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AlabamaDevelopmentIndustrialOfficeSoutheastTop Stories

Coca-Cola United to Develop $330M Office, Warehouse Facility in Birmingham, Alabama

by Jeff Shaw

BIRMINGHAM, ALA. — Coca-Cola Bottling Co. United Inc. has announced plans to invest $330 million in the construction of a new office and warehouse facility located in the Kingston neighborhood of Birmingham. Coca-Cola United is a Birmingham-based bottler of Coca-Cola products, and the Coca-Cola Co. does not own any part of the company. Plans for the development include a 150,000-square-foot office complex and a 300,000-square-foot warehouse. The warehouse will feature a Vertique case picking system, which is designed to increase the efficiency of packing cases for order fulfillment. The facility will serve as the Birmingham Coca-Cola sales center, as well as Coca-Cola United’s corporate, Central region and North Alabama division headquarters. The property will also house the company’s Classic Food and Vending arm, customer solutions center and services department. A development timeline was not disclosed. Coca-Cola United purchased the development site in 2013. The land previously housed the Stockham Valves and Fittings plant, which closed in 1998. According to Alabama Gov. Kay Ivey, the project will create up to 50 new jobs and retain over 750 positions. “For over 120 years, Coca-Cola United has been a stand-out member of Birmingham’s business community,” says Ivey. “Coca-Cola United’s landmark growth project will create new …

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Quay
DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheastTop Stories

Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale

by Katie Sloan

FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale.  The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development. Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months.  This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton.  Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management.  …

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AcquisitionsArizonaHospitalityTop StoriesWestern

Henderson Park Acquires Arizona Biltmore Luxury Resort in Phoenix for $705M

by Kristin Harlow

PHOENIX — Henderson Park, an international private equity real estate firm, has acquired the Arizona Biltmore resort in Phoenix. Blackstone Real Estate sold the asset for $705 million. The 705-room luxury hotel recently underwent a substantial renovation. Originally opened in 1929, the property is situated on 39 acres and is located about 10 miles from the Phoenix Sky Harbor International Airport. Amenities include more than 200,000 square feet of meeting space, seven swimming pools, multiple food-and-beverage outlets and a 28,000-square-foot spa. Pyramid Global Hospitality, a hotel management company with which Henderson Park previously acquired the La Quinta Resort in Palm Springs in 2021, will serve as the hotel manager for the Arizona Biltmore. Morgan Stanley, along with Deutsche Bank and JPMorgan, provided a $460 million commercial mortgage to finance the acquisition. The resort purchase was completed through funds managed by Henderson Park, including a commitment from Cincinnati-based Western & Southern Financial Group Inc. and its real estate arm, Eagle Realty. “This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets, and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into …

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DevelopmentIndustrialMixed-UseMultifamilyRetailTexasTop Stories

SE Legacy Development Breaks Ground on $7.4B Master-Planned Project in South Texas

by John Nelson

LAREDO, TEXAS — SE Legacy Development LLC, a development firm founded by the Walker Family, has broken ground on a $7.4 billion master-planned project in South Texas. The development, named Talise, will be situated on 13,000 acres north of Laredo in an unincorporated portion of Webb County. Situated at the intersection of I-35, U.S. Highway 83 and Texas Highway 255, Talise will feature thousands of single-family and multifamily residences, an industrial and manufacturing park, town center retail space, regional airport and a newly discovered water source. The name Talise is a term with Native American-Iroquoian roots meaning “lovely water.” The Walker Family, a multi-generational entity that has owned ranch land spanning more than 250,000 acres over the course of its history, owns the land for Talise and is investing $1.6 billion in the development. The Walker Family discovered the water source on the land and is proposing a way to use the resource as an alternative solution to current water shortages in Laredo and Webb County. The newly established Legacy Water Supply Corp. is proposing a method to treat 50 million gallons of water within the Talise land holdings daily. SE Legacy Development is drilling 40 water wells to access …

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Red-Lobster-North-Las-Vegas
Company NewsFloridaRetailSoutheastTop Stories

Red Lobster to Sell Assets to Creditors in Chapter 11 Bankruptcy Filing

by Taylor Williams

ORLANDO, FLA. — Red Lobster has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The Orlando-based seafood restaurant chain plans to sell its business to an entity formed and controlled by its existing lenders. Red Lobster, which was founded in 1968 and operates some 600 restaurants across North America, has received a $100 million debtor-in-possession financing commitment from its existing lenders to facilitate this plan. The company stated that it would use the financing and bankruptcy proceedings to drive operational improvements, simplify the business through a reduction in locations and pursue a sale of substantially all its assets. Earlier this month, Red Lobster announced that it would be closing between 50 and 100 restaurants nationwide, a statement that fueled speculation on an imminent bankruptcy filing. Restaurants that were not included in this announcement from earlier in May will remain open throughout the bankruptcy proceedings, and the company says that it is continuing to work with its existing vendors to minimize operational disruption. CNN reports that, at the time of the bankruptcy filing, Red Lobster listed more than $1 billion in debt and less than $30 million in cash on hand. …

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Baird-Center_Milwaukee
CivicDevelopmentMidwestTop StoriesWisconsin

