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This Week’s South Florida Deal Sheet: Sawyer’s Walk Retail Comes Online
The first retailer has opened its doors at the 1.5M SF Sawyer’s Walk mixed-use project in Overtown, according to a release. A 50K SF Target is the first to open at the development, with a 38K SF Burlington set to open this month. A 25K SF Aldi and a 10K SF Five Below are expected to follow, while Ross Dress for Less is set to open in March 2025.
This Week's Boston Deal Sheet
A Dallas-based developer proposed a new multifamily development in Westford, marking the largest project under the state's transit-oriented zoning law. ZOM Living proposed a 530-unit apartment development at 37 Powers Road, the Boston Business Journal reported. The developer floated splitting the project's timeline into a 330-unit first phase and a 200-unit second phase.
Developer Awarded $1.6B In Baha Mar Fraud Suit Against China Construction America
An arm of a Chinese government-backed construction giant committed fraud during the development of a $3.4B resort in the Bahamas, a New York judge ruled Friday. Swiss developer Sarkis Izmirlian has been awarded more than $1.6B in a lawsuit against China Construction America, a subsidiary of China State Construction Engineering Corp.
Morgan Stanley Invests In Data Center Provider Flexential
Morgan Stanley Infrastructure Partners has acquired a partial controlling interest in data center provider Flexential, an investment the firms say will fund the expansion of the Denver-based provider’s data center portfolio. While the terms of the deal haven't been disclosed, MSIP’s equity investment will make it a co-control investor...
TGI Fridays Prepares To Join Growing List Of 2024 Restaurant Bankruptcies
TGI Fridays is the latest chain restaurant grappling with financial distress as fewer people eat out and costs rise. The casual sit-down restaurant chain with about 200 remaining locations is preparing to file for Chapter 11 bankruptcy protection in coming weeks, Bloomberg reports, citing unnamed sources. TGI Fridays is meeting with lenders to secure new financing and hopes to emerge as an operating company, according to Bloomberg.
D.C. To Purchase Capital One Arena For $88M, Lease Back To Monumental
The terms of the $515M deal between Washington, D.C., and the owner of its professional basketball and hockey teams to stay downtown have come into focus. Mayor Muriel Bowser and D.C. Council Chairman Phil Mendelson introduced legislation over the weekend that would clear the way for the District to purchase Capital One Arena in Chinatown from Monumental Sports & Entertainment, then lease it back to the sports group through at least 2050.
Starwood Blames Uncertain Market Dynamics For 50% Dublin Office Loan Write-Down
Starwood European Real Estate Finance said it has written its office loan portfolio in Ireland down by 50% in a market update on the remaining properties in an investment first made in 2020. The write-down relates to a €35.2M mezzanine loan made in 2020 to Blackstone as it bought several...
Bank OZK Puts Cap On Loan Size As Run Of Record Profits Approaches Its End
Bank OZK, the nation's most prolific construction lender, is capping the size of its loans going forward as it pushes to diversify and reduce the concentration of risk in its portfolio due to its CRE exposure. The bank is putting a limit of $500M on newly originated loans, it disclosed...
How Sunshine, Palm Trees And Tropical Modernism Define Miami Design
Tourists flock to Miami Beach to stroll the streets lined with the city-defining art deco design. But the wave of permanent transplants to the city is staying for the tropical modernism that has for decades underpinned the city’s design ethos. Defined in part by its fondness for wide-open interiors,...
'Growing Less Patient,' Bank OZK Takes Write-Down On $128M Loan To Sterling Bay After 6 Modifications
Bank OZK wrote down nearly $21M on its loan to a subsidiary of Chicago developer Sterling Bay for a section of the land at the Lincoln Yards megadevelopment and moved the debt to a more critical status. The bank recognized a charge-off of $20.8M on a loan made to Alloy...
BD Hotels Nabs $75M Construction Loan For West Palm Beach Hotel
BD Hotels has landed a $75M construction loan for The Nora Hotel in West Palm Beach, the firm's first venture beyond its New York City stomping grounds. The hotelier, in partnership with NDT Development, Place Projects and Wheelock Street Capital, secured the loan from Metropolitan Commercial Bank, according to a press release.
More Landlords Pulling Empty Office Space Off The Market In Face of Uncertainty
A chaotic market has triggered fight-or-flight responses in office owners across New York City, spurring either aggressive plans for acquisitions and renovations or fire sales and quick exits. But in the face of change, some have simply frozen, firing their brokers and trashing marketing materials, hoping for a more stable...
Tishman Speyer Lands $3.5B To Refinance Rockefeller Center
Tishman Speyer has refinanced Rockefeller Center with a $3.5B CMBS loan in the largest issuance ever for a single office asset. The debt will be used to pay off the 7.3M SF campus’s 20-year, $1.7B CMBS loan and mezzanine financing that was set to mature in May 2025 and will fund reserves for contractual leasing costs, Tishman Speyer said in an announcement Friday.
Arvada Homeless Center Debate Reflects Denver Metro’s New Approaches To Tackling Homelessness
The future of a shuttered Arvada charter school is in doubt just months after the city purchased it for $6.3M to address its homelessness problems. The city hasn't yet finalized its plans for the site, but one option is to make it a “navigation center” for homeless people, and residents are pushing back, The Denver Gazette reports.
Bill Gives D.C. New Carrots And Sticks To Deal With Vacant And Blighted Properties
The majority of the D.C. Council has thrown its support behind a bill introduced this week that would increase the city's authority to seize vacant and blighted properties while incentivizing owners to reinvest in their properties or sell to someone who will. Among its provisions, the Vacant to Vibrant Amendment...
Data Center Development Boom Forces Utilities To 'Reinvent Themselves'
Data centers are fundamentally changing how electric utilities do business. Across the U.S., electric utilities are contending with a massive, unanticipated surge in electricity consumption, driven primarily by skyrocketing demand from data centers. Data center lease deals signed in 2023 alone had an impact equivalent to adding a second New York City to the power grid, while the industry’s share of U.S. power consumption is expected to leap from 2.3% last year to 6.6% in 2028.
RXR Holds On To Chelsea Landmark, Sells 50% Stake To Hudson Bay Capital
RXR is holding on to its mixed-use building at 620 Sixth Ave. by selling the building into a 50-50 partnership between investment firm Hudson Bay Capital and RXR's Office Recovery Fund. The deal, which RXR described as a recapitalization of the asset, comes with a $320M, five-year loan, RXR announced...
This Week's LA Deal Sheet
Mercury Insurance sold a roughly 165K SF office building and adjacent three-story parking garage for $31.5M to The Greenbriar Lane, an LLC registered to Orange County-based real estate developer Dwight Manley. The LLC has submitted plans to the city of Brea to redevelop the 9.7-acre site at 1698-1700 Greenbriar Lane into 180 housing units.
This Week's Bay Area Deal Sheet
The Metreon in downtown’s Yerba Buena neighborhood has hit the market, according to the San Francisco Chronicle. JLL has been tapped to sell the leasehold interest of the 313K SF shopping center as the exclusive adviser to the landlord, private equity investor Starwood Capital Group. The four-story shopping center...
The Minecraft Experience Makes Worldwide Debut In DFW's Growing Immersive Retail Mecca
One of the world's most popular and enduring video games can now be experienced live, in person and right in the heart of Texas with the opening of Minecraft Experience: Villager Rescue, the first-ever interactive and immersive Minecraft adventure. The just-opened attraction along U.S. Highway 75 in Plano...
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