Top Stories

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by John Nelson May 5, 2023

POMPANO BEACH, FLA. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include the existing Harrah’s Pompano Beach casino, which is owned by Caesars. Cordish’s Live! brand will anchor the development’s entertainment and dining component. Called Live! at The Pomp, the brand will offer more than 25,000 square feet of food-and-beverage venues, including a Sports & Social and PBR Cowboy Bar. Sports & Social will occupy a 18,000-square-foot space with features such as an LED media wall, emcees and DJs, live fan-cams, competitions and games. The 7,000-square-foot PBR Cowboy Bar will offer music, bars and a mechanical bull. The venues will open into a central plaza that will host live music, family-friendly events, cultural celebrations, festivals, social activities and experiences and additional dining options. “It’s …

May 5, 2023

Arizona Data Centers Development Industrial Top Stories Western

Prime Reveals Plans for $2B Data Center Campus in Metro Phoenix

by Katie Sloan May 4, 2023

AVONDALE, ARIZ. — Prime, a global developer and operator of data centers, has announced plans for a $2 billion data center campus in Avondale, roughly 20 miles outside Phoenix. The development will include five data center buildings spanning 1.3 million square feet, generating a total of 210 megawatts of critical power upon completion. The speculative project will target occupancy by hyperscale service providers, large internet brands and global technology companies. The data centers will span 260,400 square feet across three stories, and have access to a wholesale dark fiber connectivity network. Each building will include 12 data halls and 120,000 square feet of white space — which is the space where IT equipment is placed within a data center — alongside separate infrastructure galleries. The campus will offer access to 100 percent renewable energy and a closed-loop cooling system, which is expected to save millions of gallons of water across the facilities. The first data center building is expected for completion in the third quarter of 2025. “Phoenix presents an incredible growth opportunity for Prime as a top-five, North American data center market with increasing demand from cloud and enterprise data center buyers,” says Chris Sumter, executive vice president of …

May 4, 2023

Retail Texas Top Stories

Tuesday Morning Going Out of Business, Closing All Stores

by Kristin Harlow May 3, 2023

DALLAS — Dallas-based discount home goods retailer Tuesday Morning is going out of business and closing all of its stores. The company’s website lists a going-out-of-business sale where consumers can save up to 30 percent off all items. The retailer has about 200 stores remaining in 25 states. The news comes just one week after Bed Bath & Beyond’s announcement of its closure. Tuesday Morning struggled throughout the pandemic, filing for Chapter 11 bankruptcy protection in May 2020. At that time, the retailer shuttered about 230 of its 687 stores. Notably, the company does not have an e-commerce platform. Earlier this year, Tuesday Morning attempted to reorganize its finances and secured $12.5 million debtor-in-possession financing from Gordon Brothers. The financing was intended to reduce outstanding liabilities and continue transforming operations through the bankruptcy process. In late December 2022, the retailer voluntarily delisted from the Nasdaq capital market. At that time, the company’s stock price had plummeted to $1.54 per share. Tuesday Morning opened its first store in 1974. The retailer sells home textiles, home furnishings, housewares, food, toys and seasonal decor at prices generally below those found in boutique, specialty stores, department stores, catalogs and online retailers. — Kristin Harlow

May 3, 2023

Acquisitions California Industrial Top Stories Western

Kearny Real Estate Sells Corona Lakeside Logistics Center in Inland Empire for $325M

by John Nelson May 2, 2023

CORONA, CALIF. — Kearny Real Estate Co., a Los Angeles-based developer and investor, has sold Corona Lakeside Logistics Center, a five-building industrial park located in the Riverside County submarket of Inland Empire. The buyer, GLP Capital Partners, acquired the 730,000-square-foot development for $325 million. Michael Kendall, Richard Schwartz, Gian Bruno, Joey Reaume and Kenny Patricia of Colliers represented both parties in the transaction. The sales price represents the largest ground-lease ownership transfer in the history of the Inland Empire and one of the largest ever for Southern California, according to Colliers. “The buyer recognized the intrinsic value of this development and is thrilled to be adding it to its growing portfolio of Class A properties,” says Kendall. “Kearny built a best-in-class industrial development at the Inland Empire bullseye that is the I-15/CA-91 interchange.” “This is a culmination of seven years in the making,” adds Schwartz. “It was an honor to work with the Kearny team through the development phase and witness its project come to fruition.” Kearny recently delivered the park nearly two years after breaking ground. The developer signed a 99-year ground lease at the 37-acre site in 2019 with a private family owner, a deal that was …

