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AcquisitionsCaliforniaDevelopmentOfficeTop StoriesWestern

Marquee Move: Warner Bros. to Purchase Portion of Burbank Studios, Anchor Office Campus in $1B Deal

by John Nelson

BURBANK, CALIF. — Entertainment and media giant Warner Bros. has inked a deal to purchase a portion of The Burbank Studios, a new 35-acre film, TV, broadcast media and new media campus in Burbank formerly known as NBC Studios. The purchase includes office space, eight soundstages, a mill building and a commissary. The seller is Worthe Rea Estate Group, a Los Angeles-based office developer. Additionally, Warner Bros. inked a lease to be the sole and long-term tenant of a planned two-building office campus adjacent to The Burbank Studios. The Los Angeles Times is reporting the combined value of the studio acquisition and new office space exceeds $1 billion. The co-developers of the office campus are Worthe and San Francisco-based Stockbridge Real Estate, which plan to break ground on the project this fall. The office development will be known as the Second Century Project, named in honor of Warner Bros.’ 100th anniversary in 2023, which is the expected completion date of the design and construction phases. Second Century will include a seven-story building spanning 355,000 square feet and a nine-story building spanning 445,000 square feet. “This is an opportunity to reimagine not only our workspace but our future,” says Kim Williams, …

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Company NewsTexas

Chevron to Acquire Anadarko in $33B Transaction

by Taylor Williams

THE WOODLANDS, TEXAS — Chevron Corp. (NYSE: CVX) has entered into an agreement to acquire Anadarko Petroleum Corp. (NYSE: APC), which is based in metro Houston, in a stock and cash transaction valued at $33 billion. Chevron expects the addition of Anadarko’s assets to improve operations in several ways, such as creating a 75-mile infrastructural corridor in the Permian Basin, bolstering the company’s production in the deepwater Gulf of Mexico and elevating its presence in the midstream space. The deal will be structured as 75 percent stock and 25 percent cash. Based on Chevron’s closing stock price of $125.99 per share on Thursday, April 11, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. The merger carries a total enterprise value of $50 billion via the assumption of debt. Chevron expects to be able to annually repurchase $5 billion of its stock in the coming years as a result of higher cash flow. The deal is expected to close during the second half of the year.  

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Fred's-Pharmacy
Leasing ActivityRetailTop Stories

Discount Retail Chain Fred’s to Close 159 U.S. Stores by June

by Taylor Williams

MEMPHIS, TENN. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking to sell its pure-play pharmacy assets. In September of last year, Fred’s struck a deal to sell prescription files of its pharmacy patients and inventory information at 179 stores across the Southeast to Walgreens (NASDAQ: WBA). The shuttered stores are located in Texas, Arkansas, Alabama, Georgia, Louisiana, Mississippi, Kentucky and Tennessee, according to CNN. Liquidation sales are underway at these stores, which are expected to fully close by the end of May. Fred’s CEO Joseph Anto noted that in addition to losing profitability, most of the shuttered stores are nearing the ends of their lease terms. “After a careful review, we have decided to rationalize our footprint by closing underperforming stores, …

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Preserve-at-Wells-Branch-Austin
Market ReportsMultifamilyTexasTexas Market Reports

Austin Multifamily Market’s New Focus: Workforce Housing

by Taylor Williams

As demand for housing increases with Austin’s growing population, all eyes are on the multifamily housing market. But with rents rising as well, pressure on the already-sparse affordable housing stock is more intense than ever.  Traditionally, affordable housing has served as a resource for low-income residents, those who earn at or below 60 percent of the area median income (AMI). Providing affordable housing has become a major priority for Austin’s city council and developers during this cycle. But a growing concern involves the segment of the population caught in the middle: those who may not qualify to live in traditional affordable housing properties, but for whom market-rate apartment prices are getting uncomfortably high.  The solution? Workforce housing.  Rapid Residential Growth Average rent is increasing faster in Austin than in any other major metropolitan city in Texas. This activity is pushing workers out of housing they could afford in areas that are convenient for them and forcing many into long commutes from unfamiliar neighborhoods.  According to industry data, in 2018, rents in Austin rose by 4.4 percent, in contrast to 3.8 percent in Fort Worth, 3.5 percent in San Antonio and 2.7 percent in Dallas. And the squeeze on lower-income residents …

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DevelopmentIllinoisIndustrialMidwest

Meridian Breaks Ground on 84,000 SF Meat Processing Facility in Chicago

by Kristin Harlow

CHICAGO — Meridian Design Build has broken ground on an 84,000-square-foot USDA meat processing plant for Amylu Foods in Chicago’s Stockyards Industrial Park. The new sausage processing facility will include 56,000 square feet of production and cold-storage space and a freezer. The property will also include 16,500 square feet of corporate office space, including separate raw and cooked facilities, test kitchens and a laboratory. An expandable ammonia refrigeration plant will accommodate plant cooling and production loads. Harris Architects and Kimley-Horn make up the project team.

