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Kansas City Current Debuts $120M Women’s Soccer Stadium

by Taylor Williams

KANSAS CITY, MO. — The Kansas City Current of the National Women’s Soccer League (NWSL) has opened its $120 million home field, CPKC Stadium. The venue, which is located in the Berkeley Riverfront area along the Missouri River and seats 11,500 people, is the first soccer stadium in the world to be designed and built exclusively for women, according to the project team. Sports Business Journal reports the development of the stadium was privately financed by the team, although ownership eventually requested $6 million in state-issued tax credits to offset an escalated construction budget, according to the Kansas City Star. In April 2023, the Current announced that Canadian Pacific Kansas City, a railway operator whose U.S headquarters is located in Kansas City, had acquired the naming rights to the stadium as part of a 10-year deal. A host of Kansas City-based firms contributed to the design and delivery of the stadium, and many of these companies have design, engineering and construction teams that are led by women. They include: “Our vision was to create a player-first experience while equally prioritizing fans,” say Angie and Chris Long, founders and co-owners of the Kansas City Current. “Not only did our Kansas City-based …

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Worthe Real Estate, Stockbridge Receive $475M Refinancing for Warner Bros. Office Complex in Burbank, California

by Jeff Shaw

BURBANK, CALIF. — Worthe Real Estate Group (Worthe) and Stockbridge have received a $475 million, fixed-rate, securitized mortgage to refinance debt on Second Century. The 800,000-square-foot office complex is located in the Media District neighborhood of Burbank, a suburb north of Los Angeles that serves as a television studio hub. Worthe and Stockbridge completed the development of the Frank Gehry-designed Second Century in May 2023. The complex consists of two buildings located within The Burbank Studios lot. Warner Bros. fully occupies the property. According to the city of Burbank, the first building comprises 355,000 square feet across seven stories. The second building rises nine stories and totals 445,000 square feet. The loan was securitized as a single-asset, single-borrower CMBS transaction, led by Wells Fargo and Morgan Stanley. Eastdil Secured served as exclusive advisor to Worthe and Stockbridge on the transaction. Further details on the loan were not disclosed. “This successful financing underscores our vision for Second Century and the growing demand in the entertainment industry for sustainable, state-of-the-art and vibrant office space,” says Jeff Worthe, president of Worthe. The Burbank Studios is a television production facility that also houses the iHeartRadio Theatre performance venue. The facility is situated across the street from Johnny Carson Park. Second Century …

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CaliforniaDevelopmentOfficeTop StoriesWestern

The Star Submits Plans for $1B Creative Office Campus on Sunset Boulevard in Los Angeles

by Katie Sloan

LOS ANGELES— The Star LLC has submitted revised design plans for The Star, a proposed $1 billion office campus at 6061 W. Sunset Blvd. in the Hollywood neighborhood of Los Angeles. The development firm, led by local investor and developer Maggie Miracle, first submitted a proposal for the project in 2021 with renderings designed by Chinese architecture firm MAD Architects. The initial concept held a $500 million price tag. The original design was ultimately scrapped by Miracle to incorporate garden-like outdoor spaces, which she believes have become increasingly attractive to office tenants following the COVID-19 pandemic, according to reports by the Los Angeles Times.  Updated plans for the project, which doubles down on the initial investment price, were designed by Foster + Partners and include a 22-story, cylindrical tower with a spiral of external gardens rising from the street level. The development will offer spacious floor plates and floor-to-ceiling windows offering unobstructed views of downtown Los Angeles, the Hollywood Sign and Pacific Ocean. Each floor will feature a series of external shaded and landscaped social garden terraces designed by SALT Landscape Architects.  Plans for the project — which will target WELL and LEED certifications — also include a rooftop restaurant …

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US Department of Commerce Proposes $8.5B in Funding for Intel Semiconductor Projects in Four States

by Kristin Harlow

ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …

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Company NewsMidwestOhioRetailTop Stories

Fabrics Retail Giant Joann Files for Chapter 11 Bankruptcy, Plans to Go Private

by John Nelson

HUDSON, OHIO — Joann Inc. (NASDAQ: JOAN), a fabrics and sewing retailer based in Hudson, has filed for prepackaged Chapter 11 bankruptcy. The company’s 829 stores and its website (JOANN.com) will remain open for business. Following the bankruptcy process, if approved, Joann will become a private company owned by some of its lenders and other industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange. As of this writing, the company’s stock has been delisted. Joann expects to emerge from the voluntary bankruptcy process as early as April. In addition to the bankruptcy decision, the 81-year-old company has entered into a transaction support agreement with a majority of its financial stakeholders and additional industry financing parties. As part of the agreement, Joann has received commitments for approximately $132 million in new financing and related financial accommodations. “This agreement is a significant step forward in addressing Joann’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver product assortments and enhance the customer experience wherever they are shopping with us,” says Scott Sekella, Joann’s chief financial officer. He adds that 95 percent of the company’s …

