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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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ConnecticutHospitalityLoansNew YorkNortheastTop Stories

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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DevelopmentMixed-UseSoutheastTop StoriesVirginia

Bruce Smith Enterprise, Cordish Cos. Propose $1.4B Mixed-Use Casino Development in Petersburg, Virginia

by Kristin Harlow

PETERSBURG, VA. — Bruce Smith Enterprise and The Cordish Cos. have responded to a request for proposal issued by the City of Petersburg with plans to co-develop a $1.4 billion mixed-use project. Plans call for a gaming and entertainment district anchored by a Live!-branded casino and hotel. The project site is located at the intersection of Wagner Road and I-95 in Petersburg, about 24 miles south of Richmond. The partners intend to quickly open an initial Phase I casino within a year to begin creating jobs, vendor opportunities and economic benefits for the city. This first phase will include 1,000 slot machines, 23 table games, a 15-table poker room, casino bar and casual restaurant, and more than 1,500 free parking spots. Upon full build-out, Live! Casino & Hotel Virginia would feature more than 400,000 square feet of gaming, hotel and dining space; 35,000 square feet of meeting and convention space; a 200-room hotel; 1,600 slot machines; 46 table games; a sportsbook; 3,000-seat entertainment venue; and eight food options. The project is expected to create 7,500 new jobs, including 6,000 construction jobs and 1,500 “living-wage” jobs averaging $70,000 in annual compensation, according to the development team. In its first 10 years, …

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DevelopmentMixed-UseNorth CarolinaRetailSoutheastTop Stories

Wegmans to Open 110,000 SF Grocery Store at Ballantyne Campus in Charlotte, North Carolina

by John Nelson

CHARLOTTE, N.C. — Wegmans Food Markets Inc., a Rochester, N.Y.-based grocer, plans to open a 110,000-square-foot store in Charlotte. Located along North Community House Road, the grocery store will be situated within Ballantyne, Northwood Investors’ 2,000-acre master-planned development on the south side of Charlotte adjacent to the South Carolina border. Wegmans aims to open the new store by the third quarter of 2026. The store will feature all traditional Wegmans departments, including produce, seafood, meat, bakery, deli, cheese and wine and beer. Additional offerings will include Meals2Go and catering, online shopping capabilities, a floral shop, coffee and home goods. The store will also have a market café with indoor and outdoor seating for customers dining at one of Wegmans’ multiple food outlets. “We’ve received hundreds of requests from locals asking for a store in their area, and we’ve spent years looking for exactly the right location,” says Dan Aken, vice president of real estate and store planning at Wegmans. The new Wegmans will be located on the east side of Ballantyne and half a mile from Northwood’s The Bowl at Ballantyne mixed-use development, which is currently under construction. The project will feature a wide array of retail and restaurant tenants …

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Samsung_Austin-Texas
Company NewsDevelopmentIndustrialTexasTop Stories

Samsung Secures $6.4B CHIPS Funding Commitment for Central Texas Semiconductor Manufacturing Sites

by Hayden Spiess

AUSTIN AND TAYLOR, TEXAS — South Korea-based Samsung Electronics will receive up to $6.4 billion in direct funding under the CHIPS and Science Act for multiple projects at two separate locations in Central Texas. The U.S. Department of Commerce has signed a non-binding preliminary memorandum of terms (PMT) with the tech giant, which now plans to increase its investment in the state of Texas to $40 billion.  Funding will be used for the development of new facilities in Taylor — roughly 35 miles northeast of Austin — as well as for the expansion of Samsung’s existing Austin facility. The proposed investment is expected to support the creation of more than 20,000 jobs, including 4,500 manufacturing positions. Samsung, which has been manufacturing computer chips in the United States since 1996, previously announced plans for the Taylor facilities and an investment of $17 billion in November 2021. The company also plans to claim the Department of the Treasury’s investment tax credit, which is expected to cover up to 25 percent of qualified capital expenditures.  In Taylor, the manufacturing site will include two fabrication plants, a research-and-development (R&D) facility focused on the development and research of new technology and an advanced packaging facility …

