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Pier 1 Imports to Shutter Up to 450 Stores

by John Nelson January 7, 2020

FORT WORTH, TEXAS — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, has announced its intention to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omni-channel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator to help manage the store closings. The locations of the closing stores and distribution centers were not disclosed. Pier 1 (NYSE: PIR) reported that its net sales are down 13.3 percent year-over-year in its most recent quarter ending Nov. 30, 2019. (The company’s fiscal calendar traditionally runs from early March to late February.) Pier 1 also reported a 15.3 percent reduction in its inventory compared to this time last year. Robert Riesbeck, CEO and CFO of Pier 1, says that the company has been seeking to clear out its “non go-forward” merchandise. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits …

January 7, 2020

Acquisitions Industrial Office Texas Top Stories

Howard Hughes Corp. Acquires Two Office Campuses in Metro Houston for $565M

by Alex Tostado January 2, 2020

HOUSTON AND THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired Century Park in Houston and The Woodlands Towers at The Waterway in The Woodlands, a master-planned municipality just north of Houston. HHC paid $565 million for the 2.8 million-square-foot office/industrial portfolio, nearly all of which is Class A office space. Century Park is a 17-building, 1.3 million-square-foot office park in Houston’s Energy Corridor. The Woodlands Towers at The Waterway is a three-building campus that includes two office buildings totaling 1.4 million square feet and a 125,000-square-foot warehouse. The purchase also includes 9.3 acres of developable land adjacent to The Woodlands Towers at The Waterway. The seller of the portfolio, Occidental Petroleum Corp. (NYSE: OXY), will fully lease back the 32-story, 808,000-square-foot office building and warehouse at the Woodlands property. The tower was built in 2002. Both leases are for 13 years. HHC announced in October that it would relocate its corporate headquarters from Dallas to The Woodlands Towers at The Waterway, where it will occupy the 595,000-sqaure-foot building at 9950 Woodloch Forest Drive, which was built in 2014. The 31-story building features a rooftop garden, fitness center, basketball court and conference rooms. The Woodlands is a …

January 2, 2020

Market Reports Office Texas Texas Market Reports

Dallas, Fort Worth Office Markets See Strong Growth in Professional Services

by Taylor Williams December 27, 2019

The Dallas office market has changed drastically over the past 10 years. Though Far North Dallas has gotten its fair share of notoriety during this time (and justifiably so), the fundamentals of North Texas as a great place for business are sparking growth and activity across the market for established companies and those looking to relocate. Consider Las Colinas, which over the last few years has seen several major headquarter relocations, including large healthcare providers that have expanded or consolidated their regional workforces in this area. Currently, Dallas has 5.3 million square feet of Class A office product under construction, 2 million of which is in Las Colinas. In fact, since 2009, Las Colinas has added over 54,000 employees. That’s equivalent to a full Boeing 737 landing in Las Colinas every day for a year, unloading its passengers and everyone staying. Even with this remarkable influx of new jobs and our growing population, the competition for talent in Dallas remains fierce. Jason Savings, an economist with the Federal Reserve Bank of Dallas, recently noted that we’re in the midst of a historically tight labor market, the likes of which haven’t been seen since 1969. The Irving–Las Colinas submarket leads the …

December 27, 2019

Acquisitions Development North Carolina Office Southeast Top Stories

Childress Klein, CGA Capital Acquire Duke Energy’s Office Tower Underway in Uptown Charlotte

by John Nelson December 24, 2019

CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …

December 24, 2019

Acquisitions California Office Top Stories Western

ING Capital Provides $402M Acquisition Loan for Market Center Office Complex in San Francisco

by Taylor Williams December 16, 2019

SAN FRANCISCO — ING Capital LLC, an American subsidiary of ING Groep N.V. (NYSE: ING), has provided a $402 million loan for the acquisition of Market Center, a 753,000-square-foot office complex in San Francisco. Market Center is a two-building, Class A asset located in San Francisco’s Financial District. The 22-story building at 555 Market St. was completed in 1964 and the 40-story building at 575 Market St. was completed in 1975. The complex served as the headquarters of Chevron Corp. until 2001, when the energy giant relocated to San Ramon, Calif. The borrower was a joint venture led by Paramount Group Inc. (NYSE: PGRE), a New York City-based development and investment firm that acquired an interest of about 67 percent in the property. The joint venture partners were not disclosed, but the total price of the sale was $722 million. The acquisition loan was structured with a fixed interest rate and a five-year term with two one-year extension options. Paramount also used proceeds from the sale of Liberty Place, a 172,000-square-foot office building in Washington, D.C., to help pay for the acquisition of Market Center. Paramount’s $153.5 million sale of Liberty Place closed in late September. The seller of the …

December 16, 2019

Illinois Leasing Activity Midwest Retail

Mattress Liquidators Opens at Former Bergner’s Department Store in Pekin, Illinois

by Kristin Harlow December 13, 2019

PEKIN, ILL. — Mattress Liquidators has relocated to a former Bergner’s department store at East Court Village in Pekin within central Illinois. The mattress store, previously located at 3518 Court St. within the shopping center, has moved to the former Bergner’s space at 3536 Court St. Mattress Liquidators now occupies the entire 82,100-square-foot space and opened its doors on Thursday, Dec. 12. Mattress Liquidators offers name-brand mattresses at significant discounts by purchasing overstocks and year-end models. The East Court Village store will also sell furniture and major appliances. The store is open Thursday through Sunday each week. Cullinan Properties Ltd. owns and manages East Court Village.