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DevelopmentIndianaIndustrialMidwestTop Stories

Brightmark Energy Receives $260M Financing for Plastics-to-Fuel Plant in Indiana

by Alex Tostado

ASHLEY, IND. — Brightmark Energy has received $260 million in financing to build the nation’s first commercial-scale plastics-to-fuel plant in Ashley, a small town of fewer than 1,000 residents in the northeast corner of Indiana. The financing includes $185 million in Indiana green bonds, which were underwritten by Goldman Sachs & Co. Brightmark plans to invest $47 million in the plant, according to KPC News, a local news outlet. Brightmark is the controlling owner of RES Polyflow, an Ohio-based energy technology company that innovated the process for converting plastics directly into transportation fuel and other products. Brightmark acquired a majority interest in the company in November. Brightmark Energy Ashley Indiana will convert up to 100,000 tons of plastics into 18 million gallons per year of ultra-low-sulfur diesel and naphtha blend fuels and nearly 6 million gallons a year of commercial-grade wax in a process that is expected to be 93 percent efficient. The outputs could also be used to produce the feedstocks necessary for manufacturing plastic again, “thus creating the world’s first truly circular economy technology for plastics,” according to Brightmark. “We are excited about the market’s confidence in the validity of this technology to economically convert single-use plastics for …

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Leasing ActivityOfficeTexas

Madison Marquette Negotiates 95,883 SF of Office Leases at Bank of America Center in Downtown Houston

by Taylor Williams

HOUSTON — Madison Marquette has negotiated 95,883 square feet of lease transactions at Bank of America Center, located at 700 Louisiana St. in downtown Houston. Deal highlights include international law firm Kilpatrick Townsend & Stockton LLP leasing 17,519 square feet; asset management firm Carlson Capital LP renewing its 8,774-square-foot lease; and financial services provider BMO Capital Markets Corp. renewing its 30,275-square-foot lease and taking an additional 7,065 square feet of space. John Spafford and Madeline Gregory represented the landlord, Houston-based M-M Properties, in the lease negotiations.

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Kay-Jewelers-Dulles-Town-Center
Leasing ActivityRetailTop Stories

Parent Company of Kay, Zales, Jared to Close 150 Jewelry Stores

by Taylor Williams

HAMILTON, BERMUDA — Signet Jewelers (NYSE: SIG), which owns jewelry retailers Kay, Zales and Jared, will close approximately 150 North American stores after the 2019 holiday shopping season, the company said in its latest earnings report. These store closings follow Signet’s previous shuttering of 262 stores, most of them in North America, and are part of a larger downsizing program that will reduce the Bermuda-based retailer’s total store count by 13 percent over a three-year period. According to the earnings report, Signet’s same-store sales declined by 2 percent during the fourth quarter of the most recent fiscal year, which ended on Feb. 2, 2019. Same-store sales were projected to drop by another 2.5 percent during the current fiscal year. In a statement, Signet CEO Virginia Drosos pointed to several factors behind the company’s struggles, including increased competition in the jewelry space and weak demand from the United Kingdom market. Drosos also noted that sales of select merchandise for the holiday season fell below projections. A Signet spokesperson also told Business Insider that the broader struggles of American malls, in which many Signet stores are housed, contributed to the decision to close this wave of stores. “Signet is too highly exposed …

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LoansMississippiMultifamilySoutheast

Dougherty Mortgage Provides $20.7M Refinancing Loan for Apartment Community Near Memphis

by Alex Tostado

OLIVE BRANCH, MISS. — Dougherty Mortgage LLC has provided a $20.7 million Fannie Mae refinancing loan for The Plantation Apartment Homes, a 336-unit community in Olive Branch. The 12-year loan features a 30-year amortization schedule. Plantation Apartment Group LP was the borrower. The Plantation Apartment Homes is situated about 24 miles southeast of downtown Memphis and offers community amenities such as a stocked fishing lake, swimming pool, fitness center, playground, two clubhouses and laundry facilities.

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AcquisitionsDistrict of ColumbiaHospitalitySoutheastTop Stories

Metrovest Equities, BLDG Management Acquire 343-Room Hotel in Capitol Hill for $111M

by Kristin Harlow

WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million. Located at 415 New Jersey Ave., the property is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center. The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C. Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition. Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April …

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