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NAI Wisinski Brokers Sale of 9,333 SF Office Building in Grand Rapids Suburb

by Christina Cannon March 10, 2016

COMSTOCK PARK, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 9,333-square-foot office building in Comstock Park, a northern suburb of Grand Rapids, for an undisclosed price. OPMA Properties LLC sold the building, located at 4211 N. Division Ave., to Sun Coast Packaging Inc., a provider of bags and packaging materials. Sun Coast Packaging acquired the facility through the acquisition of the company Shapiro Packaging. Mary Anne Wisinski and Dave Smies of NAI Wisinski of West Michigan represented the seller in the transaction, and Chip Bowling of X Ventures represented the buyer.

March 10, 2016

Retail Texas Top Stories

Tailored Brands to Close 250 Men’s Wearhouse, Jos. A. Bank Stores in FY 2016

by John Nelson March 10, 2016

HOUSTON — Tailored Brands Inc. (NYSE: TLRD), the recently formed parent company of the Men’s Wearhouse and Jos. A. Bank menswear brands, plans to close approximately 250 of its stores in fiscal year 2016, according to the company’s fourth-quarter earnings report released March 9. The store closures will include 80 to 90 Jos. A. Bank stores, all 58 of its outlet locations and 100 to 110 of its MW Tux stores. Houston-based Tailored Brands ended fiscal year 2015 on Jan. 31, 2016, with a $1 billion net loss. According to the earnings report, the generally accepted accounting principles (GAAP) operating loss includes a $1.15 billion “goodwill and intangible asset impairment charge,” which was related to Jos. A. Bank’s poor sales performance, as well as a store reorganization program that Tailored Brands initiated in the fourth quarter of fiscal 2015. Jos. A. Bank’s comparable sales in the fourth quarter decreased 31.9 percent from fourth-quarter 2014 due to a decline in average transactions per store. Men’s Wearhouse’s fourth-quarter comparable sales increased 4.3 percent in that same time period. “While our fourth-quarter and full-year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results,” says …

March 10, 2016

California Retail Top Stories Western

Taubman Unveils Plans for $500M Renovation at Beverly Center in Los Angeles

by Katie Sloan March 8, 2016

LOS ANGELES — Taubman Centers Inc. (NYSE: TCO) has unveiled plans for a $500 million renovation at Beverly Center, an 886,000-square-foot shopping mall located on Beverly Boulevard in Los Angeles. Renovations will include new skylights, a new exterior with a perforated steel façade, a state-of-the-art smart parking system and a new streetscape with refreshed landscaping. Taubman also plans to develop a row of street-level restaurants along West Third Street with an additional valet for quick access to the new dining options. Upon completion, the center will also feature a refreshed tenant mix and a flexible center court featuring a large LED screen, places to sit and room for exhibitions and installations. “In re-envisioning Beverly Center, we are looking to create LA’s signature urban shopping and dining experience, as well as an exciting, pedestrian-friendly anchor to one of the most creative and diverse neighborhoods in the world,” says Robert Taubman, CEO and president of Taubman Centers. “The center is a key asset in our portfolio, and after renovation we believe it will become one of the top ten retail centers in the nation.” The shopping mall opened March 31, 1982, according to Taubman. Sheldon Gordon and E. Philip Lyon originated the …

March 8, 2016

Features Retail Top Stories

Sports Authority Unveils List of 140 Store Closures

by Katie Sloan March 7, 2016

ENGLEWOOD, COLO. — Englewood-based Sports Authority Inc. has made public a list of 140 stores it plans to close in conjunction with the retailer’s move to file for Chapter 11 bankruptcy protection. Sports Authority has received access to up to $595 million in debtor-in-possession financing in conjunction with the Chapter 11 filing in the District of Delaware. The company has received court approval to begin liquidating stores with a portion of its $595 million bankruptcy loan. The decision to close stores follows a comprehensive review of the Sports Authority portfolio in light of the increasing amount of shopping that is occurring online, the company stated in a March 2 press release. “As a result of these changes in consumer buying patterns, Sports Authority determined that it needs fewer stores as part of its long-term business model,” according to the press release. (For more on what ultimately led the sporting goods retailer to file for Chapter 11 bankruptcy protection, click here.) The following store locations are set to close in the coming months based on a review of the court filing by REBusinessonine.com State City Address Arizona Casa Grande 1004 N Promenade Parkway, Ste 159 Arizona Mesa 1812 W Rio …

March 7, 2016

Illinois Midwest Multifamily Student Housing

Harrison Street Completes $1.9 Billion Acquisition of Campus Crest Communities

by Christina Cannon March 4, 2016

CHICAGO — Chicago-based Harrison Street Real Estate Capital LLC has completed its $1.9 billion acquisition of Campus Crest Communities, the investment management firm announced earlier this week. Shareholders of Campus Crest Communities approved the merger with Harrison Street on Jan. 26, 2016, with 99.3 percent of shareholders voting in favor of the merger. To date, Harrison Street has acquired or developed over 107,000 student housing beds at more than 85 universities across the country. As of the close of the transaction, Harrison Street’s total student housing portfolio now includes over 76,000 beds. Campus Crest’s current portfolio of student housing properties encompasses over 38,000 beds across the country. Harrison Street has retained Asset Campus Housing as the new third-party property manager for the portfolio. In connection with the closing of the transaction, Campus Crest’s stock (NYSE: CCG) has ceased to be publicly traded. Raymond James and Associates Inc. acted as financial advisor, and DLA Piper LLP acted as legal advisor to Harrison Street. Moelis & Co. LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to Campus Crest.

