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DevelopmentIllinoisLife SciencesMidwestMixed-UseMultifamilyOfficeTop Stories

Trammell Crow Co. Plans 1.8 MSF Fulton Park Mixed-Use Campus in Chicago

by Hayden Spiess

CHICAGO — Trammell Crow Co. (TCC) has unveiled plans for a 1.8 million-square-foot mixed-use project in Chicago’s Fulton Market neighborhood. Dubbed Fulton Park Campus, the development will include four buildings comprising research and development (R&D), lab, office, residential and retail space.  Among the new buildings will be a 34-story residential tower, known as Flora, which will comprise 368 apartment units. Amenities at Flora will span three floors and include a club room; golf and game simulator room; fitness center and yoga studio; spa; sauna; and a dedicated work-from-home area with a sound recording booth. Additionally, the property will feature an outdoor deck with grilling stations, televisions and fire pits; a private dining space with a chef’s kitchen; and a pet wash and dog run. ESG Architects designed the residential building, which general contractor Power Construction will build. Leasing is scheduled to begin this summer.  At 1105 W. Carroll, TCC will develop a 26-story commercial tower featuring 660,000 square feet of lab and office space. Upon completion, the building will offer floorplates from 19,000 to 40,000 square feet, with 17-foot ceiling heights on select floors, private balconies and advanced technical infrastructure. Amenities will include a fitness center with an indoor pickleball …

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DevelopmentFloridaRestaurantRetailSoutheastTop Stories

Burger King to Invest $300M to Remodel 1,100 US Restaurants by 2028

by John Nelson

MIAMI — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital experience that exceeds their expectations,” says Tom Curtis, president of Burger King North America. “We are working in close partnership with our franchisees to transform our restaurant footprint across the country and reclaim our flame as a leader in the QSR [quick-service restaurant] industry.” The newly announced initiative, dubbed Royal Reset 2.0, is a continuation of its existing Royal Reset program announced in 2022 that included a $250 million investment in overhauling the physical real estate, tech and kitchen equipment at thousands of Burger King locations. The first Royal Reset plan was part of a $400 million campaign, called Fuel the Flame, that also included $150 million in digital and …

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Company NewsNortheastPennsylvaniaTop Stories

Fulton Financial Acquires Republic First Bank Following FDIC Auction

by Taylor Williams

PHILADELPHIA AND LANCASTER, PA. — Fulton Financial Corp. (NASDAQ: FULT), a regional lender based in Lancaster, has acquired Philadelphia-based Republic First Bank via an auction overseen by the Federal Deposit Insurance Corp. (FDIC). On Friday, April 26, the Pennsylvania Department of Banking & Securities seized control of Republic First, closing the bank and appointing the FDIC as receivers. The transfer of ownership of “substantially all” of Republic First’s assets and deposits to Fulton Financial represents a move to protect customer funds, according to the FDIC. Some of the driving forces behind the collapse of Republic First appear to mirror those of Silicon Valley Bank and Signature Bank, two regional lenders that went under in March 2023. Those factors include losses on bond holdings that had diminished in value amid rising interest rates, as well as exposure to high-risk loans that are collateralized by commercial and office properties, many of which have struggled to recoup occupancy and cash flows post-pandemic. Relatively speaking, however, Republic First is a much smaller player than Silicon Valley and Signature. At the time of its collapse in late March 2023, Silicon Valley Bank had approximately $110 billion in assets, $56 billion in consumer and business deposits …

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AcquisitionsGeorgiaNew YorkNortheastRestaurantRetailSoutheastTop Stories

Blackstone Agrees to Acquire Tropical Smoothie Cafe for Nearly $2B

by Kristin Harlow

ATLANTA AND NEW YORK CITY — Private equity giant Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Fla., in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. In addition to smoothies, the company sells menu items like sandwiches, salads and bowls. In the first quarter of this year, Tropical Smoothie Cafe completed 64 franchise agreements and opened 39 new stores. Its newest airport location opened at Hartsfield-Jackson Atlanta International Airport. The launch of new menu items such as Tropic Bowls helped drive overall sales, which were above the industry average in the first quarter, according to the company. “Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide,” says Peter Wallace, a senior managing director in Blackstone’s private equity business. “Blackstone …

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Data CentersDevelopmentIndianaIndustrialMidwestTop Stories

Amazon Web Services to Develop $11B Data Center Campus in Northern Indiana

by Taylor Williams

NEW CARLISLE, IND. — Amazon Web Services (AWS), the web hosting division of Amazon (NASDAQ: AMZN) has announced plans for an $11 billion data center campus in New Carlisle, a town of roughly 1,600 people located near the Michigan-Indiana border. The exact location of the site was not disclosed, but the campus will be situated within the Indiana Enterprise Center, a master-planned development in St. Joseph County that spans nearly 3,000 acres. The Indiana Economic Development Corp. has committed to several incentives for the project. These incentives include up to $18.3 million in employment-based tax credits, up to $5 million in training grants, up to $55 million in Hoosier Business Investment tax credits and up to $20 million in redevelopment tax credits. These incentives are performance-based, meaning the company is eligible to claim state benefits once investments are made. In addition to its community investment and engagement activities, AWS will also contribute up to $7 million to support road infrastructure improvements in and around the site. Details on the development timeline were not immediately available. Amazon claims the project will create at least 1,000 new jobs. “Amazon has long been an important economic partner in Indiana, and we are excited …