December 13, 2019

Acquisitions Illinois Midwest Multifamily Top Stories

CIM Group Sells Interest in Downtown Chicago Apartment Tower for $265M

by Alex Tostado December 13, 2019

CHICAGO — CIM Group has sold its interest in Marquee at Block 37, a 34-story, 691-unit multifamily tower in downtown Chicago, for $265 million. Morguard North American Residential REIT (TSX: MRG.UN), a subsidiary of Morguard Corp., acquired the 51 percent interest. The community offers a mix of studio, one-, two- and three-bedroom floor plans ranging from 650 to 2,100 square feet. Communal amenities include an outdoor pool, sundeck, fire pits, rooftop hot tub, dog run, dog washing station, fitness center, event room, business center and an outdoor terrace overlooking State Street. Ontario, Canada-based Morguard Corp. was CIM’s investment partner for Marquee at Block 37, and as such already owned a 49 percent stake in the development. Morgaurd Corp. and Morguard REIT now have an equal partnership in the property. CIM developed the community in 2016 above the four-story Block 37 shopping center at 25 W. Randolph St. The 275,000-square-foot retail property includes shopping, dining and entertainment options, including an 11-screen AMC Dine-In Theatre, to which residents of Marquee at Block 37 have private elevator access. The transit-oriented property is connected to the Loop, granting residents direct access to the red and blue CTA lines as well as the city’s pedway …

December 13, 2019

Acquisitions California Development Multifamily Western

Cityview Sells 174-Unit Mira Multifamily Development in Los Angeles for $70.5M

by Amy Works December 11, 2019

LOS ANGELES — Cityview has completed the disposition of Mira, an apartment complex currently under construction in the San Fernando Valley region of Los Angeles. Virtu Investments acquired the property, which is located within an Opportunity Zone, for $70.5 million. Located at 21425 Vanowen St., Mira will feature 174 units in a mix of studio, one- and two-bedroom units spread across five floors over a podium with subterranean and at-grade parking. Community amenities will include a resort-style pool with cabanas; gym with Peloton bikes and yoga studio; outdoor terraces; a virtual reality room; meditation spaces; game and screening rooms; and co-working spaces. Mira’s outdoor space will feature a putting green; garden stretch and workout space; seating and gathering areas; barbecue grills; and a lounge with a fireplace. Designed to quality for LEED Silver certification, the property will have a 35,000-gallon rainwater harvesting system to capture all on-site rainwater and reuse as irrigation for on-site landscaping. The seller originally acquired the site in March 2016. Cityview partnered with WPIC Construction, Ken Stockton Architects, Togawa Smith Martin and Nadia Geller Designs on construction for the project, which is scheduled for completion by the end of the year.

December 11, 2019

Acquisitions North Carolina Office Southeast Top Stories

SunTrust, BB&T Complete Merger, Purchase Own Charlotte Headquarters for $455.5M

by Kristin Harlow December 11, 2019

CHARLOTTE, N.C. — Truist Financial Corp., the new company resulting from a recently completed merger between banking giants BB&T and SunTrust, has exercised its option to purchase Hearst Tower in Uptown Charlotte. Cousins Properties sold the property for $455.5 million. The 46-story office tower, located at 214 N. Tryon St., will serve as Truist’s headquarters and be renamed Truist Center. The transaction is expected to close in March 2020. Truist-branded signage at the property will be installed in phases after the transaction is completed. Truist is in the process of transitioning approximately 2,000 employees to occupy more than 550,000 square feet of the 965,000-square-foot tower. The headquarters is already home to Truist’s executive management team. The building will accommodate several leadership teams for corporate groups such as corporate communications, finance, human resources, insurance, legal, risk management and technology. On-site amenities at the property, which opened in 2002, include a 1,400-space parking garage and a wide variety of restaurants. The location is in the heart of the city, two blocks from two separate Lynx light rail stations and Spectrum Center, home of the Charlotte Hornets NBA team. The seller, Atlanta-based Cousins, announced its own leadership transition on Monday. Executive Chairman Larry …

December 11, 2019

Acquisitions Hospitality Mixed-Use Texas Top Stories

Ryman Hospitality to Purchase Block 21 Mixed-Use Campus in Downtown Austin from Stratus for $275M

by John Nelson December 10, 2019

AUSTIN, TEXAS — Ryman Hospitality Properties Inc. (NYSE: RHP) has reached an agreement with Stratus Properties Inc. (Nasdaq: STRS) to purchase Block 21, a mixed-use and entertainment development occupying a full city block in downtown Austin. Ryman has agreed to purchase the property from Stratus for $275 million, including a debt assumption of $142 million. Block 21 houses Austin City Limits Live at the Moody Theater, a 2,750-seat venue that hosts America’s longest running music series, Austin City Limits. Past artists that have played the annual concert series include Dave Matthews Band, Lauryn Hill, Beck, Elvis Costello, Coldplay, Robert Plant, Cyndi Lauper and B.B. King. The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants, including Starbucks and Urban Outfitters. Built in 2010, Block 21 anchors downtown Austin’s 2nd Street District. “Ryman Hospitality Properties’ expertise in both hospitality and live entertainment, plus their demonstrated stewardship of the iconic Ryman Auditorium and Grand Ole Opry, make them the ideal company to usher Block 21 and ACL Live into their next decade,” says William Armstrong III, president, CEO and chairman of the board …

December 10, 2019

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