March 4, 2016

Kansas Midwest Top Stories

AMC Theatres Agrees to Acquire Carmike Cinemas for $1.1B

by Christina Cannon March 4, 2016

LEAWOOD, KAN. — In a blockbuster merger, AMC Theatres (NYSE: AMC) has agreed to purchase all of the outstanding shares of Carmike Cinemas Inc. (NASDAQ: CKEC) for $30 per share in cash. The transaction — valued at approximately $1.1 billion including the assumption of debt — creates the largest chain of movie theaters in the United States and the world. The purchase price per share represents an approximate 19.5 percent premium to Carmike’s closing stock price on Thursday, March 3. The purchase price per screen is approximately $376,000. AMC currently has 5,426 screens at 387 theaters, located primarily in the United Sates, including many in the nation’s top markets. Carmike has 2,954 screens at 276 theaters, primarily located in mid-size, non-urban communities. Together, AMC and Carmike will have well over 600 theater locations in 45 states across the country, including the District of Columbia. The deal, which has been approved by the board of directors at both AMC and Carmike is expected to close by the end of this year. “By broadening AMC’s geographic and demographic base for delivering our groundbreaking guest experience innovations in comfort and convenience — such as plush power-recliners, enhanced food and beverage, premium sight and …

March 4, 2016

Midwest Retail Wisconsin

Kohl’s to Close 18 Stores Nationwide in 2016

by Christina Cannon March 3, 2016

MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …

March 3, 2016

Mixed-Use Northeast Pennsylvania Top Stories

Drexel, Brandywine Realty Trust Partner on Philadelphia’s $3.5B Schuylkill Yards Development

by John Nelson March 3, 2016

PHILADELPHIA — Drexel University and Brandywine Realty Trust (NYSE: BDN) will co-develop the Schuylkill Yards mixed-use community on a 14-acre site in Philadelphia. The development costs weren’t disclosed, but the Philadelphia Business Journal estimates total costs will reach $3.5 billion. Initial phases of the projected 20-year innovation development plan will consist of 5 million square feet of mixed-use real estate on a 10-acre site next to Drexel’s main campus and adjacent to Amtrak’s 30th Street Station. The master-planned neighborhood within Philadelphia’s University City submarket will feature entrepreneurial spaces, educational facilities and research laboratories, corporate offices, residential and retail spaces, hospitality, cultural venues and public open spaces. “Drexel University and Brandywine’s shared vision for the continued renaissance of University City provides a strong foundation for a long-term partnership. Together, we will create a dynamic and world-class innovation hub to attract the brightest minds to our region,” says Gerard Sweeney, president and CEO of Brandywine Realty Trust. “Schuylkill Yards will transform Philadelphia’s skyline as new towers rise on the west side of the Schuylkill River,” he continues. “Brandywine’s existing Cira Centre, EVO and FMC Tower at Cira Centre South projects in University City will provide a synergistic connection to Schuylkill Yards, creating …

March 3, 2016

Hospitality Southeast Top Stories Virginia Western

Hilton to Spin Off Real Estate into 70-Property Hotel REIT

by Nellie Day February 29, 2016

MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …

February 29, 2016

California Hospitality Top Stories Western

Tutor Perini to Build $285M Resort, Casino Expansion in Southern California

by John Nelson February 25, 2016

TEMECULA, CALIF. — The Pechanga Development Corp., the economic development branch of the Pechanga Band of Luiseño Indians, has selected Tutor Perini Building Corp. to expand the Pechanga Resort & Casino in Temecula, roughly 60 miles north of San Diego. The contract is valued at $285 million. “Perini was the general contractor for the original Pechanga resort that opened in 2002. This development will complement our current offerings, enhance the resort experience for guests, and cement Pechanga Resort & Casino as the preeminent luxury gaming destination in California,” says Patrick Murphy, president of the Pechanga Development Corp. The resort expansion project involves adding a AAA Four Diamond, 568-room hotel wing; a standalone luxury two-story spa and salon with 17 treatment rooms, a fitness center and hydrotherapy pool terrace; a resort-style pool complex with eight pool areas; two new restaurants; and an additional 67,000 square feet of event space. Tutor Perini previously completed multiple phases of the Pechanga Resort & Casino over the past 13 years. Tutor Perini expects the expansion to be “substantially completed” by the end of 2017. Pechanga Resort & Casino is the largest resort/casino in California and employs roughly 4,000 team members, according to the casino’s website. …

February 25, 2016

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