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DevelopmentMidwestMissouriMixed-UseMultifamilyRestaurantRetailTop Stories

Kansas City Current Plans $800M Riverfront Mixed-Use Development

by Jeff Shaw

KANSAS CITY, MO. — The Kansas City Current, a professional women’s soccer team, has unveiled plans for an $800 million mixed-use project on the Missouri riverfront in downtown Kansas City. The development follows completion of CPKC Stadium, a women’s soccer stadium that seats 11,500 people, in March. According to the project team, the $120 million venue is the first soccer stadium to be designed and built exclusively for women. Partners for the mixed-use project include Palmer Square Capital Management, Marquee Development and the Port Authority of Kansas City. The stadium will anchor the mixed-use district, along with Berkley Riverfront Park and the Missouri riverfront. The development will feature hundreds of multifamily units, food and beverage offerings, and new public recreational spaces such as a new town square and a riverfront promenade. The public areas will be programmed with family-friendly events like movie nights, food festivals, fitness classes and live music. Additionally, 10 percent of all residential units across all phases of the project will be set aside for tenants earning up to 50 percent of the area median income. “Kansas City was founded at the confluence of the Missouri and Kansas Rivers,” says Angie Long, co-founder and co-owner of the KC Current. “With the …

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AcquisitionsCompany NewsMidwestOhioRetailTop Stories

Kroger, Albertsons to Sell 166 Additional Stores in $2.9B Divestiture Agreement Ahead of Proposed Merger 

by Hayden Spiess

CINCINNATI AND BOISE, IDAHO — Cincinnati-based The Kroger Co. and Boise, Idaho-based Albertsons Cos. Inc. have announced plans to sell an additional 166 grocery stores to C&S Wholesale Grocers in a divestiture package. This marks an amendment to an existing agreement with the buyer, which will now acquire a total of 579 stores in a $2.9 billion deal. The original divestiture package was announced in September of last year, in connection with a proposed merger between Kroger and Albertsons.  In February, the Federal Trade Commission (FTC) sued to block Kroger’s $24.6 billion acquisition of Albertsons (which was originally announced October 2022), citing anticompetition concerns. The FTC alleged in a press release that a merger between the companies would create a “monopoly” as well as “lead to lower quality products and services” and threaten “the ability of employees to secure higher wages, better benefits and improved working conditions.” The deal would mark the largest supermarket merger in U.S. history, with Kroger and Albertsons operating thousands of stores nationally. Colorado and Washington also filed measures at the state level to block the merger.  The companies hope to assuage the concerns of federal and state antitrust regulators with the enhanced divestiture package. According to …

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Express
Company NewsMidwestOhioRetailTop Stories

Fashion Retailer Express Files for Bankruptcy, Plans to Close 107 Stores

by Katie Sloan

COLUMBUS, OHIO — Fashion retailer Express Inc. (OTCMKTS: EXPR) has filed for Chapter 11 bankruptcy protection and announced plans to close 107 of its 602 stores. The Columbus-based company’s portfolio includes apparel brands such as Bonobos, Express and UpWest Express. As part of the proceedings, 95 stores under the company’s Express banner will be shuttered alongside all 12 of its UpWest Express locations. Express has been battling with soft consumer demand due to slowing spending patterns and increased price sensitivity in discretionary categories, according to Reuters. Further details on the specific locations set for closure were not provided, but closing sales at the impacted locations are anticipated to begin tomorrow, April 23. Business at all other brick-and-mortar locations and online is expected to continue as usual. Express concurrently announced that it has received a non-binding letter of intent from a consortium of investors led by WHP Global to acquire a substantial majority of the company’s retail stores and operations. The investment group includes an indirect subsidiary of Simon Property Group and Brookfield Properties. WHP Global, which purchased a controlling stake in the parent company of Toys ‘R’ Us in 2021, has held 7.4 percent ownership in Express Inc. since January 2023.  …

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MCR, Building and Land Technology Secure $632M Refinancing of 53-Hotel Portfolio

by John Nelson

NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …

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Carr-Old-Town
DevelopmentMultifamilyOfficeSoutheastTop StoriesVirginia

Carr Properties Acquires Vacant Office Building for Multifamily Conversion in Alexandria, Virginia

by Katie Sloan

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt St. in the Old Town neighborhood of Alexandria with plans to convert the property into a 250,000-square-foot multifamily community.  The site, which will be cleared to make way for the new development, is located roughly seven miles south of Washington, D.C., and 1.5 miles south of the former development site for Potomac Yards, a recently cancelled 9 million-square-foot mixed-use project.  The community will rise eight stories and feature 234 units in a variety of configurations, ranging from studio apartments to three-bedroom units. An unspecified number of units will be dedicated to affordable housing. The development will also include below-grade parking, 15,800 square feet of outdoor space, a performing arts venue and 7,000 square feet of ground-floor retail space.  Shared amenities are set to include an outdoor swimming pool and a resident lounge and amenity center. Carr Properties plans to break ground on the development this fall with completion slated for late 2026. The community will target LEED Silver certification.  The development team for the project includes SK+I Architecture and interior design firm Edit Lab by Streetsense, which partnered with Carr on its previous Union …

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