Gilbane | Smith Completes $456M Expansion of Baird Center in Milwaukee

by Hayden Spiess

MILWAUKEE — General contractor Gilbane | Smith has completed a $456 million expansion of the Baird Center in Milwaukee. Originally opened in 1998, the Baird Center is the largest convention center in the state of Wisconsin. Gilbane | Smith completed the project on behalf of Wisconsin Center District, which owns and operates the center. Project partners and city officials celebrated the grand opening Thursday, May 16, with a ribbon-cutting ceremony. Spanning two blocks, the expansion brings the facility to 1.3 million square feet, doubling the original size of the property. The expansion features a new grand entrance oriented toward the Deer District mixed-use development and extends the exhibition hall, bringing the latter to 300,000 square feet. Additionally, the redevelopment increases the number of meeting rooms from 28 to 52, adds more than 400 enclosed parking spaces and brings the number of loading docks to 22 from the original 16.  The project also included the addition of all-gender restrooms, dedicated quiet rooms, lactation spaces, sensory rooms and a rooftop ballroom and terrace.  Design firm Henderson Engineers, a division of Henderson Cos., served as the engineer of record on the project, providing audio-video, electrical, energy modeling, fire and life safety, mechanical, plumbing, technology …

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DevelopmentMixed-UseMultifamilyRetailTexasTop Stories

Meristem Communities Breaks Ground on 235-Acre Indigo Mixed-Use Project in Richmond, Texas

by Jeff Shaw

RICHMOND, TEXAS — Meristem Communities has broken ground on The Filling Station, the first building at the Indigo Commons mixed-use development in Richmond, approximately 35 miles southwest of Houston. The 3,000-square-foot Filling Station property will serve as a welcome center and general store, selling fresh produce from Indigo Farm. Indigo Commons is the 12-acre, mixed-use portion of the larger project, Indigo. Upon completion, the 235-acre property will feature approximately 800 residential units, 42 acres devoted to agriculture, and a 12-acre, mixed-use town center. Borrowing inspiration from classic gas stations of the 1930s, Meristem plans for The Filling Station to be a vibrant social hub in Indigo Commons. DAHLIN Architecture | Planning | Interiors designed the building, which is scheduled for completion before the end of the year. “The start of construction at The Filling Station signifies a major milestone in Indigo’s narrative,” says Clayton Garrett, partner at Meristem Communities. “The neighborhood we originally envisioned is taking shape and the small businesses we’re looking to come to Indigo Commons will play a pivotal role in the development of Indigo’s identity, creating new energy and engagement. There is much more to come too, as Indigo is expected to be a home for …

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DevelopmentLife SciencesNew JerseyNortheastOfficeTop Stories

MetLife to Reposition 197-Acre New Jersey Office Campus into Bedminster Technology Center

by Kristin Harlow

BEDMINSTER, N.J. — MetLife Investment Management has unveiled plans to reposition its 197-acre office campus in Bedminster, about 45 miles west of New York City, into a life sciences development named Bedminster Technology Center. MetLife has retained JLL to lead the repositioning of the property. Formerly home of AT&T and long known as One AT&T Way, the property consists of four interconnected buildings totaling 939,795 square feet. The campus includes a global network operations center, heliport and 15 acres of covered and surface parking. AT&T built the campus for its own use in 1975. MetLife acquired the property, which is now fully vacant, in 2006. The Township of Bedminster has rezoned the property to accommodate up to 2 million square feet of total development targeted toward biotech research and development and advanced manufacturing uses. Additionally, about 300,000 square feet is available for a conference center, hotel and amenities that could include a fitness center, restaurants and/or retail. Dan Loughlin is leading a JLL team that will market the property for single or multi-tenant lease, sale or site redevelopment with acreage for sale. According to JLL, Bedminster Technology Center presents an opportunity to create the first life sciences development in the …

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DevelopmentGeorgiaHospitalityMixed-UseMultifamilyOfficeSoutheastTop Stories

KDC Receives Approval for Two New Towers at Mixed-Use Park Center Development in Dunwoody, Georgia

by John Nelson

DUNWOODY, GA. — The Dunwoody City Council has approved the rezoning of Phase IV of Park Center, a 17-acre, transit-oriented office campus in metro Atlanta. The master developer of the project is KDC, a Dallas-based corporate development and investment firm. The amended zoning will allow KDC to change its plans from a standalone fourth office tower to a two-tower project that will comprise 175 hotel rooms, 300 residential units, 22,000 square feet of retail space and 300,000 square feet of office space. The plan includes two towers on a common podium with a 20-story apartment tower and a combined office and hotel tower, where six floors of hotel rooms will sit atop 12 levels of office space. Phase IV represents the final phase of Park Center and will occupy the last undeveloped portion of the development, which was originally conceived as a 2.2 million-square-foot East Coast hub for State Farm Insurance. The project team includes local architecture firm Cooper Carry. The current campus contains three office towers developed over the past 10 years: the 600,000-square-foot Park Center One, which is directly connected to the Dunwoody MARTA Station; the 621,000-square-foot Park Center Two with more than 39,000 square feet of retail …

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Walt-Disney-World-Swan-&-Dolphin Resort
FloridaHospitalityLoansSoutheastTop Stories

JLL Arranges $735M CMBS Refinancing for Walt Disney World Swan & Dolphin Resort Near Orlando

by Taylor Williams

LAKE BUENA VISTA, FLA. — JLL has arranged a $735 million CMBS loan for the refinancing of the 2,619-room Walt Disney World Swan & Dolphin Resort. The property comprises three Marriott-branded hotels: the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection). A consortium between Wells Fargo, Bank of America and Goldman Sachs provided the loan to the borrower, a joint venture between Tishman Hotel & Realty and MetLife Investment Management. The Swan & Dolphin Resort is situated adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks in Lake Buena Vista. The partnership between Tishman and MetLife completed the property in 1990. The property’s amenity package includes 16 restaurants, seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa. In addition, the property offers 452,000 square feet of meeting and event space, including eight ballrooms, 99 meeting rooms and 100,000 square feet of outdoor space. Kevin Davis, Mark Fisher and Caleigh O’Connell led the debt placement efforts for JLL. “The Swan & Dolphin Resort CMBS loan [is] priced at the tightest pricing levels seen for hotels since 2021,” says Davis. “The market pricing was an affirmation of the strong in-place cash flows, …

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