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LoansNew YorkNortheastOfficeTop Stories

L&L Holding Receives $911M Refinancing for 425 Park Avenue Office Tower in Midtown Manhattan

by Jeff Shaw

NEW YORK CITY — L&L Holding Co. has received a $911 million loan for the refinancing of 425 Park Avenue, a 47-story office tower located in the Plaza District of Midtown Manhattan.  Sumitomo Mitsui Trust Bank was the lead lender and administrative agent on the five-year, floating-rate loan. The proceeds will be used to pay off a 2021 loan of the same size, which was used to fund final construction and leasing efforts at the tower, which opened in 2022. L&L Holding, along with co-developer Tokyu Land US Corp. and co-managing partner BGO, broke ground on the project in 2016. Foster + Partners designed the asset, which was built to LEED and WELL Core Gold sustainability standards, thanks to energy-efficient mechanical and ventilation systems. 425 Park Avenue totals 670,000 square feet and is currently 90 percent leased, primarily to finance and investment firms. The building’s anchor tenant is Citadel, a multinational hedge fund and financial services company. The company occupies 440,000 square feet across 22 floors. A space near the top of the tower is reserved for an amenity center dubbed The Diagrid Club. The center features outdoor spaces, an art installation by contemporary artist Yayoi Kusama and private rooms for …

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Hyatt-Regency-San-Antonio-Riverwalk
AcquisitionsHospitalityTexasTop Stories

Sunstone Hotel Investors Agrees to Acquire Hyatt Regency San Antonio Riverwalk for $230M

by Katie Sloan

SAN ANTONIO — Sunstone Hotel Investors Inc. (NYSE: SHO) has agreed to acquire the 630-room Hyatt Regency San Antonio Riverwalk in San Antonio. An affiliate of Hyatt Hotels Corp. is selling the asset for $230 million.  The hotel is located centrally on San Antonio’s River Walk, a 15-mile pedestrian street that runs alongside the San Antonio River and is lined by restaurants, shops, museums and theaters. The site is adjacent to the $500 million Alamo Visitor Center and Museum development, which is currently under construction. The hotel recently underwent $37 million in guest room renovations and offers amenities including a fitness center, swimming pool, spa and a 40,000-square-foot event space. The property is also home to a number of onsite restaurants, bars and shops.   The acquisition includes nearly two acres of riverfront land and a 516-space parking garage. The buyer expects to complete the transaction in late April. Sunstone is funding the transaction through cash on hand, using a portion of the proceeds from the company’s $370 million disposition of the Boston Park Plaza hotel last October.  Hyatt will continue to manage the hotel under its Hyatt Regency banner and will pay approximately $8 million in advance to secure …

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DevelopmentFloridaMultifamilySoutheastTop Stories

The Estate Cos. Completes 23-Story Soleste NoMi Beach Luxury Apartment Tower in North Miami Beach

by Kristin Harlow

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story luxury apartment tower located on Biscayne Bay in North Miami Beach. The 685,957-square-foot project consists of 367 units as well as 4,460 square feet of indoor and outdoor commercial space that will house Uma Cantina Peruana, a Peruvian fine dining restaurant. Residents have access to a ninth-floor, resort-style pool with a sundeck and cabanas as well as a waterfront promenade and putting green. Additional amenities include a 24-hour health club with a motion studio offering on-demand fitness classes, as well as the Zen Suite, which features a sauna, steam room, rain shower and massage therapy room. A tech lounge is equipped with coworking stations and conference spaces. Residents also have access to a social club, gaming lounge, sky lounge with grills, pet spa, toddler playroom, cinema room and podcast studio. Units come in one-, two- and three-bedroom layouts and range in size from approximately 700 to 1,230 square feet. There are also loft-style townhomes. Monthly rents start at $2,710. The 1.8-acre waterfront property is near beaches, the 1,043-acre Oleta River State Park, Aventura Mall and Bal Harbour Shops. EIG is also developing Soleste NoMi …

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