May 2, 2023

Loans New York Northeast Office Top Stories

SL Green Receives $500M Refinancing for Third Avenue Office Building in Midtown Manhattan

by Taylor Williams May 1, 2023

NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $500 million in funds to refinance debt on 919 Third Avenue, a 1.5 million-square-foot office building in Midtown Manhattan. Designed by international architecture firm Skidmore, Owings & Merrill, the 47-story building was originally completed in 1970. It was designed to accommodate an existing New York City landmark, famed restaurant and saloon P.J. Clarke’s. SL Green owns the building in partnership with an institutional investor advised by J.P. Morgan Global Alternatives. The property is 80 percent leased to tenants such as Bloomberg, which expanded by an additional five floors last winter, as well as law firm Shulte Roth & Zabel LLP. Another law firm, Cohen Clair Lans Greifer & Simpson LLP, became the building’s newest tenant when it inked a 17,862-square-foot deal last month. A consortium of lenders led by New York City-based Aareal Capital Corp. and French lender Credit Agricole Corporate & Investment Bank provided the financing. James Millon, Tom Traynor and Mark Finan of CBRE arranged the debt. The loan bears interest at a rate of 250 basis points above the Secured Overnight Financing Rate (SOFR), which closed at 4.81 percent on Friday, …

May 1, 2023

Development Florida Hospitality Southeast Top Stories

Joint Venture Opens 255-Room Embassy Suites by Hilton Panama City Beach Resort

by Jeff Shaw April 28, 2023

PANAMA CITY BEACH, FLA. — A joint venture between The St. Joe Co., Hilton Worldwide Holdings Inc. (NYSE: HLT) and Key International have opened the Embassy Suites by Hilton Panama City Beach Resort, a 255-room resort overlooking the Gulf of Mexico. Located in the popular Florida Panhandle vacation town of Panama City Beach, the resort features one- and two-bedroom suites, including two-bedroom family suites and suites with bunk beds. The resort features a pool complex with a waterslide and hot tub, a fitness center, business center and approximately 15,500 square feet of meeting and event space. The property also includes two restaurants: Blu Bar & Grill, which will serve lunch and dinner, and Fin, which will provide guests with complimentary breakfast. Vue 55, a 3,800 square-foot open-air event venue on the fifth floor, will also be available for weddings and group functions. The resort is in the Pier Park shopping and entertainment district. According to the Panama City Beach website, Pier Park currently offers 124 stores, as well as restaurants such as Dick’s Last Resort and Hook’d Pier Bar and Grill, an IMAX theater and a Ferris wheel. “The location of this resort is unlike anything in the market,” says …

April 28, 2023

Development Florida Mixed-Use Southeast Top Stories

Genting Group Agrees to Sell 15.5-Acre Downtown Miami Development Site for $1.2B

by Katie Sloan April 27, 2023

MIAMI — Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller. SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected to close later this year. The site offers 800 feet of direct frontage along Biscayne Bay, adjacent to Miami’s Museum Park and roughly midway between Miami Beach and Miami International Airport. A mixed-use property is planned for the site, details of which were not disclosed. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young brokered the sale, and a team led by Suzanne Amaducci at law firm Bilzin Sumberg provided counsel to Genting. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Law Group represented SmartCity in the transaction. “The scale and location of this site offers the opportunity to do something spectacular — something that all of Miami can take pride in — and we will deliver nothing short of that,” says Martin. “For now, our team is focused on understanding the full potential of …

April 27, 2023

Loans New Jersey Northeast Retail Top Stories

JLL Arranges $290M Refinancing for 1 MSF Bergen Town Center Retail Property in Paramus, New Jersey

by Kristin Harlow April 26, 2023

PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …

April 26, 2023

Development District of Columbia Mixed-Use Multifamily Southeast Top Stories

Lowe, Mitsui Fudosan America Complete 492-Unit Apartment Project at Mixed-Use Redevelopment in D.C.

by John Nelson April 25, 2023

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America Inc. have completed Gallery 64, a 492-unit apartment building in southwest Washington, D.C. The 12-story project is the final piece of the 500,000-square-foot mixed-use redevelopment of the former Randall Junior High School, which includes the Rubell Museum DC that opened in October 2022. “The focus and inspiration for the repositioned historic Randall School is arts and culture, which is expressed in every component of the campus, including the Gallery 64 apartments,” says Mark Rivers, executive vice president of Lowe. “With specially commissioned works of contemporary art showcased throughout the building, Gallery 64 residents will be immersed in a one-of-a-kind, arts- and culture-focused living environment.” Located at 64 H Street SW, Gallery 64 features studios to three-bedroom apartments, as well as 19 two-story townhomes. The apartments feature contemporary finishes, floor-to-ceiling windows and smart thermostats, and many have private patios or balconies. Monthly rental rates range from $1,927 to $5,306, according to the property website. Gallery 64’s community amenities include a music and podcast recording studio and a programmed maker space. Rooftop amenities include a resort-style pool, fire pits, grilling stations, dining niches and a dog walk. Other amenities include game …

April 25, 2023

Company News New Jersey Northeast Retail Top Stories

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Taylor Williams April 24, 2023

UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing campaigns for some of its assets. To facilitate this process, Bed Bath & Beyond has secured $240 million in debtor-in-possession financing from Dallas-based global investment firm Sixth Street Specialty Lending. The financing will provide liquidity for operational obligations, such as paying employee wages and benefits, maintaining customer programs and honoring commitments to critical vendors. The Union-based home goods retailer announced plans in August 2022 to shutter 150 of its “lower-producing” stores, laying off about 20 percent of its corporate staff in the process. At that time, Bed Bath & Beyond was focused on restructuring its existing debt and had received more than $500 million in new financing to bring that …

April 24, 2023

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