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DevelopmentLoansMultifamilyNew YorkNortheastTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $109M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit multifamily project that will be located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. The borrower is locally based developer EMP Capital Group. The development will consist of two adjoining buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. Units will come in studio, one-, two- and three-bedroom floor plans. Levels of income restrictions for the affordable housing component of the property have not yet been fully determined. More specifically, the unit mix will comprise 45 studios, 11 studio alcoves, 95 one-bedroom apartments, 44 one-bedroom residences with home offices, 49 two-bedroom units and three two-bedroom units with home offices. Amenities will include a tenant lounge, business center, screening room, karaoke room, golf simulator, game room, multiple party rooms, kids’ playrooms, social lounges and a nearly 2,000-square-foot fitness center. The property will also feature ground-floor retail space. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the five-year, interest-only loan through QuadReal Property Group. Completion is scheduled for 2025. “Meticulously designed with floor plans that optimize all available square footage, …

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Home Depot Plans Four New Distribution Centers for Professional Customers

by Jeff Shaw

DETROIT, LOS ANGELES, SAN ANTONIO AND TORONTO — The Home Depot Inc. (NYSE: HD) has announced plans for four new distribution centers in Detroit, Los Angeles, San Antonio and Toronto. The new facilities are a key component of the company’s efforts to cater to professional customers such as developers, general contractors, remodelers and property managers. The new distribution centers will stock large, bulky merchandise such as lumber, insulation and roofing shingles. The new distribution centers are expected to open in the first half of this year. Home Depot has opened similar hubs across the U.S. and expects to have 17 facilities equipped with new capabilities for pros by the end of 2024. In addition to the new distribution centers, Home Depot plans to expand its offerings to professional customers with localized product assortment tailored to each market, digital tools to manage complex orders, and special credits and pricing for professional customers. “Over the last several years, we have been investing to deliver a faster, more convenient, differentiated experience for our pros,” says Chip Devine, senior vice president of outside sales for Home Depot. “Our distribution network is one piece of the comprehensive pro ecosystem we’re building to better meet the needs …

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IDI Breaks Ground on $110M Belmont Logistics Campus Near Washington, D.C. 

by Hayden Spiess

WOODBRIDGE, VA. — The IDI Group Cos. (IDI) and its development partners have broken ground on Belmont Logistics, a $110 million industrial campus located in Woodbridge, roughly 25 miles southwest of Washington, D.C. According to the developer, the project marks the only new industrial project along Northern Virginia’s I-95 corridor so far this year.  Upon completion, the development will feature three tilt-up concrete buildings totaling 416,000 square feet situated on 36.6 acres. Additionally, the development will include 540 car parking spaces, 40 trailer parking spaces and 55,000 square feet of additional storage space.  Belmont Logistics will be developed in two phases, with the first phase comprising a 110,000-square-foot warehouse on 9.5 acres. Completion of the first phase is scheduled for the end of this year. Delivery of the campus in its entirety is scheduled for 2026.  Offering connectivity to I-95, the location is situated roughly 30 miles from Dulles International Airport and 20 miles from Reagan National Airport.  In addition to IDI, the joint venture developing the campus includes landowners ACD Precast LLC and the Carosi family. RW Murray is the general contractor for the project, which MGMA designed. Keystone National Group is providing an undisclosed amount of financing for …

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RetailSoutheastTop StoriesVirginia

Dollar Tree to Close 1,000 Stores Nationwide

by Kristin Harlow

CHESAPEAKE, VA. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known for catering to low-income customers predominately in cities. Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. While Family Dollar has struggled, rival Dollar General has opened about 1,000 stores per year, making it the fastest-growing retailer in the United States, according to CNN. Dollar General’s portfolio totals around 18,000 stores. For the quarter that ended Feb. 3, Dollar Tree reported a net loss of $1.71 billion compared with a profit of $452.2 million during the same period last year. Part of the loss is attributed to “a comprehensive …

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DevelopmentMidwestRetailTop StoriesWisconsin

Kohl’s to Roll Out 200 Babies R Us, 140 Sephora Stores at Its Retail Locations This Year

by John Nelson

MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to roll out 200 Babies R Us shops this fall at existing Kohl’s locations. The first Babies R Us shop will debut at an undisclosed Kohl’s store in August. Additionally, the company plans to open 140 more Sephora shops at Kohl’s this summer. The Menomonee-based retail giant is partnering with WHP Global, the owner of the Babies R Us brand, in the rollout. WHP Global purchased the Babies R Us and Toys R Us brands in 2021, four years after the brands’ parent company filed for Chapter 11 bankruptcy. WHP Global is undertaking a similar rollout of Toys R Us locations at cruises and airports, along with new flagship stores. Kohl’s has more than 850 Sephora shops within Kohl’s stores, with each Sephora occupying roughly 2,500 square feet. Currently there are Sephora shops within Kohl’s stores across 48 states. “Not only are we well on our way to having a Sephora presence in every Kohl’s store across America, but we’re also seeing strong sales momentum from our current stores, and the experience is bringing new customers to Kohl’s,” says Nick Jones, Kohl’s chief merchandising and digital officer. Kohl’s reports that …

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