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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

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 150-Unit Multifamily Property in North Dallas

by Taylor Williams May 3, 2023

DALLAS — Northmarq has brokered the sale of Wyndham on the Creek, a 150-unit multifamily property in North Dallas. Built in 1984, the property offers one- and two-bedroom units that range in size from 603 to 1,100 square feet and are furnished with washer and dryer hookups, granite countertops and private balconies/patios. The amenity package comprises a pool, clubhouse, business center and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Charles Hubbard and Philip Wiegand of Northmarq brokered the deal. The buyer was a partnership between two Dallas-based firms, Realty Capital Partners and Windmass Capital. The seller were not disclosed.

May 3, 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

Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling

by Sarah Daniels May 2, 2023

High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …

May 2, 2023

Company News Western

JP Morgan Takes Over First Republic Bank After Its Collapse

by Jeff Shaw May 1, 2023

SAN FRANCISCO — JP Morgan Chase (NYSE: JPM) has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corp (FDIC). As part of the purchase, JPMorgan Chase is assuming all deposits — insured and uninsured. The move comes after First Republic, a regional lender, saw deposits fall by 40 percent during the first quarter, worse than Wall Street analysts feared. According to CNBC, San Francisco-based First Republic focused on serving rich coastal Americans, enticing them with low-rate mortgages in exchange for leaving cash at the bank. But in the wake of Silicon Valley Bank’s collapse, First Republic clients withdrew more than $100 billion in deposits, the bank revealed in its earnings report made public on April 24. “Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of New York City-based JPMorgan Chase, in a press release issued this morning. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.” Dimon added, “This acquisition modestly benefits our company overall, it is accretive to shareholders, …

May 1, 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 Office Texas

Creation, LGE Design Build Open $17M Joint Headquarters Office in Dallas

by Taylor Williams April 28, 2023

DALLAS — Two Arizona-based firms, developer Creation and LGE Design Build, have opened a $17 million joint headquarters office in Dallas. The companies collaborated on the acquisition, design and build-out of the 32,000-square-foot space, which is located at 1280 E. Levee St. in the Dallas Design District and will house about 40 employees. Amenities include a fully stocked breakroom, speakeasy, fitness center, interior library and multiple conference rooms. Creation and LGE, which plan to occupy about 20,000 square feet and lease the remaining 12,000 square feet, will retain their current spaces and operations in Arizona.

April 28, 2023

Development Florida Multifamily Southeast

Integra Investments Delivers 280-Unit Wrecker’s Cay Apartments in Key West, Florida

by John Nelson April 27, 2023

KEY WEST, FLA. — Integra Investments has delivered Wrecker’s Cay Apartments, a 280-unit workforce housing community located at 6125 2nd St. on Key West’s Stock Island. The stabilized property features a variety of floor plans, including one-, two- and three-bedroom apartments. Of those, 70 are designated low-income units, 98 median-income units and 112 moderate-income units. Designed by PQH Group, Wrecker’s Cay features a children’s playground, fitness center, waterfront clubhouse with a catering kitchen, pavilion with an outdoor kitchen and a resort-style pool. According to the property website, potential residents can apply to lease a one-bedroom unit for $2,460 per month or a two-bedroom apartment for $2,769 per month.

April 27, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 128-Unit Apartment Complex in Duncanville, Texas

by Taylor Williams April 26, 2023

DUNCANVILLE, TEXAS — Northmarq has brokered the sale of Candlelight Park, a 128-unit apartment complex in Duncanville, a southwestern suburb of Dallas. Built in 1980, the property offers one-, two- and three-bedroom units ranging in size from 688 to 1,078 square feet. Amenities include a playground and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq represented the undisclosed seller in the transaction. Kevin Leamy, also with Northmarq, arranged fixed-rate Freddie Mac acquisition financing on behalf of the buyer, which was also not disclosed.

April 26, 2023

Alabama Civic Development Restaurant Southeast Student Housing

RISE, Jacksonville State University Break Ground on 513-Bed Residence Hall Project in Alabama

by John Nelson April 26, 2023

JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …

April 26, 2023

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