas Top Stories

Hillwood Plans 3,200-Acre Landmark by Hillwood Mixed-Use Development in Denton, Texas

by Jeff Shaw July 19, 2024

DENTON, TEXAS — Hillwood, a Perot company, has unveiled plans for Landmark by Hillwood, a 3,200-acre mixed-use project in the northern Dallas suburb of Denton. The project team includes Hillwood subsidiaries Hillwood Communities and Hillwood Properties. The plans call for 900 acres of commercial space comprising 5 million square feet of retail, hospitality and entertainment space, approximately 6,000 single-family homes and more than 3,000 multifamily units. The site, which is situated at I-35W and Robson Ranch Road, was previously known as Hunter Ranch. The parcel is one of the original land holdings purchased by the Perot family in 1987. The property encompasses Pilot Knob Hill, the highest point in Denton, according to Hillwood. Once completed, Landmark by Hillwood will offer 1,100 acres of park and open space, including Pilot Knob Hill, as well as an interconnected trail system, recreation areas and public parks. Hillwood also plans to construct a series of learning parks, which aim to promote nature education and engagement and will be open to the public. Hillwood plans to break ground on the first phase of the project this September. Phase I will comprise 747 single-family lots, with models slated to open in spring 2026. Planning and leasing are already underway …

July 19, 2024

Acquisitions Company News Florida Restaurant Retail Southeast Texas Top Stories

Darden Restaurants Agrees to Acquire Tex-Mex Chain Chuy’s for $605M

by Katie Sloan July 18, 2024

AUSTIN, TEXAS AND ORLANDO, FLA. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s 60-day volume weighted price. Chuy’s board of directors unanimously approved the merger agreement, which includes a 30-day “go-shop” period that will allow the company to solicit alternative proposals from interested parties. The transaction is expected to close during the second quarter of 2025, subject to a number of closing conditions, including approval by a majority of Chuy’s stockholders. Darden acquired Ruth’s Chris in summer 2023 for $715 million. The company’s portfolio of restaurant brands also includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Darden’s stock price closed at $147.35 per share on Thursday, July 17, down from $163.31 one year ago. …

July 18, 2024

Colorado Development Industrial Top Stories Western

Philip Morris Plans $600M ZYN Manufacturing Facility in Aurora, Colorado

by Kristin Harlow July 17, 2024

AURORA, COLO. — Philip Morris International Inc. (PMI) has unveiled plans to invest $600 million over the next two years through one of its U.S. affiliates to open a manufacturing facility in Aurora, just east of Denver. PMI says the facility will produce Swedish Match ZYN nicotine pouches to help meet the growing global demand for smoke-free products. PMI plans to break ground on the development later this year and to begin preliminary operations by the end of 2025. Regular production is slated to begin in 2026. Swedish Match North America is also currently working to increase ZYN oral nicotine pouch production at its facility in Owensboro, Ky. PMI acquired Swedish Match in late 2022. Nicotine pouches are a flavored product marketed as an alternative to smoking or dipping tobacco. Long popular in Europe, they recently skyrocketed in popularity in the United States, fueled by social media influencers, according to ABC News. The project is expected to create 500 direct jobs with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs for the state of Colorado, according to PMI. The construction is expected to create nearly 5,000 temporary jobs. Career opportunities at the new facility will …

July 17, 2024

Acquisitions Industrial Texas Top Stories

KKR Acquires 1.8 MSF Industrial Park in Southwest Houston for $234.2M

by John Nelson July 16, 2024

HOUSTON — KKR & Co. Inc. (NYSE: KKR), a global alternative asset management investor based in New York City, has purchased Park 8Ninety, a 1.8 million-square-foot industrial park in southwest Houston. Artis Real Estate Investment Trust, a REIT based in Winnipeg, Canada, sold the 12-building park to KKR for $234.2 million. Artis REIT and Trammell Crow Co. (TCC) developed Park 8Ninety in five phases between 2017 and 2022. The 127-acre park features a mix of single-tenant and multi-tenant logistics buildings with clear heights ranging from 24 to 36 feet. Park 8Ninety is situated along Beltway 8 (Sam Houston Parkway) and U.S. Route 90A and features multiple access points to both roads. The park is situated about 20 miles southwest of downtown Houston and 19 miles west of William P. Hobby Airport. “Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston, which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” says Ben Brudney, a managing director in the real estate group at KKR who oversees the firm’s U.S. industrial investments. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and …

July 16, 2024

Company News Connecticut Massachusetts New Jersey New York Northeast Property Type Retail Rhode Island Top Stories

Stop & Shop to Close 32 Stores in the Northeast

by Hayden Spiess July 15, 2024

QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop. The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …

July 15, 2024

Development Hospitality Illinois Midwest Mixed-Use Retail Top Stories

Bally’s Releases Updated Plan for $1.7B Casino Project in Chicago

by Hayden Spiess July 12, 2024

CHICAGO — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar. In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings. In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the …

July 12, 2024

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